NEW YORK, Nov. 14 /PRNewswire-FirstCall/ -- Cadus Corporation announced today financial results for the third quarter ended September 30, 2008.
Revenues were $0 for the third quarter of 2008 and for the same period in 2007. Net loss for the third quarter of 2008 was $110,944, compared to net income of $240,227 for the same period in 2007. Basic net loss per share was $0.01 for the third quarter of 2008, compared to basic net income per share of $0.02 for the same period in 2007.
Revenues were $100,000 for the first nine months of 2008 and for the same period in 2007. Net loss for the first nine months of 2008 was $266,145, compared to net loss of $99,282 for the same period in 2007. Basic net loss per share for the first nine months of 2008 was $0.02, compared to a basic net loss per share of $0.01 for the same period in 2007.
As of October 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: David Sassoon for Cadus Corporation, +1-917-749-6115
