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PR NEWSWIRE) Cadus Reports First Quarter 2001 Results
Cadus Reports First Quarter 2001 Results

NEW YORK, May 14 /PRNewswire/ -- Cadus Pharmaceutical Corporation
(OTC Bulletin Board: KDUS) announced today financial results for the first
quarter ended March 31, 2001.
Revenues for the first quarter of 2001 were $100,000, compared to
$700,000 for the same period in 2000. Net income for the first quarter of
2001 was $272,864, compared to a net loss of $341,119 for the same period in
2000. Basic net income per share for the first quarter of 2001 was $0.02,
compared to a basic net loss per share for the first quarter of 2000 of
$0.03. Revenues for the first quarter of 2001 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, 2001, Cadus had $24,763,068 in cash and cash equivalents
and 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 prospectus dated July 17, 1996 or
detailed from time to time in filings that the company makes with the
Securities and Exchange Commission. These include risks and uncertainties
relating to the company's ability to realize value from its assets,
technological uncertainties regarding the company's technology, rapid
technological change, an intensely competitive market, intellectual property
rights and general economic conditions.


CADUS PHARMACEUTICAL CORPORATION
Condensed Balance Sheets

ASSETS

March 31, December 31,
2001 2000
(Unaudited) (Audited)
Current Assets
Cash and cash equivalents $24,763,068 $24,383,352
Prepaid and other current assets 45,916 81,250
Total current assets 24,808,984 24,464,602

Investment in other ventures 162,342 162,528
Other assets, net 1,061,301 1,081,527
Total assets $26,032,627 $25,708,657


LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities
Accrued expenses and
other current liabilities $87,350 $36,244
Total current liabilities 87,350 36,244
Total liabilities 87,350 36,244

Stockholders' equity
Common stock 132,857 132,857
Additional paid-in capital 59,844,355 59,844,355
Accumulated deficit (33,731,860) (34,004,724)
Treasury stock (300,075) (300,075)

Total stockholders' equity 25,945,277 25,672,413
Total liabilities
and stockholders' equity $26,032,627 $25,708,657


CADUS PHARMACEUTICAL CORPORATION

Condensed Statements of Operations

Three Months Ended
March 31,
2001 2000
(Unaudited) (Unaudited)

License and maintenance fees $100,000 $700,000
Total revenues 100,000 700,000

Costs and expenses
General and administrative expenses 241,266 852,462
Loss of equity in other ventures 186 360,354
Gain on sale of equipment -- (100,000)
Total costs and expenses 241,452 1,112,816

Operating loss (141,452) (412,816)

Other Income
Interest income 294,700 71,697
Net reimbursement of SIBIA litigation costs 125,616 --
Total other income 420,316 71,697

Income (loss) before income taxes 278,864 ($341,119)

Income taxes 6,000 --
Net income (loss) $272,864 ($341,119)

Basic and diluted income (loss) per share $0.02 ($0.03)

Weighted average shares
of common stock outstanding
- basic and diluted 13,144,040 13,102,340

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SOURCE Cadus Pharmaceutical Corporation
-0- 05/14/2001
/CONTACT: Russell D. Glass, President and Chief Executive Officer of
Cadus Pharmaceutical Corporation, 212-702-4315, [e-mail]/
(KDUS)