New York, NY--(Marketwire - November 15, 2010) - Cadus Corporation (
Revenues were $0 for the third quarter of 2010 and for the same period in 2009. Net loss for the third quarter of 2010 was $120,068, compared to net income of $18,251 for the same period in 2009. Basic net loss per share was $0.01 for the third quarter of 2010, compared to net income per share of $0.00 for the same period in 2009.
Revenues were $100,000 for the first nine months of 2010 and for the same period in 2009. Net loss for the first nine months of 2010 was $279,282, compared to a net loss of $157,651 for the same period in 2009. Basic net loss per share for the first nine months of 2010 was $0.02, compared to a basic net loss per share of $0.01 for the same period in 2009.
As of October 31, 2010, 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.
CADUS CORPORATION
Condensed Consolidated Balance Sheets
ASSETS
September 30, December 31,
2010 2009
------------ ------------
(Unaudited) (Audited)
Current assets:
Cash and cash equivalents $ 23,858,853 $ 24,098,443
Interest receivable 2,379 1,454
Prepaid and other current assets 39,790 7,890
------------ ------------
Total current assets 23,901,022 24,107,787
Investment in other ventures 194,177 194,255
Patents, net 313,144 377,968
------------ ------------
Total assets $ 24,408,343 $ 24,680,010
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accrued expenses and other current
liabilities $ 8,449 $ 834
------------ ------------
Total current liabilities 8,449 834
------------ ------------
Commitments
Stockholders' equity:
Common stock 132,857 132,857
Additional paid-in capital 59,847,443 59,847,443
Accumulated deficit (35,280,331) (35,001,049)
Treasury stock (300,075) (300,075)
------------ ------------
Total stockholders' equity 24,399,894 24,679,176
------------ ------------
Total liabilities and stockholders' equity $ 24,408,343 $ 24,680,010
============ ============
CADUS CORPORATION
Condensed Consolidated Statements of Income
(Unaudited)
Three Months
Ended September 30,
------------------------
2010 2009
----------- -----------
License and maintenance fees $ -- $ --
----------- -----------
Total revenues -- --
----------- -----------
Costs and expenses:
General and administrative expenses 105,256 110,646
Amortization of patent costs 21,608 21,608
Income from equity in other ventures (80) (144)
----------- -----------
Total costs and expenses 126,784 132,110
----------- -----------
Operating loss (126,784) (132,110)
Other income:
Interest income 6,716 14,177
Gain on redemption of securities -- 136,184
----------- -----------
(Loss) income before provision for income taxes (120,068) 18,251
Provision for income taxes -- --
----------- -----------
Net (loss) income ($ 120,068) $ 18,251
=========== ===========
Basic and diluted loss per weighted average share
of common stock outstanding ($ 0.01) $ 0.00
----------- -----------
Weighted average shares of common stock
outstanding - basic and diluted 13,144,040 13,144,040
=========== ===========
CADUS CORPORATION
Condensed Consolidated Statements of Income
(Unaudited)
Nine Months
Ended September 30,
------------------------
2010 2009
----------- -----------
License and maintenance fees $ 100,000 $ 100,000
----------- -----------
Total revenues 100,000 100,000
----------- -----------
Costs and expenses:
General and administrative expenses 328,911 416,266
Amortization of patent costs 64,825 64,825
Loss (income) from equity in other ventures 78 (472)
----------- -----------
Total costs and expenses 393,814 480,619
----------- -----------
Operating loss (293,814) (380,619)
Other income:
Interest income 14,532 65,440
Gain on redemption of securities -- 157,528
----------- -----------
Loss before provision for income taxes (279,282) (157,651)
Provision for income taxes -- --
----------- -----------
Net loss ($ 279,282)($ 157,651)
=========== ===========
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
=========== ===========
Contact Information: David Blitz: (212) 575-7800