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Cadus Corporation (KDUS) Reports Third Quarter 2010 Results


11/16/2010 8:56:56 AM

New York, NY--(Marketwire - November 15, 2010) - Cadus Corporation (OTCBB: KDUS) announced today financial results for the third quarter ended September 30, 2010.

Revenues were $0 for the third quarter of 2010 and for the same period in 2009. Net loss for the third quarter of 2010 was $120,068, compared to net income of $18,251 for the same period in 2009. Basic net loss per share was $0.01 for the third quarter of 2010, compared to net income per share of $0.00 for the same period in 2009.

Revenues were $100,000 for the first nine months of 2010 and for the same period in 2009. Net loss for the first nine months of 2010 was $279,282, compared to a net loss of $157,651 for the same period in 2009. Basic net loss per share for the first nine months of 2010 was $0.02, compared to a basic net loss per share of $0.01 for the same period in 2009.

As of October 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


                                               September 30,  December 31,
                                                    2010          2009
                                                ------------  ------------
                                                (Unaudited)     (Audited)
Current assets:
  Cash and cash equivalents                     $ 23,858,853  $ 24,098,443
  Interest receivable                                  2,379         1,454
  Prepaid and other current assets                    39,790         7,890
                                                ------------  ------------

    Total current assets                          23,901,022    24,107,787

Investment in other ventures                         194,177       194,255
Patents, net                                         313,144       377,968
                                                ------------  ------------
      Total assets                              $ 24,408,343  $ 24,680,010
                                                ============  ============




                     LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
  Accrued expenses and other current
   liabilities                                  $      8,449  $        834
                                                ------------  ------------
    Total current liabilities                          8,449           834
                                                ------------  ------------

Commitments

Stockholders' equity:
  Common stock                                       132,857       132,857
  Additional paid-in capital                      59,847,443    59,847,443
  Accumulated deficit                            (35,280,331)  (35,001,049)
  Treasury stock                                    (300,075)     (300,075)
                                                ------------  ------------
    Total stockholders' equity                    24,399,894    24,679,176
                                                ------------  ------------
    Total liabilities and stockholders' equity  $ 24,408,343  $ 24,680,010
                                                ============  ============





                              CADUS CORPORATION
                 Condensed Consolidated Statements of Income

                                 (Unaudited)

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

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

  General and administrative expenses                 105,256      110,646

  Amortization of patent costs                         21,608       21,608

  Income from equity in other ventures                    (80)        (144)
                                                  -----------  -----------
    Total costs and expenses                          126,784      132,110
                                                  -----------  -----------
Operating loss                                       (126,784)    (132,110)

Other income:

  Interest income                                       6,716       14,177

  Gain on redemption of securities                         --      136,184
                                                  -----------  -----------
(Loss) income before provision for income taxes      (120,068)      18,251

Provision for income taxes                                 --           --
                                                  -----------  -----------
    Net (loss) income                            ($   120,068) $    18,251
                                                  ===========  ===========

Basic and diluted loss per weighted average share
 of common stock outstanding                     ($      0.01) $      0.00
                                                  -----------  -----------

Weighted average shares of common stock
 outstanding - basic and diluted                   13,144,040   13,144,040
                                                  ===========  ===========





                              CADUS CORPORATION
                  Condensed Consolidated Statements of Income

                                 (Unaudited)

                                                        Nine Months
                                                     Ended September 30,
                                                  ------------------------
                                                      2010         2009
                                                  -----------  -----------

License and maintenance fees                      $   100,000  $   100,000
                                                  -----------  -----------
    Total revenues                                    100,000      100,000
                                                  -----------  -----------
Costs and expenses:

  General and administrative expenses                 328,911      416,266

  Amortization of patent costs                         64,825       64,825

  Loss (income) from equity in other ventures              78         (472)
                                                  -----------  -----------
    Total costs and expenses                          393,814      480,619
                                                  -----------  -----------
Operating loss                                       (293,814)    (380,619)

Other income:

  Interest income                                      14,532       65,440

  Gain on redemption of securities                         --      157,528
                                                  -----------  -----------
Loss before provision for income taxes               (279,282)    (157,651)

Provision for income taxes                                 --           --
                                                  -----------  -----------
    Net loss                                     ($   279,282)($   157,651)
                                                  ===========  ===========

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
                                                  ===========  ===========

David Blitz:
(212) 575-7800


Read at BioSpace.com

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