NEW YORK, NY--(Marketwire - May 15, 2012) - Cadus Corporation (OTCBB: KDUS) announced today financial results for the first quarter ended March 31, 2012.
Revenues for the first quarter of 2012 were $0, compared to $0 for the same period in 2011. Net loss for the first quarter of 2012 increased to $155,485, compared to a net loss of $153,883 for the same period in 2011. The increase in net loss can be principally attributed to an increase in general and administrative expenses of $410, a decrease in interest income of $1,178 and a decrease in income from other ventures of $14. Basic net loss per share for the first quarter of 2012 was $0.01, compared to basic net loss per share for the first quarter of 2011 of $0.01.
As of March 31, 2012, 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, 2011. These include risks and uncertainties relating to the company’s ability to license its technologies to third parties, the company’s ability to acquire and operate other companies, 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, 2012 December 31, 2011 ----------------- ----------------- (Unaudited) (Audited) Current assets: Cash and cash equivalents $ 23,333,079 $ 23,376,400 Interest receivable 197 190 Prepaid and other current assets 15,240 7,090 ----------------- ----------------- Total current assets 23,348,516 23,383,680 Investment in other ventures 194,032 194,025 Patents, net 183,494 205,102 ----------------- ----------------- Total assets $ 23,726,042 $ 23,782,807 ================= ================= LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accrued expenses and other current liabilities $ 106,554 $ 7,834 ----------------- ----------------- Total current liabilities 106,554 7,834 ----------------- ----------------- Commitments Stockholders’ equity: Common stock 132,857 132,857 Additional paid-in capital 59,847,443 59,847,443 Accumulated deficit (36,060,737) (35,905,252) Treasury stock - at cost (300,075) (300,075) ----------------- ----------------- Total stockholders’ equity 23,619,488 23,774,973 ----------------- ----------------- Total liabilities and stockholders’ equity $ 23,726,042 $ 23,782,807 ================= ================= CADUS CORPORATION Condensed Consolidated Statements of Operations Three Months Ended March 31, ------------------------------- 2012 2011 --------------- --------------- (Unaudited) (Unaudited) License and maintenance fees $ -0- $ -0- --------------- --------------- Total revenues -0- -0- --------------- --------------- Costs and expenses: General and administrative expenses 134,538 134,128 Amortization of patent costs 21,608 21,608 (Income) from equity in other ventures (7) (21) --------------- --------------- Total costs and expenses 156,139 155,715 --------------- --------------- Operating loss (156,139) (155,715) Other income: Interest income 654 1,832 --------------- --------------- Loss before provision for income taxes (155,485) (153,883) Provision for income taxes - - --------------- --------------- Net loss $ (155,485)$ (153,883) =============== =============== 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 =============== ===============
Contact:
David Blitz
(212) 575-7800
