NEW YORK, NY--(Marketwire - March 30, 2010) - Cadus Corporation (OTCBB: KDUS) announced today financial results for the full year ended December 31, 2009.
Revenues for the full year 2009 were $100,000, compared to $100,000 for the full year 2008. Net loss for the full year 2009 was $276,081, compared to net loss of $1,268,898 for the full year 2008. Basic and diluted net loss per share for the full year 2009 was $0.02, compared to basic and diluted net loss per share for the full year 2008 of $0.10. The decrease in net loss is attributable to a decrease in general and administrative expenses of $28,661, a decrease in loss on redemption and reduction to net asset value of securities of $1,606,842, and a decrease in the provision for franchise and income taxes of $6,679, offset by a decrease in interest income of $642,974 and income from equity in other ventures of $6,391.
As of December 31, 2009, 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.
(Tables Follow)
Cadus Corporation and Subsidiary Consolidated Balance Sheets ASSETS December 31, December 31, 2009 2008 ---------------- ---------------- Current assets: Cash and cash equivalents $ 24,098,443 $ 19,236,212 Short term investments -- 5,048,775 Interest receivable 1,454 13,116 Prepaid and other current assets 7,890 14,090 ---------------- ---------------- Total current assets 24,107,787 24,312,193 Investment in other ventures 194,255 193,718 Patents, net 377,968 464,401 ---------------- ---------------- Total assets $ 24,680,010 $ 24,970,312 ================ ================ LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accrued expenses and other current liabilities $ 834 $ 15,055 ---------------- ---------------- Total current liabilities 834 15,055 ---------------- ---------------- Commitments and contingencies Stockholders’ equity: Common stock 132,857 132,857 Additional paid-in capital 59,847,443 59,847,443 Accumulated deficit (35,001,049) (34,724,968) Treasury stock, at cost (300,075) (300,075) ---------------- ---------------- Total stockholders’ equity 24,679,176 26,955,257 ---------------- ---------------- Total liabilities and stockholders’ equity $ 24,680,010 $ 24,970,312 ================ ================ Cadus Corporation and Subsidiary Condensed Consolidated Statements of Operations For the Years Ended December 31, 2009 2008 ---------------- ---------------- License and maintenance fees $ 100,000 $ 100,000 ---------------- ---------------- Total revenues 100,000 100,000 ---------------- ---------------- Costs and expenses: General and administrative 529,083 557,744 Amortization of patent costs 86,433 86,433 Income from equity in other ventures (537) (6,928) ---------------- ---------------- Total costs and expenses 614,979 637,249 ---------------- ---------------- Operating (loss) (514,979) (537,249) ---------------- ---------------- Other income (expense): Interest income 71,696 714,670 Gain (loss) on sale and redemption of securities 209,781 (222,305) Investment reduction to net asset value -- (1,174,756) ---------------- ---------------- Total other income (expense) 281,477 (682,391) ---------------- ---------------- (Loss) before income tax provision (233,502) (1,219,640) Provision for franchise and income taxes 42,579 49,258 ---------------- ---------------- Net (loss) $ (276,081) $ (1,268,898) ================ ================ Basic and diluted net (loss) per share $ (0.02) $ (0.10) ================ ================ Weighted average shares of common stock outstanding - basic and diluted 13,144,040 13,144,040 ================ ================
Contact:
David Blitz
(212) 575-7800
