SOURCE: Cadus

August 15, 2011 12:43 ET

Cadus Reports Second Quarter 2011 Results

NEW YORK, NY--(Marketwire - Aug 15, 2011) - Cadus Corporation (OTCBB: KDUS) announced today financial results for the second quarter ended June 30, 2011.

Revenues were $0 for the second quarter of 2011 and for the same period in 2010. Net loss for the second quarter of 2011 was $93,435, compared to a net loss of $87,244 for the same period in 2010. Basic net loss per share for the second quarter of 2011 was $0.01, compared to a basic net loss per share for the second quarter of 2010 of $0.01.

Revenues were $0 for the first six months of 2011, compared to revenues of $100,000 for the same period in 2010. Net loss for the first six months of 2011 was $247,318, compared to a net loss of $159,213 for the same period in 2010. Basic net loss per share for the first six months of 2011 was $0.02, compared to a basic net loss per share for the same period in 2010 of $0.01.

As of July 31, 2011, Cadus had 13,144,040 shares outstanding.

This press release may contain forward-looking statements that involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth in the company's annual report on Form 10-K for the year ended December 31, 2010. These include risks and uncertainties relating to the company's ability to license its technologies to third parties, the company's capital needs and uncertainty of future funding, the company's history of operating losses, the unpredictability of patent protection and the risk of obsolescence of the company's technologies.

CADUS CORPORATION
Condensed Consolidated Balance Sheets
ASSETS
June 30,
2011
December 31, 2010
(Unaudited) (Audited)
Current assets:
Cash and cash equivalents $ 23,565,567 $ 23,789,400
Interest receivable 193 885
Prepaid and other current assets 29,331 7,090

Total current assets
23,595,091 23,797,375
Investment in other ventures 194,009 194,232
Patents, net 248,319 291,535
Total assets $ 24,037,419 $ 24,283,142
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accrued expenses and other current liabilities $ 6,373 $ 4,778
Total current liabilities 6,373 4,778

Commitments
Stockholders' equity:
Common stock 132,857 132,857
Additional paid-in capital 59,847,443 59,847,443
Accumulated deficit (35,649,179 ) (35,401,861 )
Treasury stock (300,075 ) (300,075 )
Total stockholders' equity 24,031,046 24,278,364
Total liabilities and stockholders' equity $ 24,037,419 $ 24,283,142
CADUS CORPORATION
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended
June 30,
2011 2010
License and maintenance fees $ -- $ --
Total revenues -- --
Costs and expenses:
General and administrative expenses 72,148 70,592
Amortization of patent costs 21,608 21,609
Loss from equity in other ventures 244 189
Total costs and expenses 94,000 92,390
Operating loss (94,000 ) (92,390 )
Other income:
Interest income 565 5,146
Loss before provision for income taxes (93,435 ) (87,244 )
Provision for income taxes -- --
Net loss $ (93,435 ) $ (87,244 )
Basic and diluted loss per weighted average share of common stock outstanding $ (0.01 ) $ (0.01 )
Weighted average shares of common stock outstanding - basic and diluted 13,144,040 13,144,040
CADUS CORPORATION
Condensed Consolidated Statements of Operations
(Unaudited)
Six Months Ended
June 30,
2011 2010
License and maintenance fees $ -- $ 100,000
Total revenues 100,000
Costs and expenses:
General and administrative expenses 206,276 223,656
Amortization of patent costs 43,216 43,216
Loss from equity in other ventures 223 158
Total costs and expenses 249,715 267,030
Operating loss (249,715 ) (167,030 )
Other income:
Interest income 2,397 7,817
Loss before provision for income taxes (247,318 ) (159,213 )
Provision for income taxes -- --
Net loss $ (247,318 ) $ (159,213 )
Basic and diluted (loss) per weighted average share of common stock outstanding $ (0.02 ) $ (0.01 )
Weighted average shares of common stock outstanding - basic and diluted 13,144,040 13,144,040

Contact Information

  • Contact:
    David Blitz
    (212) 575-7800