SOURCE: Cadus

August 14, 2013 10:29 ET

Cadus Reports Second Quarter 2013 Results

NEW YORK, NY--(Marketwired - Aug 14, 2013) -  Cadus Corporation (OTCBB: KDUS) announced today financial results for the second quarter ended June 30, 2013.

Revenues were $0 for the second quarter of 2013 and for the same period in 2012. Net loss for the second quarter of 2013 was $103,374, compared to a net loss of $155,632 for the same period in 2012. Basic net loss per share for the second quarter of 2013 was $0.01, compared to a basic net loss per share for the second quarter of 2012 of $0.01. 

Revenues were $0 for the first six months of 2013, compared to revenues of $0 for the same period in 2012. Net loss for the first six months of 2013 was $242,929, compared to a net loss of $311,117 for the same period in 2012. Basic net loss per share for the first six months of 2013 was $0.02, compared to a basic net loss per share for the same period in 2012 of $0.02. 

As of July 31, 2013, 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, 2012. 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, 2013     December 31, 2012  
    (Unaudited)     (Audited)  
Current assets:                
  Cash and cash equivalents   $ 22,378,932     $ 22,676,668  
  Interest receivable     182       330  
  Prepaid and other current assets     27,606       6,040  
                     
    Total current assets     22,406,720       22,683,08  
                 
Investment in other ventures     193,438       193,812  
Patents, net     75,453       118,669  
      Total assets   $ 22,675,611     $ 22,995,519  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY  
                 
Current liabilities:                
  Accrued expenses and other current liabilities   $ 14,038     $ 91,017  
    Total current liabilities     14,038       91,017  
                     
Commitments                
                 
Stockholders' equity:                
  Common stock     132,857       132,857  
  Additional paid-in capital     59,847,443       59,847,443  
  Accumulated deficit     (37,018,652 )     (36,775,723 )
  Treasury stock - at cost     (300,075 )     (300,075 )
    Total stockholders' equity     22,661,573       22,904,502  
    Total liabilities and stockholders' equity   $ 22,675,611     $ 22,995,519  
                 
                 
                 
CADUS CORPORATION  
Condensed Consolidated Statements of Operations  
   
(Unaudited)  
   
    Three Months Ended
June 30,
 
    2013     2012  
                 
License and maintenance fees   $ --     $ --  
    Total revenues     --       --  
Costs and expenses:                
  General and administrative expenses     82,248       134,392  
  Amortization of patent costs     21,608       21,608  
  Loss from equity in other ventures     248       229  
    Total costs and expenses     104,104       156,229  
Operating loss     (104,104 )     (156,229 )
Other income:                
  Interest income     730       597  
Loss before provision for income taxes     (103,374 )     (155,632 )
Provision for income taxes     --       --  
    Net loss   $ (103,374 )   $ (155,632 )
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,
 
    2013     2012  
                 
License and maintenance fees   $ --     $ --  
    Total revenues     --       --  
Costs and expenses:                
  General and administrative expenses     200,625       268,930  
  Amortization of patent costs     43,216       43,216  
  Loss from equity in other ventures     374       222  
    Total costs and expenses     244,215       312,368  
Operating loss     (244,215 )     (312,368 )
Other income:                
  Interest income     1,286       1,251  
Loss before provision for income taxes     (242,929 )     (311,117 )
Provision for income taxes     --       --  
    Net loss   $ (242,929 )   $ (311,117 )
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

  • David Blitz
    212-575-7800