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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


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