NEW YORK, NY--(Marketwire - March 30, 2011) - Cadus Corporation (
Revenues for the full year 2010 were $100,000, compared to $100,000 for the full year 2009. Net loss for the full year 2010 was $400,812, compared to net loss of $276,081 for the full year 2009. Basic and diluted net loss per share for the full year 2010 was $0.03, compared to basic and diluted net loss per share for the full year 2009 of $0.02. The increase in net loss is attributable to a decrease in interest income of $52,563, a decrease in gain on redemption of securities of $209,781, a decrease in income from equity in other ventures of $560, offset by a decrease in general and administrative expenses of $133,857, provision for franchise and income taxes of $564, and sundry other income of $3,752 in 2010.
As of December 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, 2010. 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 and Subsidiary
Consolidated Balance Sheets
ASSETS
December 31, December 31,
2010 2009
------------ ------------
Current assets:
Cash and cash equivalents $ 23,789,400 $ 24,098,443
Interest receivable 885 1,454
Prepaid and other current assets 7,090 7,890
------------ ------------
Total current assets 23,797,375 24,107,787
Investment in other ventures 194,232 194,255
Patents, net 291,535 377,968
------------ ------------
Total assets $ 24,283,142 $ 24,680,010
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accrued expenses and other current
liabilities $ 4,778 $ 834
------------ ------------
Total current liabilities 4,778 834
------------ ------------
Commitments and contingencies
Stockholders' equity:
Common stock 132,857 132,857
Additional paid-in capital 59,847,443 59,847,443
Accumulated deficit (35,401,861) (35,001,049)
Treasury stock - at cost (300,075) (300,075)
------------ ------------
Total stockholders' equity 24,278,364 24,679,176
------------ ------------
Total liabilities and stockholders'
equity $ 24,283,142 $ 24,680,010
============ ============
Cadus Corporation and Subsidiary
Condensed Consolidated Statements of Operations
For the Years Ended
December 31,
2010 2009
------------ ------------
License and maintenance fees $ 100,000 $ 100,000
------------ ------------
Total revenues 100,000 100,000
------------ ------------
Costs and expenses:
General and administrative 395,226 529,083
Amortization of patent costs 86,433 86,433
(Loss) income from equity in other ventures 23 (537)
------------ ------------
Total costs and expenses 481,682 614,979
------------ ------------
Operating (loss) (381,682) (514,979)
------------ ------------
Other income:
Interest income 19,133 71,696
Gain on sale and redemption of securities -- 209,781
Miscellaneous 3,752 --
------------ ------------
Total other income 22,885 281,477
------------ ------------
(Loss) before income tax provision (358,797) (233,502)
Provision for franchise and income taxes 42,015 42,579
------------ ------------
Net (loss) ($ 400,812) ($ 276,081)
============ ============
Basic and diluted net (loss) per share ($ 0.03) ($ 0.02)
============ ============
Weighted average shares of common stock
outstanding - basic and diluted 13,144,040 13,144,040
============ ============
Contact Information: Contact: David Blitz (212) 575-7800