NEW YORK, May 11 /PRNewswire-FirstCall/ -- Cadus Corporation announced today financial results for the first quarter ended March 31, 2007.
Revenues for the first quarter of 2007 were $100,000, compared to $100,000 for the same period in 2006. Net loss for the first quarter of 2007 was $558,469, compared to net income of $100,811 for the same period in 2006. This decrease can be attributed primarily to a write-down of marketable securities and an increase of expenses, offset by an increase in interest income. Basic net loss per share for the first quarter of 2007 was $0.04, compared to basic net income per share for the first quarter of 2006 of $0.01. Revenues for the first quarter of 2007 and 2006 consisted solely of a licensing fee paid by OSI Pharmaceuticals, Inc. for its non-exclusive license to Cadus’s yeast technologies.
As of March 31, 2007, 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, 2006. 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 March 31, December 31, 2007 2006 (Unaudited) (Audited) Current Assets: Cash and cash equivalents $24,800,051 $24,602,202 Prepaid and other current assets 21,410 5,210 Investment in marketable securities 468,132 628,585 Total current assets 25,289,593 25,235,997 Investment in other ventures 176,648 173,427 Patents, net 615,659 637,267 Total assets $26,081,900 $26,046,691 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accrued expenses and other current liabilities $147,192 $61,307 Total current liabilities 147,192 61,307 Stockholders’ equity: Common stock 132,857 132,857 Additional paid-in capital 59,844,355 59,844,355 Accumulated deficit (33,742,429) (33,183,960) Accumulated other comprehensive (loss) income -- (507,793) Treasury stock (300,075) (300,075) Total stockholders’ equity 25,934,708 25,985,384 Total liabilities and stockholders’ equity $26,081,900 $26,046,691 CADUS CORPORATION Condensed Consolidated Statements of Income (Unaudited) Three Months Ended March 31, 2007 2006 License and maintenance fees $100,000 $100,000 Total revenues 100,000 100,000 Costs and expenses: General and administrative expenses 314,091 261,202 (Gain) from equity in other ventures (3,221) (2,369) Total costs and expenses 310,870 258,833 Operating loss (210,870) (158,833) Other income: Interest income 320,647 259,644 Loss on write down of marketable securities (668,246) - (Loss) income before income taxes (558,469) 100,811 Income taxes - - Net (loss) income (558,469) $100,811 Basic and diluted net (loss) income per weighted average share of common stock outstanding ($0.04) $0.01 Weighted average shares of common stock outstanding - basic and diluted 13,144,040 13,144,040
Cadus Corporation
CONTACT: David Sassoon for Cadus Corporation, +1-917-749-6115
