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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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