NEW YORK, NY--(Marketwire - Nov 14, 2011) - Cadus Corporation (
Revenues were $0 for the third quarter of 2011 and for the same period in 2010. Net loss for the third quarter of 2011 was $146,895, compared to a net loss of $120,068 for the same period in 2010. Basic net loss per share was $0.01 for the third quarter of 2011 and for the same period in 2010.
Revenues were $0 for the first nine months of 2011 compared to revenues of $100,000 for the same period in 2010. Net loss for the first nine months of 2011 was $394,213, compared to a net loss of $279,282 for the same period in 2010. Basic net loss per share for the first nine months of 2011 was $0.03, compared to a basic net loss per share of $0.02 for the same period in 2010.
As of October 31, 2011, 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, 2010. 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, 2011 |
December 31, 2010 | |||||||||
| (Unaudited) | (Audited) | |||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 23,516,415 | $ | 23,789,400 | ||||||
| Interest receivable | 193 | 885 | ||||||||
| Prepaid and other current assets | 29,331 | 7,090 | ||||||||
| Total current assets | 23,545,939 | 23,797,375 | ||||||||
| Investment in other ventures | 194,018 | 194,232 | ||||||||
| Patents, net | 226,710 | 291,535 | ||||||||
| Total assets | $ | 23,966,667 | $ | 24,283,142 | ||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
| Current liabilities: | ||||||||||
| Accrued expenses and other current liabilities | $ | 82,516 | $ | 4,778 | ||||||
| Total current liabilities | 82,516 | 4,778 | ||||||||
| Commitments | ||||||||||
| Stockholders' equity: | ||||||||||
| Common stock | 132,857 | 132,857 | ||||||||
| Additional paid-in capital | 59,847,443 | 59,847,443 | ||||||||
| Accumulated deficit | (35,796,074 | ) | (35,401,861 | ) | ||||||
| Treasury stock | (300,075 | ) | (300,075 | ) | ||||||
| Total stockholders' equity | 23,884,151 | 24,278,364 | ||||||||
| Total liabilities and stockholders' equity | $ | 23,966,667 | $ | 24,283,142 | ||||||
| CADUS CORPORATION | ||||||||||
| Condensed Consolidated Statements of Income | ||||||||||
| (Unaudited) | ||||||||||
| Three Months Ended September 30, |
||||||||||
| 2011 | 2010 | |||||||||
| License and maintenance fees | $ | -- | $ | -- | ||||||
| Total revenues | -- | -- | ||||||||
| Costs and expenses: | ||||||||||
| General and administrative expenses | 62,822 | 105,256 | ||||||||
| Amortization of patent costs | 21,608 | 21,608 | ||||||||
| Abandoned asset acquisition costs | 63,091 | -- | ||||||||
| Income from equity in other ventures | (9 | ) | (80 | ) | ||||||
| Total costs and expenses | 147,512 | 126,784 | ||||||||
| Operating loss | ( 147,512 | ) | ( 126,784 | ) | ||||||
| Other income: | ||||||||||
| Interest income | 617 | 6,716 | ||||||||
| Loss before provision for income taxes | ( 146,895 | ) | ( 120,068 | ) | ||||||
| Provision for income taxes | -- | -- | ||||||||
| Net loss | $ | ( 146,895 | ) | $ | ( 120,068 | ) | ||||
| 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 | ||||||||
| CADUS CORPORATION | ||||||||||
| Condensed Consolidated Statements of Income | ||||||||||
| (Unaudited) | ||||||||||
| Nine Months Ended September 30, |
||||||||||
| 2011 | 2010 | |||||||||
| License and maintenance fees | $ | -- | $ | 100,000 | ||||||
| Total revenues | -- | 100,000 | ||||||||
| Costs and expenses: | ||||||||||
| General and administrative expenses | 269,097 | 328,911 | ||||||||
| Amortization of patent costs | 64,825 | 64,825 | ||||||||
| Abandoned asset acquisition costs | 63,091 | -- | ||||||||
| Loss from equity in other ventures | 214 | 78 | ||||||||
| Total costs and expenses | 397,227 | 393,814 | ||||||||
| Operating loss | ( 397,227 | ) | ( 293,814 | ) | ||||||
| Other income: | ||||||||||
| Interest income | 3,014 | 14,532 | ||||||||
| Loss before provision for income taxes | ( 394,213 | ) | ( 279,282 | ) | ||||||
| Provision for income taxes | -- | -- | ||||||||
| Net loss | $ | ( 394,213 | ) | $ | ( 279,282 | ) | ||||
| Basic and diluted loss per weighted average share of common stock outstanding | $ | ( 0.03 | ) | $ | ( 0.02 | ) | ||||
| Weighted average shares of common stock outstanding - basic and diluted | 13,144,040 | 13,144,040 | ||||||||
Contact Information:
Contact:
David Blitz
(212) 575-7800