CADUS CORPORATION 
By NEW YORK, Aug. 13 /PRNewswire-FirstCall/ -- Cadus Corporation (OTC Bulletin Board: KDUS) announced today financial results for the second quarter ended June 30, 2009.
Revenues were $0 for the second quarter of 2009 and for the same period in 2008. Net loss for the second quarter of 2009 was $103,330, compared to net income of $52,795 for the same period in 2008. Basic net loss per share for the second quarter of 2009 was $0.01, compared to basic net income per share for the second quarter of 2008 of $0.00.
Revenues were $100,000 for the first six months of 2009 and for the same period in 2008. Net loss for the first six months of 2009 was $175,902, compared to a net loss of $155,201 for the same period in 2008. Basic net loss per share for the first six months of 2009 was $0.01, compared to a basic net loss per share for the same period in 2008 of $0.01.
As of July 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, 2008. 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
------
June 30, December 31,
2009 2008
-------- ------------
(Unaudited) (Audited)
Current assets:
Cash and cash equivalents $21,008,261 $19,236,212
Short term investments 3,135,321 5,048,775
Interest receivable 7,151 13,116
Prepaid and other current assets 40,140 14,090
----------- -----------
Total current assets 24,190,873 24,312,193
Investment in other ventures 194,046 193,718
Patents, net 421,184 464,401
----------- -----------
Total assets $24,806,103 $24,970,312
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current liabilities:
Accrued expenses and other
current liabilities $26,748 $15,055
----------- -----------
Total current liabilities 26,748 15,055
----------- -----------
Commitments
Stockholders' equity:
Common stock 132,857 132,857
Additional paid-in capital 59,847,443 59,847,443
Accumulated deficit (34,900,870) (34,724,968)
Treasury stock - at cost (300,075) (300,075)
----------- -----------
Total stockholders' equity 24,779,355 24,955,257
----------- -----------
Total liabilities and
stockholder's equity $24,806,103 $24,970,312
=========== ===========
CADUS CORPORATION
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended
June 30,
2009 2008
---- ----
License and maintenance fees $-- $--
---------- ----------
Total revenues -- --
---------- ----------
Costs and expenses:
General and administrative expenses 123,153 100,877
Amortization of patent costs 21,609 21,609
(Income) from equity in other ventures -- (1,802)
---------- ----------
Total costs and expenses 144,762 120,684
---------- ----------
Operating loss (144,762) (120,684)
Other income:
Interest income 22,162 172,012
Gain on redemption of securities 19,270 3,125
---------- ----------
(Loss) income before provision for income
taxes (103,330) 54,453
Provision for income taxes -- 1,658
---------- ----------
Net (loss) income ($103,330) $52,795
========== ==========
Basic and diluted (loss) income per
weighted average share of common stock
outstanding ($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
(Unaudited)
Six Months Ended
June 30,
2009 2008
---- ----
License and maintenance fees $100,000 $100,000
-------- --------
Total revenues 100,000 100,000
-------- --------
Costs and expenses:
General and administrative expenses 305,620 346,153
Amortization of patent costs 43,217 43,217
(Income) from equity in other ventures (328) (4,078)
-------- --------
Total costs and expenses 348,509 385,292
-------- --------
Operating loss (248,509) (285,292)
Other income:
Interest income 51,263 408,530
Gain on redemption of securities 21,344 3,125
Investment reduction to net asset value -- (279,906)
-------- --------
Loss before provision for income taxes (175,902) (153,543)
Provision for income taxes -- 1,658
-------- --------
Net (loss) ($175,902) ($155,201)
========= =========
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
========== ==========
SOURCE Cadus Corporation
