SOURCE: Cadus

November 15, 2012 13:33 ET

Cadus Reports Third Quarter 2012 Results

NEW YORK, NY--(Marketwire - Nov 15, 2012) - Cadus Corporation (OTCQB: KDUS) announced yesterday its financial results for the third quarter ended September 30, 2012.

Revenues for the three months ended September 30, 2012 were $0, compared to $0 for the same period in 2011. Net loss for the three months ended September 30, 2012 increased to $211,032, compared to a net loss of $146,895 for the same period in 2011. The increase in net loss can be principally attributed to an increase in general and administrative expenses of $127,315, an increase in interest income of $102 and a decrease in abandoned asset acquisition costs of $63,091, compared to the same period in 2011. Basic net loss per share for the three months ended September 30, 2012 was $0.02, compared to basic net loss per share for same period in 2011 of $0.01.

Revenues for the nine months ended September 30, 2012 were $0, compared to $0 for the same period in 2011. Net loss for the nine months ended September 30, 2012 increased to $522,149, compared to a net loss of $394,213 for the same period in 2011. The increase in net loss can be principally attributed to an increase in general and administrative expenses of $189,970, a decrease in interest income of $1,045, and a decrease in abandoned asset acquisition costs of $63,091, compared to the same period in 2011. Basic net loss per share for the nine months ended September 30, 2012 was $0.04, compared to basic net loss per share for the same period in 2011 of $0.03.

As of September 30, 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
 
    September 30,
2012
  December 31,
2011
    (Unaudited)   (Audited)
         
ASSETS
         
Current assets:            
  Cash and cash equivalents   $ 22,990,674   $ 23,376,400
  Interest receivable     248     190
Prepaid and other current assets     35,438     7,090
             
    Total current assets     23,026,360     23,383,680
             
Investment in other ventures     193,798     194,025
Patents, net     140,277     205,102
Total assets   $ 23,360,435   $ 23,782,807
             
LIABILITIES AND STOCKHOLDERS' EQUITY
             
Current liabilities:            
Accrued expenses and other current liabilities   $ 107,611   $ 7,834
Total current liabilities     107,611     7,834
             
Commitments            
             
Stockholders' equity:            
  Common stock     132,857     132,857
  Additional paid-in capital     59,847,443     59,847,443
  Accumulated deficit     (36,427,401)     (35,905,252)
Treasury stock - at cost     (300,075)     (300,075)
Total stockholders' equity     23,252,824     23,774,973
Total liabilities and stockholders' equity   $ 23,360,435   $ 23,782,807
             
 
 
CADUS CORPORATION
Condensed Consolidated Statements of Operations
 
    Three Months Ended
September 30,
 
    2012     2011  
    (Unaudited)     (Unaudited)  
             
License and maintenance fees   $ --     $ --  
Total revenues     --       --  
Costs and expenses:                
  General and administrative expenses     190,137       62,822  
  Amortization of patent costs     21,609       21,608  
  Abandoned asset acquisition costs     --       63,091  
Loss from equity in other ventures     5       (9 )
Total costs and expenses     211,751       147,512  
Operating loss     (211,751 )     (147,512 )
Other income:                
Interest income     719       617  
Loss before provision for income taxes     (211,032 )     (146,895 )
Provision for income taxes     --       --  
Net loss   $ (211,032 )   $ (146,895 )
                 
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  
 
 
CADUS CORPORATION
Condensed Consolidated Statements of Operations
 
    Nine Months Ended
September 30,
 
    2012     2011  
    (Unaudited)     (Unaudited)  
             
License and maintenance fees   $ --     $ --  
Total revenues     --       --  
Costs and expenses:                
  General and administrative expenses     459,067       269,097  
  Amortization of patent costs     64,825       64,825  
  Abandoned asset acquisition costs     --       63,091  
Loss from equity in other ventures     226       214  
Total costs and expenses     524,118       397,227  
Operating loss     (524,118 )     (397,227 )
Other income:                
Interest income     1,969       3,014  
Loss before provision for income taxes     (522,149 )     (394,213 )
Provision for income taxes     --       --  
Net loss   $ (522,149 )   $ (394,213 )
                 
Basic and diluted (loss) per weighted average share of common stock outstanding   $ (0.04 )   $ (0.03 )
                 
Weighted average shares of common stock outstanding - basic and diluted     13,144,040       13,144,040  
                 

Contact Information

  • Contact:
    David Blitz
    (212) 575-7800