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Cadus Corporation (KDUS) Reports Second Quarter 2011 Results


8/16/2011 7:59:05 AM

NEW YORK, NY--(Marketwire - August 15, 2011) - Cadus Corporation (OTCBB: KDUS) announced today financial results for the second quarter ended June 30, 2011.

Revenues were $0 for the second quarter of 2011 and for the same period in 2010. Net loss for the second quarter of 2011 was $93,435, compared to a net loss of $87,244 for the same period in 2010. Basic net loss per share for the second quarter of 2011 was $0.01, compared to a basic net loss per share for the second quarter of 2010 of $0.01.

Revenues were $0 for the first six months of 2011, compared to revenues of $100,000 for the same period in 2010. Net loss for the first six months of 2011 was $247,318, compared to a net loss of $159,213 for the same period in 2010. Basic net loss per share for the first six months of 2011 was $0.02, compared to a basic net loss per share for the same period in 2010 of $0.01.

As of July 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                                   
                                                June 30,      December 31,  
                                                  2011            2010      
                                             --------------  -------------- 
                                               (Unaudited)      (Audited)   
Current assets:                                                             
  Cash and cash equivalents                  $   23,565,567  $   23,789,400 
  Interest receivable                                   193             885 
  Prepaid and other current assets                   29,331           7,090 
                                             --------------  -------------- 
                                                                            
    Total current assets                         23,595,091      23,797,375 
                                                                            
Investment in other ventures                        194,009         194,232 
Patents, net                                        248,319         291,535 
                                             --------------  -------------- 
      Total assets                           $   24,037,419  $   24,283,142 
                                             ==============  ============== 
                                                                            
                    LIABILITIES AND STOCKHOLDERS' EQUITY                    
                                                                            
Current liabilities:                                                        
  Accrued expenses and other current                                        
   liabilities                               $        6,373  $        4,778 
                                             --------------  -------------- 
    Total current liabilities                         6,373           4,778 
                                             --------------  -------------- 
                                                                            
Commitments                                                                 
                                                                            
Stockholders' equity:                                                       
  Common stock                                      132,857         132,857 
  Additional paid-in capital                     59,847,443      59,847,443 
  Accumulated deficit                           (35,649,179)    (35,401,861)
  Treasury stock                                   (300,075)       (300,075)
                                             --------------  -------------- 
    Total stockholders' equity                   24,031,046      24,278,364 
                                             --------------  -------------- 
    Total liabilities and stockholders'                                     
     equity                                  $   24,037,419  $   24,283,142 
                                             ==============  ============== 
                                                                            
                                                                            
                                                                            
                             CADUS CORPORATION                              
              Condensed Consolidated Statements of Operations               
                                                                            
                                (Unaudited)                                 
                                                                            
                                                   Three Months Ended       
                                                        June 30,            
                                                  2011            2010      
                                             --------------  -------------- 
                                                                            
License and maintenance fees                 $           --  $           -- 
                                             --------------  -------------- 
    Total revenues                                       --              -- 
                                             --------------  -------------- 
Costs and expenses:                                                         
  General and administrative expenses                72,148          70,592 
  Amortization of patent costs                       21,608          21,609 
  Loss from equity in other ventures                    244             189 
                                             --------------  -------------- 
    Total costs and expenses                         94,000          92,390 
                                             --------------  -------------- 
Operating loss                                      (94,000)        (92,390)
Other income:                                                               
  Interest income                                       565           5,146 
                                             --------------  -------------- 
Loss before provision for income taxes              (93,435)        (87,244)
Provision for income taxes                               --              -- 
                                             --------------  -------------- 
    Net loss                                 $      (93,435) $      (87,244)
                                             ==============  ============== 
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,            
                                                  2011            2010      
                                             --------------  -------------- 
                                                                            
License and maintenance fees                 $           --  $      100,000 
                                             --------------  -------------- 
    Total revenues                                                  100,000 
                                             --------------  -------------- 
Costs and expenses:                                                         
  General and administrative expenses               206,276         223,656 
  Amortization of patent costs                       43,216          43,216 
  Loss from equity in other ventures                    223             158 
                                             --------------  -------------- 
    Total costs and expenses                        249,715         267,030 
                                             --------------  -------------- 
Operating loss                                     (249,715)       (167,030)
Other income:                                                               
  Interest income                                     2,397           7,817 
                                             --------------  -------------- 
Loss before provision for income taxes             (247,318)       (159,213)
Provision for income taxes                               --              -- 
                                             --------------  -------------- 
    Net loss                                 $     (247,318) $     (159,213)
                                             ==============  ============== 
Basic and diluted (loss) per weighted                                       
 average share of common stock outstanding   $        (0.02) $        (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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