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Cadus Corporation (KDUS) Reports Second Quarter 2010 Results


8/12/2010 9:05:28 AM

NEW YORK, NY--(Marketwire - August 12, 2010) - Cadus Corporation (OTCBB: KDUS) announced today financial results for the second quarter ended June 30, 2010.

Revenues were $0 for the second quarter of 2010 and for the same period in 2009. Net loss for the second quarter of 2010 was $87,244, compared to a net loss of $103,330 for the same period in 2009. Basic net loss per share for the second quarter of 2010 was $0.01, compared to a basic net loss per share for the second quarter of 2009 of $0.01.

Revenues were $100,000 for the first six months of 2010 and for the same period in 2009. Net loss for the first six months of 2010 was $159,213, compared to a net loss of $175,902 for the same period in 2009. Basic net loss per share for the first six months of 2010 was $0.01, compared to a basic net loss per share for the same period in 2009 of $0.01.

As of July 31, 2010, 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.

                            CADUS CORPORATION
                  Condensed Consolidated Balance Sheets

                                  ASSETS

                                                  June 30,    December 31,
                                                    2010          2009
                                                ------------  ------------
                                                (Unaudited)     (Audited)
Current assets:
  Cash and cash equivalents                     $ 23,976,449  $ 24,098,443
  Interest receivable                                  1,788         1,454
  Prepaid and other current assets                    28,890         7,890
                                                ------------  ------------

    Total current assets                          24,007,127    24,107,787

Investment in other ventures                         194,097       194,255
Patents, net                                         334,752       377,968
                                                ------------  ------------
      Total assets                              $ 24,535,976  $ 24,680,010
                                                ============  ============


                   LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
  Accrued expenses and other current
   liabilities                                  $     16,013  $        834
                                                ------------  ------------
    Total current liabilities                         16,013           834
                                                ------------  ------------

Commitments

Stockholders' equity:
  Common stock                                       132,857       132,857
  Additional paid-in capital                      59,847,443    59,847,443
  Accumulated deficit                            (35,160,262)  (35,001,049)
  Treasury stock - at cost                          (300,075)     (300,075)
                                                ------------  ------------
    Total stockholders' equity                    24,519,963    24,679,176
                                                ------------  ------------
    Total liabilities and stockholders' equity  $ 24,535,976  $ 24,680,010
                                                ============  ============




                            CADUS CORPORATION
              Condensed Consolidated Statements of Operations

                               (Unaudited)

                                                    Three Months Ended
                                                          June 30,
                                                     2010         2009
                                                  ----------   ----------

License and maintenance fees                      $       --   $       --
                                                  ----------   ----------
    Total revenues                                        --           --
                                                  ----------   ----------
Costs and expenses:

  General and administrative expenses                 70,592      123,153
  Amortization of patent costs                        21,609       21,609
  Loss from equity in other ventures                     189           --
                                                  ----------   ----------
    Total costs and expenses                          92,390      144,762
                                                  ----------   ----------
Operating loss                                       (92,390)    (144,762)
Other income:
  Interest income                                      5,146       22,162
  Gain on redemption of securities                        --       19,270
                                                  ----------   ----------
Loss before provision for income taxes               (87,244)    (103,330)
Provision for income taxes                                --           --
                                                  ----------   ----------
    Net loss                                     ($   87,244) ($  103,330)
                                                  ==========   ==========
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
                                                  ==========   ==========




                             CADUS CORPORATION
              Condensed Consolidated Statements of Operations

                                (Unaudited)

                                                      Six Months Ended
                                                           June 30,
                                                      2010         2009
                                                   ----------   ----------

License and maintenance fees                       $  100,000   $  100,000
                                                   ----------   ----------
    Total revenues                                    100,000      100,000
                                                   ----------   ----------
Costs and expenses:
  General and administrative expenses                 223,656      305,620
  Amortization of patent costs                         43,216       43,217
  Loss (income) from equity in other ventures             158         (328)
                                                   ----------   ----------
    Total costs and expenses                          267,030      348,509
                                                   ----------   ----------
Operating loss                                       (167,030)    (248,509)
Other income:
  Interest income                                       7,817       51,263
  Gain on redemption of securities                         --       21,344
                                                   ----------   ----------
Loss before provision for income taxes               (159,213)    (175,902)
Provision for income taxes                                 --           --
                                                   ----------   ----------
    Net loss                                      ($  159,213) ($  175,902)
                                                   ==========   ==========
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

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