SOURCE: Cadus

November 14, 2011 13:44 ET

Cadus Reports Third Quarter 2011 Results

NEW YORK, NY--(Marketwire - Nov 14, 2011) - Cadus Corporation (OTCBB: KDUS) announced today financial results for the third quarter ended September 30, 2011.

Revenues were $0 for the third quarter of 2011 and for the same period in 2010. Net loss for the third quarter of 2011 was $146,895, compared to a net loss of $120,068 for the same period in 2010. Basic net loss per share was $0.01 for the third quarter of 2011 and for the same period in 2010.

Revenues were $0 for the first nine months of 2011 compared to revenues of $100,000 for the same period in 2010. Net loss for the first nine months of 2011 was $394,213, compared to a net loss of $279,282 for the same period in 2010. Basic net loss per share for the first nine months of 2011 was $0.03, compared to a basic net loss per share of $0.02 for the same period in 2010.

As of October 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
September 30,
2011
December 31, 2010
(Unaudited) (Audited)
Current assets:
Cash and cash equivalents $ 23,516,415 $ 23,789,400
Interest receivable 193 885
Prepaid and other current assets 29,331 7,090
Total current assets 23,545,939 23,797,375
Investment in other ventures 194,018 194,232
Patents, net 226,710 291,535
Total assets $ 23,966,667 $ 24,283,142
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accrued expenses and other current liabilities $ 82,516 $ 4,778
Total current liabilities 82,516 4,778
Commitments
Stockholders' equity:
Common stock 132,857 132,857
Additional paid-in capital 59,847,443 59,847,443
Accumulated deficit (35,796,074 ) (35,401,861 )
Treasury stock (300,075 ) (300,075 )
Total stockholders' equity 23,884,151 24,278,364
Total liabilities and stockholders' equity $ 23,966,667 $ 24,283,142
CADUS CORPORATION
Condensed Consolidated Statements of Income
(Unaudited)
Three Months Ended
September 30,
2011 2010
License and maintenance fees $ -- $ --
Total revenues -- --
Costs and expenses:
General and administrative expenses 62,822 105,256
Amortization of patent costs 21,608 21,608
Abandoned asset acquisition costs 63,091 --
Income from equity in other ventures (9 ) (80 )
Total costs and expenses 147,512 126,784
Operating loss ( 147,512 ) ( 126,784 )
Other income:
Interest income 617 6,716
Loss before provision for income taxes ( 146,895 ) ( 120,068 )
Provision for income taxes -- --
Net loss $ ( 146,895 ) $ ( 120,068 )
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 Income
(Unaudited)
Nine Months Ended
September 30,
2011 2010
License and maintenance fees $ -- $ 100,000
Total revenues -- 100,000
Costs and expenses:
General and administrative expenses 269,097 328,911
Amortization of patent costs 64,825 64,825
Abandoned asset acquisition costs 63,091 --
Loss from equity in other ventures 214 78
Total costs and expenses 397,227 393,814
Operating loss ( 397,227 ) ( 293,814 )
Other income:
Interest income 3,014 14,532
Loss before provision for income taxes ( 394,213 ) ( 279,282 )
Provision for income taxes -- --
Net loss $ ( 394,213 ) $ ( 279,282 )
Basic and diluted loss per weighted average share of common stock outstanding $ ( 0.03 ) $ ( 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