News | News By Subject | News by Disease News By Date | Search News
Get Our FREE
Industry eNewsletter
email:    
   

Cadus Corporation (KDUS) Reports 2009 Results


3/30/2010 10:48:02 AM

NEW YORK, NY--(Marketwire - March 30, 2010) - Cadus Corporation (OTCBB: KDUS) announced today financial results for the full year ended December 31, 2009.

Revenues for the full year 2009 were $100,000, compared to $100,000 for the full year 2008. Net loss for the full year 2009 was $276,081, compared to net loss of $1,268,898 for the full year 2008. Basic and diluted net loss per share for the full year 2009 was $0.02, compared to basic and diluted net loss per share for the full year 2008 of $0.10. The decrease in net loss is attributable to a decrease in general and administrative expenses of $28,661, a decrease in loss on redemption and reduction to net asset value of securities of $1,606,842, and a decrease in the provision for franchise and income taxes of $6,679, offset by a decrease in interest income of $642,974 and income from equity in other ventures of $6,391.

As of December 31, 2009, 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, 2009. 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.

(Tables Follow)

                      Cadus Corporation and Subsidiary                     
                                                                           
                        Consolidated Balance Sheets                        
                                                                           
                                   ASSETS                                  
                                           December 31,      December 31,  
                                               2009              2008      
                                         ----------------  ----------------
                                                                           
Current assets:                                                            
  Cash and cash equivalents              $    24,098,443   $    19,236,212 
  Short term investments                              --         5,048,775 
  Interest receivable                              1,454            13,116 
  Prepaid and other current assets                 7,890            14,090 
                                         ----------------  ----------------
    Total current assets                      24,107,787        24,312,193 
                                                                           
Investment in other ventures                     194,255           193,718 
Patents, net                                     377,968           464,401 
                                         ----------------  ----------------
    Total assets                         $    24,680,010   $    24,970,312 
                                         ================  ================
                                                                           
                   LIABILITIES AND STOCKHOLDERS' EQUITY                    
Current liabilities:                                                       
  Accrued expenses and other current                                       
   liabilities                           $           834   $        15,055 
                                         ----------------  ----------------
    Total current liabilities                        834            15,055 
                                         ----------------  ----------------
Commitments and contingencies                                              
Stockholders' equity:                                                      
  Common stock                                   132,857           132,857 
  Additional paid-in capital                  59,847,443        59,847,443 
  Accumulated deficit                        (35,001,049)      (34,724,968)
  Treasury stock, at cost                       (300,075)         (300,075)
                                         ----------------  ----------------
      Total stockholders' equity              24,679,176        26,955,257 
                                         ----------------  ----------------
      Total liabilities and                                                
       stockholders' equity              $    24,680,010   $    24,970,312 
                                         ================  ================
                                                                           
                                                                           
                                                                           
                                                                           
                      Cadus Corporation and Subsidiary                     
                                                                           
              Condensed Consolidated Statements of Operations              
                                                                           
                                          For the Years Ended December 31, 
                                               2009              2008      
                                         ----------------  ----------------
                                                                           
License and maintenance fees             $       100,000   $       100,000 
                                         ----------------  ----------------
    Total revenues                               100,000           100,000 
                                         ----------------  ----------------
Costs and expenses:                                                        
  General and administrative                     529,083           557,744 
  Amortization of patent costs                    86,433            86,433 
  Income from equity in other ventures              (537)           (6,928)
                                         ----------------  ----------------
    Total costs and expenses                     614,979           637,249 
                                         ----------------  ----------------
Operating (loss)                                (514,979)         (537,249)
                                         ----------------  ----------------
Other income (expense):                                                    
  Interest income                                 71,696           714,670 
  Gain (loss) on sale and redemption of                                    
   securities                                    209,781          (222,305)
  Investment reduction to net asset                                        
   value                                              --        (1,174,756)
                                         ----------------  ----------------
    Total other income (expense)                 281,477          (682,391)
                                         ----------------  ----------------
(Loss) before income tax provision              (233,502)       (1,219,640)
Provision for franchise and income taxes          42,579            49,258 
                                         ----------------  ----------------
    Net (loss)                           $      (276,081)  $    (1,268,898)
                                         ================  ================
Basic and diluted net (loss) per share   $         (0.02)  $         (0.10)
                                         ================  ================
Weighted average shares of common stock                                    
 outstanding - basic and diluted              13,144,040        13,144,040 
                                         ================  ================

Contact:
David Blitz
(212) 575-7800


Read at BioSpace.com

comments powered by Disqus
   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES