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Cadus Corporation (KDUS) Reports Second Quarter 2012 Results



8/14/2012 1:24:32 PM

NEW YORK, NY--(Marketwire - August 14, 2012) - Cadus Corporation (OTCBB: KDUS) announced today financial results for the second quarter ended June 30, 2012.

Revenues were $0 for the second quarter of 2012 and for the same period in 2011. Net loss for the second quarter of 2012 was $155,632, compared to a net loss of $93,435 for the same period in 2011. Basic net loss per share for the second quarter of 2012 was $0.01, compared to a basic net loss per share for the second quarter of 2011 of $0.01.

Revenues were $0 for the first six months of 2012, compared to revenues of $0 for the same period in 2011. Net loss for the first six months of 2012 was $311,117, compared to a net loss of $247,318 for the same period in 2011. Basic net loss per share for the first six months of 2012 was $0.02, compared to a basic net loss per share for the same period in 2011 of $0.02.

As of July 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 June 30, December 31, 2012 2011 ------------- ------------- (Unaudited) (Audited) Current assets: Cash and cash equivalents $ 23,139,000 $ 23,376,400 Interest receivable 206 190 Prepaid and other current assets 24,838 7,090 ------------- ------------- Total current assets 23,164,044 23,383,680 Investment in other ventures 193,803 194,025 Patents, net 161,886 205,102 ------------- ------------- Total assets $ 23,519,733 $ 23,782,807 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accrued expenses and other current liabilities $ 55,877 $ 7,834 ------------- ------------- Total current liabilities 55,877 7,834 ------------- ------------- Commitments Stockholders' equity: Common stock 132,857 132,857 Additional paid-in capital 59,847,443 59,847,443 Accumulated deficit (36,216,369) (35,905,252) Treasury stock - at cost (300,075) (300,075) ------------- ------------- Total stockholders' equity 23,463,856 23,774,973 ------------- ------------- Total liabilities and stockholders' equity $ 23,519,733 $ 23,782,807 ============= ============= CADUS CORPORATION Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended June 30, 2012 2011 ------------- ------------- License and maintenance fees $ -- $ -- ------------- ------------- Total revenues -- -- ------------- ------------- Costs and expenses: General and administrative expenses 134,392 72,148 Amortization of patent costs 21,608 21,608 Loss from equity in other ventures 229 244 ------------- ------------- Total costs and expenses 156,229 94,000 ------------- ------------- Operating loss (156,229) (94,000) Other income: Interest income 597 565 ------------- ------------- Loss before provision for income taxes (155,632) (93,435) Provision for income taxes -- -- ------------- ------------- Net loss $ (155,632) $ (93,435) ============= ============= 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, 2012 2011 ------------- ------------- License and maintenance fees $ -- $ -- ------------- ------------- Total revenues -- -- ------------- ------------- Costs and expenses: General and administrative expenses 268,930 206,276 Amortization of patent costs 43,216 43,216 Loss from equity in other ventures 222 223 ------------- ------------- Total costs and expenses 312,368 249,715 ------------- ------------- Operating loss (312,368) (249,715) Other income: Interest income 1,251 2,397 ------------- ------------- Loss before provision for income taxes (311,117) (247,318) Provision for income taxes -- -- ------------- ------------- Net loss $ (311,117) $ (247,318) ============= ============= Basic and diluted (loss) per weighted average share of common stock outstanding $ (0.02) $ (0.02) ============= ============= 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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