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Cadus Corporation (KDUS) Reports Third Quarter 2011 Results  
11/15/2011 7:42:19 AM

NEW YORK, NY--(Marketwire - November 14, 2011) - Cadus Corporation (OTCBB: KDUS) announced today financial results for the third quarter ended September 30, 2011.

Revenues were $0 for the third quarter of 2011 and for the same period in 2010. Net loss for the third quarter of 2011 was $146,895, compared to a net loss of $120,068 for the same period in 2010. Basic net loss per share was $0.01 for the third quarter of 2011 and for the same period in 2010.

Revenues were $0 for the first nine months of 2011 compared to revenues of $100,000 for the same period in 2010. Net loss for the first nine months of 2011 was $394,213, compared to a net loss of $279,282 for the same period in 2010. Basic net loss per share for the first nine months of 2011 was $0.03, compared to a basic net loss per share of $0.02 for the same period in 2010.

As of October 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                                   
                                                                            
                                              September 30,   December 31,  
                                                  2011            2010      
                                             --------------  -------------- 
                                               (Unaudited)      (Audited)   
Current assets:                                                             
  Cash and cash equivalents                  $   23,516,415  $   23,789,400 
  Interest receivable                                   193             885 
  Prepaid and other current assets                   29,331           7,090 
                                             --------------  -------------- 
                                                                            
    Total current assets                         23,545,939      23,797,375 
                                                                            
Investment in other ventures                        194,018         194,232 
Patents, net                                        226,710         291,535 
                                             --------------  -------------- 
    Total assets                             $   23,966,667  $   24,283,142 
                                             ==============  ============== 
                                                                            
                    LIABILITIES AND STOCKHOLDERS' EQUITY                    
                                                                            
Current liabilities:                                                        
  Accrued expenses and other current                                        
   liabilities                               $       82,516  $        4,778 
                                             --------------  -------------- 
    Total current liabilities                        82,516           4,778 
                                             --------------  -------------- 
                                                                            
Commitments                                                                 
                                                                            
Stockholders' equity:                                                       
  Common stock                                      132,857         132,857 
  Additional paid-in capital                     59,847,443      59,847,443 
  Accumulated deficit                           (35,796,074)    (35,401,861)
  Treasury stock                                   (300,075)       (300,075)
                                             --------------  -------------- 
    Total stockholders' equity                   23,884,151      24,278,364 
                                             --------------  -------------- 
    Total liabilities and stockholders'                                     
     equity                                  $   23,966,667  $   24,283,142 
                                             ==============  ============== 
                                                                            
                                                                            
                                                                            
                             CADUS CORPORATION                              
                Condensed Consolidated Statements of Income                 
                                                                            
                                (Unaudited)                                 
                                                                            
                                                   Three Months Ended       
                                                      September 30,         
                                             ------------------------------ 
                                                  2011            2010      
                                             --------------  -------------- 
                                                                            
License and maintenance fees                 $           --  $           -- 
                                             --------------  -------------- 
    Total revenues                                       --              -- 
                                                                            
Costs and expenses:                                                         
  General and administrative expenses                62,822         105,256 
  Amortization of patent costs                       21,608          21,608 
  Abandoned asset acquisition costs                  63,091              -- 
  Income from equity in other ventures                   (9)            (80)
                                             --------------  -------------- 
    Total costs and expenses                        147,512         126,784 
                                             --------------  -------------- 
                                                                            
Operating loss                                    ( 147,512)      ( 126,784)
                                                                            
Other income:                                                               
  Interest income                                       617           6,716 
                                             --------------  -------------- 
                                                                            
Loss before provision for income taxes            ( 146,895)      ( 120,068)
                                                                            
Provision for income taxes                               --              -- 
                                             --------------  -------------- 
                                                                            
    Net loss                                 $    ( 146,895) $    ( 120,068)
                                             ==============  ============== 
                                                                            
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 Income                 
                                                                            
                                (Unaudited)                                 
                                                                            
                                                    Nine Months Ended       
                                                      September 30,         
                                             ------------------------------ 
                                                  2011            2010      
                                             --------------  -------------- 
                                                                            
License and maintenance fees                 $           --  $      100,000 
                                             --------------  -------------- 
    Total revenues                                       --         100,000 
                                             --------------  -------------- 
                                                                            
Costs and expenses:                                                         
  General and administrative expenses               269,097         328,911 
  Amortization of patent costs                       64,825          64,825 
  Abandoned asset acquisition costs                  63,091              -- 
  Loss from equity in other ventures                    214              78 
                                             --------------  -------------- 
    Total costs and expenses                        397,227         393,814 
                                             --------------  -------------- 
                                                                            
Operating loss                                    ( 397,227)      ( 293,814)
                                                                            
Other income:                                                               
  Interest income                                     3,014          14,532 
                                             --------------  -------------- 
                                                                            
Loss before provision for income taxes            ( 394,213)      ( 279,282)
                                                                            
Provision for income taxes                               --              -- 
                                             --------------  -------------- 
                                                                            
    Net loss                                 $    ( 394,213) $    ( 279,282)
                                             ==============  ============== 
                                                                            
Basic and diluted loss per weighted average                                 
 share of common stock outstanding           $       ( 0.03) $       ( 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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