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Cadus Corporation (KDUS) Reports 2011 Results



3/30/2012 9:28:24 AM

NEW YORK, NY--(Marketwire - March 30, 2012) - Cadus Corporation (OTCBB: KDUS) announced today financial results for the full year ended December 31, 2011.

Revenues for the full year 2011 were $0, compared to $100,000 for the full year 2010. Net loss for the full year 2011 was $503,391, compared to net loss of $400,812 for the full year 2010. Basic and diluted net loss per share for the full year 2011 was $0.04, compared to basic and diluted net loss per share for the full year 2010 of $0.03. The increase in net loss is attributable to no license fees received in 2011 as compared to a license fee in 2010 of $100,000, a decrease in interest income of $15,534, an increase in loss from equity in other ventures of $184, costs in connection with an abandoned potential acquisition of $59,177, a decrease in miscellaneous income of $3,752, an increase in franchise tax of $3,340, offset by a decrease in general and administrative expenses of $79,408.

As of December 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, 2011. 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 and Subsidiary                      
                        Consolidated Balance Sheets                         
                                                                            
                                                                            
                                   ASSETS                                   
                                            December 31,     December 31,   
                                                2011             2010       
                                          ---------------- ---------------- 
                                                                            
Current assets:                                                             
  Cash and cash equivalents               $     23,376,400 $     23,789,400 
  Interest receivable                                  190              885 
  Prepaid and other current assets                   7,090            7,090 
                                          ---------------- ---------------- 
    Total current assets                        23,383,680       23,797,375 
                                                                            
Investment in other ventures                       194,025          194,232 
Patents, net                                       205,102          291,535 
                                          ---------------- ---------------- 
    Total assets                          $     23,782,807 $     24,283,142 
                                          ================ ================ 
                                                                            
                    LIABILITIES AND STOCKHOLDERS' EQUITY                    
Current liabilities:                                                        
      Accrued expenses and other current                                    
       liabilities                        $          7,834 $          4,778 
                                          ---------------- ---------------- 
           Total current liabilities                 7,834            4,778 
                                          ---------------- ---------------- 
Commitments and contingencies                                               
Stockholders' equity:                                                       
  Common stock                                     132,857          132,857 
  Additional paid-in capital                    59,847,443       59,847,443 
  Accumulated deficit                          (35,905,252)     (35,401,861)
  Treasury stock - at cost                       ( 300,075)       ( 300,075)
                                          ---------------- ---------------- 
        Total stockholders' equity              24,774,973       24,278,364 
                                          ---------------- ---------------- 
        Total liabilities and                                               
         stockholders' equity             $     23,782,807 $     24,283,142 
                                          ================ ================ 
                                                                            
                                                                            
                                                                            
                      Cadus Corporation and Subsidiary                      
              Condensed Consolidated Statements of Operations               
                                                                            
                                                                            
                                        For the Years Ended December 31,    
                                           2011                 2010        
                                    ------------------   ------------------ 
                                                                            
License and maintenance fees        $               --   $          100,000 
                                    ------------------   ------------------ 
    Total revenues                                  --              100,000 
                                    ------------------   ------------------ 
Costs and expenses:                                                         
  General and administrative                   315,818              395,226 
  Amortization of patent costs                  86,433               86,433 
  Abandoned acquisition costs                   59,177                   -- 
  Loss from equity in other ventures               207                   23 
                                    ------------------   ------------------ 
    Total costs and expenses                   461,635              481,682 
                                    ------------------   ------------------ 
Operating (loss)                             ( 461,635)           ( 381,682)
                                    ------------------   ------------------ 
Other income:                                                               
  Interest income                                3,599               19,133 
  Miscellaneous                                     --                3,752 
                                    ------------------   ------------------ 
    Total other income                           3,599               22,885 
                                    ------------------   ------------------ 
(Loss) before income tax provision           ( 458,036)           ( 358,797)
Provision for franchise and income                                          
 taxes                                          45,355               42,015 
                                    ------------------   ------------------ 
    Net (loss)                      $        ( 503,391)  $        ( 400,812)
                                    ==================   ================== 
Basic and diluted net (loss) per                                            
 share                              $           ( 0.04)  $           ( 0.03)
                                    ==================   ================== 
Weighted average shares of common                                           
 stock outstanding - basic and                                              
 diluted                                    13,144,040           13,144,040 
                                    ==================   ================== 

Contact:
David Blitz
(212) 575-7800


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