NEW YORK, NY--(Marketwire - May 17, 2010) - Cadus Corporation (
Revenues for the first quarter of 2010 were $100,000, compared to $100,000 for the same period in 2009. Net loss for the first quarter of 2010 decreased to $71,969, compared to a net loss of $72,572 for the same period in 2009. The decrease in net loss can be principally attributed to a decrease in general and administrative expenses of $29,404 offset by a decrease in interest income of $26,430, a decrease in income from equity in other ventures of $297 and a decrease in a gain on redemption of securities of $2,074. Basic net loss per share for the first quarter of 2010 was $0.01, compared to basic net loss per share for the first quarter of 2009 of $0.01.
As of March 31, 2010, 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, 2009. 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,
2010 2009
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(Unaudited) (Audited)
Current assets:
Cash and cash equivalents $ 24,061,621 $ 24,098,443
Interest receivable 1,046 1,454
Prepaid and other current assets 17,962 7,890
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Total current assets 24,080,629 24,107,787
Investment in other ventures 194,286 194,255
Patents, net 356,360 377,968
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Total assets $ 24,631,275 $ 24,680,010
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accrued expenses and other current
liabilities $ 24,068 $ 834
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Total current liabilities 24,068 834
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Commitments
Stockholders' equity:
Common stock 132,857 132,857
Additional paid-in capital 59,847,443 59,847,443
Accumulated deficit (35,073,018) (35,001,049)
Treasury stock - at cost (300,075) (300,075)
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Total stockholders' equity 24,607,207 24,679,176
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Total liabilities and stockholders'
equity $ 24,631,275 $ 24,680,010
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CADUS CORPORATION
Condensed Consolidated Statements of Operations
Three Months Ended
March 31,
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2010 2009
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(Unaudited) (Unaudited)
License and maintenance fees $ 100,000 $ 100,000
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Total revenues 100,000 100,000
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Costs and expenses:
General and administrative expenses 153,063 182,467
Amortization of patent costs 21,608 21,608
(Income) from equity in other ventures (31) (328)
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Total costs and expenses 174,640 203,747
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Operating loss (74,640) (103,747)
Other income:
Interest income 2,671 29,101
Gain on redemption of securities - 2,074
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Loss before provision for income taxes (71,969) (72,572)
Provision for income taxes - -
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Net loss ($ 71,969) ($ 72,572)
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Basic and diluted (loss) per weighted average
share of common stock outstanding ($ 0.01) ($ 0.01)
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Weighted average shares of common stock
outstanding - basic and diluted 13,144,040 13,144,040
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Contact Information: Contact: David Blitz (212) 575-7800