NEW YORK, NY--(Marketwire - March 30, 2010) - Cadus Corporation (
Revenues for the full year 2009 were $100,000, compared to $100,000 for the full year 2008. Net loss for the full year 2009 was $276,081, compared to net loss of $1,268,898 for the full year 2008. Basic and diluted net loss per share for the full year 2009 was $0.02, compared to basic and diluted net loss per share for the full year 2008 of $0.10. The decrease in net loss is attributable to a decrease in general and administrative expenses of $28,661, a decrease in loss on redemption and reduction to net asset value of securities of $1,606,842, and a decrease in the provision for franchise and income taxes of $6,679, offset by a decrease in interest income of $642,974 and income from equity in other ventures of $6,391.
As of December 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, 2009. 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.
(Tables Follow)
| Cadus Corporation and Subsidiary | |||||||||||
| Consolidated Balance Sheets | |||||||||||
| ASSETS | |||||||||||
| December 31, 2009 | December 31, 2008 | ||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 24,098,443 | $ | 19,236,212 | |||||||
| Short term investments | -- | 5,048,775 | |||||||||
| Interest receivable | 1,454 | 13,116 | |||||||||
| Prepaid and other current assets | 7,890 | 14,090 | |||||||||
| Total current assets | 24,107,787 | 24,312,193 | |||||||||
| Investment in other ventures | 194,255 | 193,718 | |||||||||
| Patents, net | 377,968 | 464,401 | |||||||||
| Total assets | $ | 24,680,010 | $ | 24,970,312 | |||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accrued expenses and other current liabilities | $ | 834 | $ | 15,055 | |||||||
| Total current liabilities | 834 | 15,055 | |||||||||
| Commitments and contingencies | |||||||||||
| Stockholders' equity: | |||||||||||
| Common stock | 132,857 | 132,857 | |||||||||
| Additional paid-in capital | 59,847,443 | 59,847,443 | |||||||||
| Accumulated deficit | (35,001,049 | ) | (34,724,968 | ) | |||||||
| Treasury stock, at cost | (300,075 | ) | (300,075 | ) | |||||||
| Total stockholders' equity | 24,679,176 | 26,955,257 | |||||||||
| Total liabilities and stockholders' equity | $ | 24,680,010 | $ | 24,970,312 | |||||||
| Cadus Corporation and Subsidiary | ||||||||||
| Condensed Consolidated Statements of Operations | ||||||||||
| For the Years Ended December 31, | ||||||||||
| 2009 | 2008 | |||||||||
| License and maintenance fees | $ | 100,000 | $ | 100,000 | ||||||
| Total revenues | 100,000 | 100,000 | ||||||||
| Costs and expenses: | ||||||||||
| General and administrative | 529,083 | 557,744 | ||||||||
| Amortization of patent costs | 86,433 | 86,433 | ||||||||
| Income from equity in other ventures | (537 | ) | (6,928 | ) | ||||||
| Total costs and expenses | 614,979 | 637,249 | ||||||||
| Operating (loss) | (514,979 | ) | (537,249 | ) | ||||||
| Other income (expense): | ||||||||||
| Interest income | 71,696 | 714,670 | ||||||||
| Gain (loss) on sale and redemption of securities | 209,781 | (222,305 | ) | |||||||
| Investment reduction to net asset value | -- | (1,174,756 | ) | |||||||
| Total other income (expense) | 281,477 | (682,391 | ) | |||||||
| (Loss) before income tax provision | (233,502 | ) | (1,219,640 | ) | ||||||
| Provision for franchise and income taxes | 42,579 | 49,258 | ||||||||
| Net (loss) | $ | (276,081 | ) | $ | (1,268,898 | ) | ||||
| Basic and diluted net (loss) per share | $ | (0.02 | ) | $ | (0.10 | ) | ||||
| Weighted average shares of common stock outstanding - basic and diluted | 13,144,040 | 13,144,040 | ||||||||
Contact Information:
Contact:
David Blitz
(212) 575-7800