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

Cadus Corporation (KDUS) Reports First Quarter 2012 Results


5/15/2012 9:22:52 AM

NEW YORK, NY--(Marketwire - May 15, 2012) - Cadus Corporation (OTCBB: KDUS) announced today financial results for the first quarter ended March 31, 2012.

Revenues for the first quarter of 2012 were $0, compared to $0 for the same period in 2011. Net loss for the first quarter of 2012 increased to $155,485, compared to a net loss of $153,883 for the same period in 2011. The increase in net loss can be principally attributed to an increase in general and administrative expenses of $410, a decrease in interest income of $1,178 and a decrease in income from other ventures of $14. Basic net loss per share for the first quarter of 2012 was $0.01, compared to basic net loss per share for the first quarter of 2011 of $0.01.

As of March 31, 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                   
                                                                            
                                   ASSETS                                   
                                                                            
                                          March 31, 2012  December 31, 2011 
                                        ----------------- ----------------- 
                                           (Unaudited)        (Audited)     
Current assets:                                                             
                                                                            
  Cash and cash equivalents             $      23,333,079 $      23,376,400 
  Interest receivable                                 197               190 
  Prepaid and other current assets                 15,240             7,090 
                                        ----------------- ----------------- 
                                                                            
    Total current assets                       23,348,516        23,383,680 
                                                                            
Investment in other ventures                      194,032           194,025 
Patents, net                                      183,494           205,102 
                                        ----------------- ----------------- 
      Total assets                      $      23,726,042 $      23,782,807 
                                        ================= ================= 
                                                                            
                    LIABILITIES AND STOCKHOLDERS' EQUITY                    
                                                                            
Current liabilities:                                                        
  Accrued expenses and other current                                        
   liabilities                          $         106,554 $           7,834 
                                        ----------------- ----------------- 
    Total current liabilities                     106,554             7,834 
                                        ----------------- ----------------- 
                                                                            
Commitments                                                                 
                                                                            
Stockholders' equity:                                                       
                                                                            
  Common stock                                    132,857           132,857 
  Additional paid-in capital                   59,847,443        59,847,443 
  Accumulated deficit                         (36,060,737)      (35,905,252)
  Treasury stock - at cost                       (300,075)         (300,075)
                                        ----------------- ----------------- 
    Total stockholders' equity                 23,619,488        23,774,973 
                                        ----------------- ----------------- 
    Total liabilities and stockholders'                                     
     equity                             $      23,726,042 $      23,782,807 
                                        ================= ================= 
                                                                            
                                                                            
                              CADUS CORPORATION                             
               Condensed Consolidated Statements of Operations              
                                                                            
                                                   Three Months Ended       
                                                       March 31,            
                                            ------------------------------- 
                                                  2012            2011      
                                            --------------- --------------- 
                                              (Unaudited)     (Unaudited)   
License and maintenance fees                $           -0- $           -0- 
                                            --------------- --------------- 
    Total revenues                                      -0-             -0- 
                                            --------------- --------------- 
Costs and expenses:                                                         
  General and administrative expenses               134,538         134,128 
  Amortization of patent costs                       21,608          21,608 
  (Income) from equity in other ventures                 (7)            (21)
                                            --------------- --------------- 
    Total costs and expenses                        156,139         155,715 
                                            --------------- --------------- 
Operating loss                                     (156,139)       (155,715)
Other income:                                                               
  Interest income                                       654           1,832 
                                            --------------- --------------- 
Loss before provision for income taxes             (155,485)       (153,883)
Provision for income taxes                                -               - 
                                            --------------- --------------- 
    Net loss                                $      (155,485)$      (153,883)
                                            =============== =============== 
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


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