Cadus Corporation Reports First Quarter 2011 Results
NEW YORK, NY--(Marketwire - May 16, 2011) - Cadus Corporation (OTCBB: KDUS) announced today financial results for the first quarter ended March 31, 2011.
Revenues for the first quarter of 2011 were $0, compared to $100,000 for the same period in 2010. Net loss for the first quarter of 2011 increased to $153,883, compared to a net loss of $71,969 for the same period in 2010. The increase in net loss can be principally attributed to the cessation of the annual maintenance fee from OSI Pharmaceuticals, Inc. after the final $100,000 annual maintenance fee payment in 2010, offset by a decrease in general and administrative expenses. Basic net loss per share for the first quarter of 2011 was $0.01, compared to basic net loss per share for the first quarter of 2010 of $0.01.
As of March 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 December 31,
March 31, 2011 2010
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(Unaudited) (Audited)
Current assets:
Cash and cash equivalents $ 23,678,517 $ 23,789,400
Interest receivable 437 885
Prepaid and other current assets 17,640 7,090
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Total current assets 23,696,594 23,797,375
Investment in other ventures 194,253 194,232
Patents, net 269,927 291,535
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Total assets $ 24,160,774 $ 24,283,142
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accrued expenses and other current
liabilities $ 36,293 $ 4,778
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Total current liabilities 36,293 4,778
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Commitments
Stockholders' equity:
Common stock 132,857 132,857
Additional paid-in capital 59,847,443 59,847,443
Accumulated deficit (35,555,744) (35,401,861)
Treasury stock - at cost (300,075) (300,075)
---------------- ----------------
Total stockholders' equity 24,124,481 24,278,364
---------------- ----------------
Total liabilities and
stockholders'equity $ 24,160,774 $ 24,283,142
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CADUS CORPORATION
Condensed Consolidated Statements of Operations
Three Months Ended
March 31,
----------------------------------
2011 2010
---------------- ----------------
(Unaudited) (Unaudited)
License and maintenance fees $ -0- $ 100,000
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Total revenues -0- 100,000
---------------- ----------------
Costs and expenses:
General and administrative expenses 134,128 153,063
Amortization of patent costs 21,608 21,608
(Income) from equity in other
ventures (21) (31)
---------------- ----------------
Total costs and expenses 155,715 174,640
---------------- ----------------
Operating loss (155,715) (74,640)
Other income:
Interest income 1,832 2,671
---------------- ----------------
Loss before provision for income taxes (153,883) (71,969)
Provision for income taxes - -
---------------- ----------------
Net loss $ (153,883) $ (71,969)
================ ================
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
================ ================
Contact:
David Blitz
(212) 575-7800