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Cadus Corporation (KDUS) Reports First Quarter 2011 Results


5/16/2011 9:04:08 AM

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
                                        ----------------  ----------------
                                          (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
                                        ----------------  ----------------

    Total current assets                      23,696,594        23,797,375

Investment in other ventures                     194,253           194,232
Patents, net                                     269,927           291,535
                                        ----------------  ----------------
       Total assets                     $     24,160,774  $     24,283,142
                                        ================  ================

  LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
  Accrued expenses and other current
   liabilities                          $         36,293  $          4,778
                                        ----------------  ----------------
    Total current liabilities                     36,293             4,778
                                        ----------------  ----------------

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
                                        ================  ================



                            CADUS CORPORATION
              Condensed Consolidated Statements of Operations


                                              Three Months Ended
                                                    March 31,
                                        ----------------------------------
                                              2011              2010
                                        ----------------  ----------------
                                          (Unaudited)       (Unaudited)
License and maintenance fees            $            -0-  $        100,000
                                        ----------------  ----------------
     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


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