Cadus Reports First Quarter 2013 Results

Marketwired

NEW YORK, NY--(Marketwired - May 13, 2013) - Cadus Corporation (OTCBB: KDUS) announced today financial results for the first quarter ended March 31, 2013. 

There were no revenues for the first quarter of 2013 and for the first quarter of 2012. Net loss for the first quarter of 2013 decreased to $139,555, compared to a net loss of $155,485 for the same period in 2012. The decrease in net loss can be principally attributed to a decrease in general and administrative expenses of $16,161, offset by a decrease in interest income of $98 and a decrease in income from other ventures of $133. Basic net loss per share for the first quarter of 2013 was $0.01, compared to basic net loss per share for the first quarter of 2012 of $0.01. 

As of March 31, 2013, 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, 2012. These include risks and uncertainties relating to the company's ability to license its technologies to third parties, the company's ability to acquire and operate other companies, 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, 2013     December 31, 2012  
    (Unaudited)     (Audited)  
Current assets:                
  Cash and cash equivalents   $ 22,469,263     $ 22,676,668  
  Interest receivable     189       330  
  Prepaid and other current assets     17,106       6,040  
                   
    Total current assets     22,486,558       22,683,038  
                     
Investment in other ventures     193,685       193,812  
Patents, net     97,061       118,669  
      Total assets   $ 22,777,304     $ 22,995,519  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY  
                 
Current liabilities:                
  Accrued expenses and other current liabilities   $ 12,357     $ 91,017  
    Total current liabilities     12,357       91,017  
                     
Commitments                
                 
Stockholders' equity:                
  Common stock     132,857       132,857  
  Additional paid-in capital     59,847,443       59,847,443  
  Accumulated deficit     (36,915,278 )     (36,775,723 )
  Treasury stock - at cost     (300,075 )     (300,075 )
    Total stockholders' equity     22,764,947       22,904,502  
    Total liabilities and stockholders' equity   $ 22,777,304     $ 22,995,519  
                 
   
   
CADUS CORPORATION  
Condensed Consolidated Statements of Operations  
   
    Three Months Ended
March 31,
 
    2013     2012  
    (Unaudited)     (Unaudited)  
License and maintenance fees   $ -0-     $ -0-  
    Total revenues     -0-       -0-  
Costs and expenses:                
  General and administrative expenses     118,377       134,538  
  Amortization of patent costs     21,608       21,608  
  Loss (income) from equity in other ventures     126       (7 )
    Total costs and expenses     140,111       156,139  
Operating loss     (140,111 )     (156,139 )
Other income:                
  Interest income     556       654  
Loss before provision for income taxes     (139,555 )     (155,485 )
Provision for income taxes     -       -  
    Net loss   $ (139,555 )   $ (155,485 )
Basic and diluted (loss) per weighted average share of common stock outstanding   $ (0.01 )   $ (0.01 )
Weighted average shares of common stock outstanding - basic and diluted     13,144,040       13,144,040  
                 
Contact:
David Blitz
212-575-7800
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