Cadus Reports First Quarter 2009 Results
May 15, 2009 10:09:00 AM
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View Additional ProfilesNEW YORK, May 15 /PRNewswire-FirstCall/ -- Cadus Corporation (OTC Bulletin Board: KDUS.OB) announced today financial results for the first quarter ended March 31, 2009.
Revenues for the first quarter of 2009 were $100,000, compared to $100,000 for the same period in 2008. Net loss for the first quarter of 2009 decreased to $72,572, compared to a net loss of $207,996 for the same period in 2008. The decrease in net loss can be principally attributed to a decrease in general and administrative expenses of $62,809 and the 2008 loss on write down of securities of $279,906 offset by a decrease in interest income of $207,417. Basic net loss per share for the first quarter of 2009 was $0.01, compared to basic net loss per share for the first quarter of 2008 of $0.02. Revenues for the first quarter of 2009 and 2008 consisted solely of a licensing fee paid by OSI Pharmaceuticals, Inc. for its non-exclusive license to Cadus' yeast technologies.
As of March 31, 2009, 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, 2008. 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
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March 31, December 31,
2009 2008
(Unaudited) (Audited)
Current assets:
Cash and cash equivalents $20,673,442 $19,236,212
Short term investments 3,603,817 5,048,775
Interest receivable 8,602 13,116
Prepaid and other current assets 40,140 14,090
Total current assets 24,326,001 24,312,193
Investment in other ventures 194,046 193,718
Patents, net 442,793 464,401
Total assets $24,962,840 $24,970,312
LIABILITIES AND STOCKHOLDERS' EQUITY
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Current liabilities:
Accrued expenses and other
current liabilities $80,155 $15,055
Total current liabilities 80,155 15,055
Commitments
Stockholders' equity:
Common stock 132,857 132,857
Additional paid-in capital 59,847,443 59,847,443
Accumulated deficit (34,797,540) (34,724,968)
Treasury stock - at cost (300,075) (300,075)
Total stockholders' equity 24,882,685 24,955,257
Total liabilities and
stockholder's equity $24,962,840 $24,970,312
CADUS CORPORATION
Condensed Consolidated Statements of Operations
Three Months Ended
March 31,
2009 2008
(Unaudited) (Unaudited)
License and maintenance fees $100,000 $100,000
Total revenues 100,000 100,000
Costs and expenses:
General and administrative expenses 182,467 245,276
Amortization of patent costs 21,608 21,608
(Income) from equity in other ventures (328) (2,276)
Total costs and expenses 203,747 264,608
Operating loss (103,747) (164,608)
Other income:
Interest income 29,101 236,518
Gain on redemption of securities 2,074 -
Investment reduction to net asset value - (279,906)
Loss before provision for income taxes (72,572) (207,996)
Provision for income taxes - -
Net loss ($72,572) ($207,996)
Basic and diluted (loss) per weighted
average share of common stock outstanding ($0.01) ($0.02)
Weighted average shares of common stock
outstanding - basic and diluted 13,144,040 13,144,040
SOURCE Cadus Corporation
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David Sassoon
+1-917-749-6115
AI
