NEW YORK, NY--(Marketwire - Mar 30, 2012) - Cadus Corporation (
Revenues for the full year 2011 were $0, compared to $100,000 for the full year 2010. Net loss for the full year 2011 was $503,391, compared to net loss of $400,812 for the full year 2010. Basic and diluted net loss per share for the full year 2011 was $0.04, compared to basic and diluted net loss per share for the full year 2010 of $0.03. The increase in net loss is attributable to no license fees received in 2011 as compared to a license fee in 2010 of $100,000, a decrease in interest income of $15,534, an increase in loss from equity in other ventures of $184, costs in connection with an abandoned potential acquisition of $59,177, a decrease in miscellaneous income of $3,752, an increase in franchise tax of $3,340, offset by a decrease in general and administrative expenses of $79,408.
As of December 31, 2011, 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, 2011. 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, 2011 |
December 31, 2010 |
|||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 23,376,400 | $ | 23,789,400 | ||||||
| Interest receivable | 190 | 885 | ||||||||
| Prepaid and other current assets | 7,090 | 7,090 | ||||||||
| Total current assets | 23,383,680 | 23,797,375 | ||||||||
| Investment in other ventures | 194,025 | 194,232 | ||||||||
| Patents, net | 205,102 | 291,535 | ||||||||
| Total assets | $ | 23,782,807 | $ | 24,283,142 | ||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
| Current liabilities: | ||||||||||
| Accrued expenses and other current liabilities | $ | 7,834 | $ | 4,778 | ||||||
| Total current liabilities | 7,834 | 4,778 | ||||||||
| Commitments and contingencies | ||||||||||
| Stockholders' equity: | ||||||||||
| Common stock | 132,857 | 132,857 | ||||||||
| Additional paid-in capital | 59,847,443 | 59,847,443 | ||||||||
| Accumulated deficit | (35,905,252 | ) | (35,401,861 | ) | ||||||
| Treasury stock - at cost | ( 300,075 | ) | ( 300,075 | ) | ||||||
| Total stockholders' equity | 24,774,973 | 24,278,364 | ||||||||
| Total liabilities and stockholders' equity | $ | 23,782,807 | $ | 24,283,142 | ||||||
| Cadus Corporation and Subsidiary | ||||||||
| Condensed Consolidated Statements of Operations | ||||||||
| For the Years Ended December 31, | ||||||||
| 2011 | 2010 | |||||||
| License and maintenance fees | $ | -- | $ | 100,000 | ||||
| Total revenues | -- | 100,000 | ||||||
| Costs and expenses: | ||||||||
| General and administrative | 315,818 | 395,226 | ||||||
| Amortization of patent costs | 86,433 | 86,433 | ||||||
| Abandoned acquisition costs | 59,177 | -- | ||||||
| Loss from equity in other ventures | 207 | 23 | ||||||
| Total costs and expenses | 461,635 | 481,682 | ||||||
| Operating (loss) | ( 461,635 | ) | ( 381,682 | ) | ||||
| Other income: | ||||||||
| Interest income | 3,599 | 19,133 | ||||||
| Miscellaneous | -- | 3,752 | ||||||
| Total other income | 3,599 | 22,885 | ||||||
| (Loss) before income tax provision | ( 458,036 | ) | ( 358,797 | ) | ||||
| Provision for franchise and income taxes | 45,355 | 42,015 | ||||||
| Net (loss) | $ | ( 503,391 | ) | $ | ( 400,812 | ) | ||
| Basic and diluted net (loss) per share | $ | ( 0.04 | ) | $ | ( 0.03 | ) | ||
| Weighted average shares of common stock outstanding - basic and diluted | 13,144,040 | 13,144,040 | ||||||
Contact Information:
Contact:
David Blitz
(212) 575-7800