NEW YORK, May 15 /PRNewswire-FirstCall/ -- Cadus Corporation announced today financial results for the first quarter ended March 31, 2008.
Revenues for the first quarter of 2008 were $100,000, compared to $100,000 for the same period in 2007. Net loss for the first quarter of 2008 was $207,996, compared to net loss of $558,469 for the same period in 2007. The decrease in net loss can be attributed to a decrease in general and administrative expenses of $47,207 and the 2007 loss on write down of marketable securities of $668,246, offset by a $279,906 reduction in short term investment to net asset value in 2008, and decreases in interest income and income from equity in other ventures of $84,129 and $945, respectively. Basic net loss per share for the first quarter of 2008 was $0.02, compared to basic net loss per share for the first quarter of 2007 of $0.04. Revenues for the first quarter of 2008 and 2007 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, 2008, 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, 2007. 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.
CONTACT: Matthew Der Manuelian for Cadus Corporation, +1-212-735-8654,
mmanuelian@morrisoncohen.com
