NEW YORK, May 15 NY-Cadus-1Q-earnings
NEW YORK, May 15 /PRNewswire-FirstCall/ -- Cadus Corporation
(OTC Bulletin Board: KDUS) announced today financial results for the first
quarter ended March 31, 2008.
Revenues for the first quarter of 2008 were $100,000, compared to $100,000
for the same period in 2007. Net loss for the first quarter of 2008 was
$207,996, compared to net loss of $558,469 for the same period in 2007. The
decrease in net loss can be attributed to a decrease in general and
administrative expenses of $47,207 and the 2007 loss on write down of
marketable securities of $668,246, offset by a $279,906 reduction in short
term investment to net asset value in 2008, and decreases in interest income
and income from equity in other ventures of $84,129 and $945, respectively.
Basic net loss per share for the first quarter of 2008 was $0.02, compared to
basic net loss per share for the first quarter of 2007 of $0.04. Revenues for
the first quarter of 2008 and 2007 consisted solely of a licensing fee paid by
OSI Pharmaceuticals, Inc. for its non-exclusive license to Cadus's yeast
technologies.
As of March 31, 2008, 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, 2007. 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
March 31, December 31,
20082007
(Unaudited) (Audited)
Current assets:
Cash and cash equivalents $10,280,130 $2,444,376
Short term investments 14,953,960 22,960,545
Interest receivable 46,186102,518
Prepaid and other current assets 126,150 1,150
Total current assets 25,406,426 25,508,589
Investment in other ventures 189,066186,790
Patents, net 529,226550,834
Total assets $26,124,718$26,246,213
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accrued expenses and other
current liabilities $108,853$22,352
Total current liabilities108,853 22,352
Commitments
Stockholders' equity:
Common stock 132,857132,857
Additional paid-in capital 59,847,149 59,847,149
Accumulated deficit(33,664,066) (33,456,070)
Treasury stock(300,075) (300,075)
Total stockholders' equity26,015,865 26,223,861
Total liabilities and
stockholder's equity$26,124,718$26,246,213
CADUS CORPORATION
Condensed Consolidated Statements of Operations
Three Months Ended
March 31,
2008 2007
(Unaudited) (Unaudited)
License and maintenance fees$100,000 $100,000
Total revenues 100,000100,000
Costs and expenses:
General and administrative expenses245,276292,483
Amortization of patent costs21,608 21,608
(Income) from equity in other ventures (2,276)(3,221)
Total costs and expenses 264,608310,870
Operating loss (164,608) (210,870)
Other income:
Interest income236,518320,647
Loss on write down of marketable securities -- (668,246)
Investment reduction to net asset value (279,906)--
Loss before provision for income taxes (207,996) (558,469)
Provision for income taxes-- --
Net loss ($207,996) ($558,469)
Basic and diluted (loss) per weighted
average share of common stock outstanding($0.02)($0.04)
Weighted average shares of common stock
outstanding - basic and diluted 13,144,040 13,144,040
SOURCE Cadus Corporation
