NEW YORK, May 15 /PRNewswire-FirstCall/ -- Cadus Corporation announced today financial results for the first quarter ended March 31, 2009.
Revenues for the first quarter of 2009 were $100,000, compared to $100,000 for the same period in 2008. Net loss for the first quarter of 2009 decreased to $72,572, compared to a net loss of $207,996 for the same period in 2008. The decrease in net loss can be principally attributed to a decrease in general and administrative expenses of $62,809 and the 2008 loss on write down of securities of $279,906 offset by a decrease in interest income of $207,417. Basic net loss per share for the first quarter of 2009 was $0.01, compared to basic net loss per share for the first quarter of 2008 of $0.02. Revenues for the first quarter of 2009 and 2008 consisted solely of a licensing fee paid by OSI Pharmaceuticals, Inc. for its non-exclusive license to Cadus’ yeast technologies.
As of March 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, 2008. 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: David Sassoon, +1-917-749-6115
