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Cadus Reports Third Quarter 2012 Results

Thursday, November 15, 2012 1:34 PM


http://at.marketwire.com/accesstracking/AccessTrackingLogServlet?PrId=955173&ProfileId=051205&sourceType=1

NEW YORK, NY -- (Marketwire) -- 11/15/12 -- Cadus Corporation (OTCQB: KDUS) announced yesterday its financial results for the third quarter ended September 30, 2012.

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,  December 31,
                                                      2012          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:
David Blitz
(212) 575-7800

(Source: Market Wire )
(Source: Quotemedia)

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