SOURCE: Cadus

August 14, 2012 11:00 ET

Cadus Reports Second Quarter 2012 Results

NEW YORK, NY--(Marketwire - Aug 14, 2012) - Cadus Corporation (OTCBB: KDUS) announced today financial results for the second quarter ended June 30, 2012.

Revenues were $0 for the second quarter of 2012 and for the same period in 2011. Net loss for the second quarter of 2012 was $155,632, compared to a net loss of $93,435 for the same period in 2011. Basic net loss per share for the second quarter of 2012 was $0.01, compared to a basic net loss per share for the second quarter of 2011 of $0.01. 

Revenues were $0 for the first six months of 2012, compared to revenues of $0 for the same period in 2011. Net loss for the first six months of 2012 was $311,117, compared to a net loss of $247,318 for the same period in 2011. Basic net loss per share for the first six months of 2012 was $0.02, compared to a basic net loss per share for the same period in 2011 of $0.02. 

As of July 31, 2012, 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, 2011. These include risks and uncertainties relating to the company's ability to license its technologies to third parties, the company's ability to acquire and operate other companies, 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,
2012
    December 31, 2011  
    (Unaudited)     (Audited)  
Current assets:                
  Cash and cash equivalents   $ 23,139,000     $ 23,376,400  
  Interest receivable     206       190  
  Prepaid and other current assets     24,838       7,090  
    Total current assets     23,164,044       23,383,680  
                 
Investment in other ventures     193,803       194,025  
Patents, net     161,886       205,102  
      Total assets   $ 23,519,733     $ 23,782,807  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY  
                 
Current liabilities:                
  Accrued expenses and other current liabilities   $ 55,877     $ 7,834  
    Total current liabilities     55,877       7,834  
Commitments                
Stockholders' equity:                
  Common stock     132,857       132,857  
  Additional paid-in capital     59,847,443       59,847,443  
  Accumulated deficit     (36,216,369 )     (35,905,252 )
  Treasury stock - at cost     (300,075 )     (300,075 )
    Total stockholders' equity     23,463,856       23,774,973  
    Total liabilities and stockholders' equity   $ 23,519,733     $ 23,782,807  
                 
   
CADUS CORPORATION  
Condensed Consolidated Statements of Operations  
(Unaudited)  
   
    Three Months Ended
June 30,
 
    2012     2011  
                 
License and maintenance fees   $ --     $ --  
    Total revenues     --       --  
Costs and expenses:                
  General and administrative expenses     134,392       72,148  
  Amortization of patent costs     21,608       21,608  
  Loss from equity in other ventures     229       244  
    Total costs and expenses     156,229       94,000  
Operating loss     (156,229 )     (94,000 )
Other income:                
  Interest income     597       565  
Loss before provision for income taxes     (155,632 )     (93,435 )
Provision for income taxes     --       --  
    Net loss   $ (155,632 )   $ (93,435 )
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,
 
    2012     2011  
                 
License and maintenance fees   $ --     $ --  
    Total revenues     --       --  
Costs and expenses:                
  General and administrative expenses     268,930       206,276  
  Amortization of patent costs     43,216       43,216  
  Loss from equity in other ventures     222       223  
    Total costs and expenses     312,368       249,715  
Operating loss     (312,368 )     (249,715 )
Other income:                
  Interest income     1,251       2,397  
Loss before provision for income taxes     (311,117 )     (247,318 )
Provision for income taxes     --       --  
    Net loss   $ (311,117 )   $ (247,318 )
Basic and diluted (loss) per weighted average share of common stock outstanding   $ (0.02 )   $ (0.02 )
Weighted average shares of common stock outstanding - basic and diluted     13,144,040       13,144,040  

Contact Information

  • Contact:
    David Blitz
    (212) 575-7800