NEW YORK, NY--(Marketwire - Nov 15, 2012) - Cadus Corporation (
Revenues for the three months ended September 30, 2012 were $0, compared to $0 for the same period in 2011. Net loss for the three months ended September 30, 2012 increased to $211,032, compared to a net loss of $146,895 for the same period in 2011. The increase in net loss can be principally attributed to an increase in general and administrative expenses of $127,315, an increase in interest income of $102 and a decrease in abandoned asset acquisition costs of $63,091, compared to the same period in 2011. Basic net loss per share for the three months ended September 30, 2012 was $0.02, compared to basic net loss per share for same period in 2011 of $0.01.
Revenues for the nine months ended September 30, 2012 were $0, compared to $0 for the same period in 2011. Net loss for the nine months ended September 30, 2012 increased to $522,149, compared to a net loss of $394,213 for the same period in 2011. The increase in net loss can be principally attributed to an increase in general and administrative expenses of $189,970, a decrease in interest income of $1,045, and a decrease in abandoned asset acquisition costs of $63,091, compared to the same period in 2011. Basic net loss per share for the nine months ended September 30, 2012 was $0.04, compared to basic net loss per share for the same period in 2011 of $0.03.
As of September 30, 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 | ||||||||
| September 30, 2012 |
December 31, 2011 |
|||||||
| (Unaudited) | (Audited) | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 22,990,674 | $ | 23,376,400 | ||||
| Interest receivable | 248 | 190 | ||||||
| Prepaid and other current assets | 35,438 | 7,090 | ||||||
| Total current assets | 23,026,360 | 23,383,680 | ||||||
| Investment in other ventures | 193,798 | 194,025 | ||||||
| Patents, net | 140,277 | 205,102 | ||||||
| Total assets | $ | 23,360,435 | $ | 23,782,807 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accrued expenses and other current liabilities | $ | 107,611 | $ | 7,834 | ||||
| Total current liabilities | 107,611 | 7,834 | ||||||
| Commitments | ||||||||
| Stockholders' equity: | ||||||||
| Common stock | 132,857 | 132,857 | ||||||
| Additional paid-in capital | 59,847,443 | 59,847,443 | ||||||
| Accumulated deficit | (36,427,401) | (35,905,252) | ||||||
| Treasury stock - at cost | (300,075) | (300,075) | ||||||
| Total stockholders' equity | 23,252,824 | 23,774,973 | ||||||
| Total liabilities and stockholders' equity | $ | 23,360,435 | $ | 23,782,807 | ||||
| CADUS CORPORATION | |||||||||
| Condensed Consolidated Statements of Operations | |||||||||
| Three Months Ended September 30, |
|||||||||
| 2012 | 2011 | ||||||||
| (Unaudited) | (Unaudited) | ||||||||
| License and maintenance fees | $ | -- | $ | -- | |||||
| Total revenues | -- | -- | |||||||
| Costs and expenses: | |||||||||
| General and administrative expenses | 190,137 | 62,822 | |||||||
| Amortization of patent costs | 21,609 | 21,608 | |||||||
| Abandoned asset acquisition costs | -- | 63,091 | |||||||
| Loss from equity in other ventures | 5 | (9 | ) | ||||||
| Total costs and expenses | 211,751 | 147,512 | |||||||
| Operating loss | (211,751 | ) | (147,512 | ) | |||||
| Other income: | |||||||||
| Interest income | 719 | 617 | |||||||
| Loss before provision for income taxes | (211,032 | ) | (146,895 | ) | |||||
| Provision for income taxes | -- | -- | |||||||
| Net loss | $ | (211,032 | ) | $ | (146,895 | ) | |||
| Basic and diluted loss per weighted average share of common stock outstanding | $ | (0.02 | ) | $ | (0.01 | ) | |||
| Weighted average shares of common stock outstanding - basic and diluted | 13,144,040 | 13,144,040 | |||||||
| CADUS CORPORATION | |||||||||
| Condensed Consolidated Statements of Operations | |||||||||
| Nine Months Ended September 30, |
|||||||||
| 2012 | 2011 | ||||||||
| (Unaudited) | (Unaudited) | ||||||||
| License and maintenance fees | $ | -- | $ | -- | |||||
| Total revenues | -- | -- | |||||||
| Costs and expenses: | |||||||||
| General and administrative expenses | 459,067 | 269,097 | |||||||
| Amortization of patent costs | 64,825 | 64,825 | |||||||
| Abandoned asset acquisition costs | -- | 63,091 | |||||||
| Loss from equity in other ventures | 226 | 214 | |||||||
| Total costs and expenses | 524,118 | 397,227 | |||||||
| Operating loss | (524,118 | ) | (397,227 | ) | |||||
| Other income: | |||||||||
| Interest income | 1,969 | 3,014 | |||||||
| Loss before provision for income taxes | (522,149 | ) | (394,213 | ) | |||||
| Provision for income taxes | -- | -- | |||||||
| Net loss | $ | (522,149 | ) | $ | (394,213 | ) | |||
| Basic and diluted (loss) per weighted average share of common stock outstanding | $ | (0.04 | ) | $ | (0.03 | ) | |||
| Weighted average shares of common stock outstanding - basic and diluted | 13,144,040 | 13,144,040 | |||||||
Contact Information:
Contact:
David Blitz
(212) 575-7800