NEW YORK, Aug. 14 /PRNewswire-FirstCall/ -- Cadus Corporation (OTC Bulletin Board: KDUS) announced today financial results for the second quarter ended June 30, 2008.

Revenues were $0 for the second quarter of 2008 and for the same period in 2007. Net income for the second quarter of 2008 was $52,795, compared to net income of $218,960 for the same period in 2007. Basic net income per share for the second quarter of 2008 was $0.00, compared to basic net income per share for the second quarter of 2007 of $0.02.

Revenues were $100,000 for the first six months of 2008 and for the same period in 2007. Net loss for the first six months of 2008 was $155,201, compared to a net loss of $339,509 for the same period in 2007. Basic net loss per share for the first six months of 2008 was $0.01, compared to a basic net loss per share for the same period in 2007 of $0.03.

As of June 30, 2008, 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, 2007. 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
                                                   June 30,      December 31,
                                                     2008           2007
                                                 (Unaudited)      (Audited)
    Current assets:
      Cash and cash equivalents                  $13,536,436     $2,444,376
      Short term investments                      11,791,197     22,960,545
      Interest receivable                             31,394        102,518
      Prepaid and other current assets                34,192          1,150

         Total current assets                     25,393,219     25,508,589

    Investment in other ventures                     190,868        186,790
    Patents, net                                     507,617        550,834
         Total assets                            $26,091,704    $26,246,213


                     LIABILITIES AND STOCKHOLDERS' EQUITY

    Current liabilities:
      Accrued expenses and other current
       liabilities                                  $ 23,044        $22,352
         Total current liabilities                    23,044         22,352

    Commitments

    Stockholders' equity:
      Common stock                                   132,857        132,857
      Additional paid-in capital                  59,847,149     59,847,149
      Accumulated deficit                        (33,611,271)   (33,456,070)
      Treasury stock                                (300,075)      (300,075)
        Total stockholders' equity                26,068,660     26,223,861
        Total liabilities and stockholder's
         equity                                  $26,091,704    $26,246,213



                              CADUS CORPORATION
                 Condensed Consolidated Statements of Income

                                 (Unaudited)

                                                      Three Months Ended
                                                           June 30,
                                                     2008              2007

    License and maintenance fees                   $   --            $   --
        Total revenues                             $   --            $   --
    Costs and expenses:
      General and administrative expenses         100,877            90,507
      Amortization of patent costs                 21,609            21,609
      (Income) from equity in other ventures       (1,802)           (2,849)
        Total costs and expenses                  120,684           109,267
    Operating loss                               (120,684)         (109,267)
    Other income:
      Interest income                             172,012           328,995
      Gain on sale of securities                    3,125                --
    Income before provision for income taxes       54,453           219,728
    Provision for income taxes                      1,658               768
        Net income                               $ 52,795          $218,960
    Basic and diluted income per weighted
     average share of common stock outstanding     $   --          $   0.02
    Weighted average shares of common stock
     outstanding - basic and diluted           13,144,040        13,144,040



                              CADUS CORPORATION
               Condensed Consolidated Statements of Operations

                                 (Unaudited)

                                                       Six Months Ended
                                                            June 30,
                                                     2008              2007

    License and maintenance fees              $   100,000       $   100,000
        Total revenues                            100,000           100,000
    Costs and expenses:
      General and administrative expenses         346,153           382,991
      Amortization of patent costs                 43,217            43,216
      (Income) from equity in other ventures       (4,078)           (6,070)
        Total costs and expenses                  385,292           420,137
    Operating loss                               (285,292)         (320,137)
    Other income:
      Interest income                             408,530           649,642
      Gain on sale of securities                    3,125                --
      Loss on write down of marketable securities      --          (668,246)
      Investment reduction to net asset value    (279,906)               --
    Loss before provision for income taxes       (153,543)         (338,741)
    Provision for income taxes                      1,658               768
       Net loss                                 ($155,201)        ($339,509)
    Basic and diluted loss per weighted
     average share of common stock outstanding     ($0.01)           ($0.03)
    Weighted average shares of common stock
     outstanding - basic and diluted           13,144,040        13,144,040

SOURCE Cadus Corporation