NEW YORK, NY--(Marketwire - May 15, 2012) - Cadus Corporation (
Revenues for the first quarter of 2012 were $0, compared to $0 for the same period in 2011. Net loss for the first quarter of 2012 increased to $155,485, compared to a net loss of $153,883 for the same period in 2011. The increase in net loss can be principally attributed to an increase in general and administrative expenses of $410, a decrease in interest income of $1,178 and a decrease in income from other ventures of $14. Basic net loss per share for the first quarter of 2012 was $0.01, compared to basic net loss per share for the first quarter of 2011 of $0.01.
As of March 31, 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 | |||||||||
| ASSETS | |||||||||
| March 31, 2012 | December 31, 2011 | ||||||||
| (Unaudited) | (Audited) | ||||||||
| Current assets: | |||||||||
| Cash and cash equivalents | $ | 23,333,079 | $ | 23,376,400 | |||||
| Interest receivable | 197 | 190 | |||||||
| Prepaid and other current assets | 15,240 | 7,090 | |||||||
| Total current assets | 23,348,516 | 23,383,680 | |||||||
| Investment in other ventures | 194,032 | 194,025 | |||||||
| Patents, net | 183,494 | 205,102 | |||||||
| Total assets | $ | 23,726,042 | $ | 23,782,807 | |||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||
| Current liabilities: | |||||||||
| Accrued expenses and other current liabilities | $ | 106,554 | $ | 7,834 | |||||
| Total current liabilities | 106,554 | 7,834 | |||||||
| Commitments | |||||||||
| Stockholders' equity: | |||||||||
| Common stock | 132,857 | 132,857 | |||||||
| Additional paid-in capital | 59,847,443 | 59,847,443 | |||||||
| Accumulated deficit | (36,060,737 | ) | (35,905,252 | ) | |||||
| Treasury stock - at cost | (300,075 | ) | (300,075 | ) | |||||
| Total stockholders' equity | 23,619,488 | 23,774,973 | |||||||
| Total liabilities and stockholders' equity | $ | 23,726,042 | $ | 23,782,807 | |||||
| CADUS CORPORATION | ||||||||
| Condensed Consolidated Statements of Operations | ||||||||
| Three Months Ended March 31, |
||||||||
| 2012 | 2011 | |||||||
| (Unaudited) | (Unaudited) | |||||||
| License and maintenance fees | $ | -0- | $ | -0- | ||||
| Total revenues | -0- | -0- | ||||||
| Costs and expenses: | ||||||||
| General and administrative expenses | 134,538 | 134,128 | ||||||
| Amortization of patent costs | 21,608 | 21,608 | ||||||
| (Income) from equity in other ventures | (7 | ) | (21 | ) | ||||
| Total costs and expenses | 156,139 | 155,715 | ||||||
| Operating loss | (156,139 | ) | (155,715 | ) | ||||
| Other income: | ||||||||
| Interest income | 654 | 1,832 | ||||||
| Loss before provision for income taxes | (155,485 | ) | (153,883 | ) | ||||
| Provision for income taxes | - | - | ||||||
| Net loss | $ | (155,485 | ) | $ | (153,883 | ) | ||
| 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 | ||||||
Contact Information:
Contact:
David Blitz
(212) 575-7800