CADUS CORPORATION 
By
Revenues were $0 for the third quarter of 2008 and for the same period in
2007. Net loss for the third quarter of 2008 was
Revenues were
As of
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
(Tables Follow)
CADUS CORPORATION
Condensed Consolidated Balance Sheets
ASSETS
September 30, December 31,
2008 2007
(Unaudited) (Audited)
Current assets:
Cash and cash equivalents $17,032,189 $2,444,376
Short term investments 8,190,620 22,960,545
Interest receivable 21,863 102,518
Prepaid and other current assets 46,335 1,150
Total current assets 25,291,007 25,508,589
Investment in other ventures 192,621 186,790
Patents, net 486,009 550,834
Total assets $25,969,637 $26,246,213
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accrued expenses and other
current liabilities $11,921 $22,352
Total current liabilities 11,921 22,352
Commitments
Stockholders' equity:
Common stock 132,857 132,857
Additional paid-in capital 59,847,149 59,847,149
Accumulated deficit (33,722,215) (33,456,070)
Treasury stock (300,075) (300,075)
Total stockholders' equity 25,957,716 26,223,861
Total liabilities and
stockholder's equity $25,969,637 $26,246,213
CADUS CORPORATION
Condensed Consolidated Statements of Income
(Unaudited)
Three Months Ended
September 30,
2008 2007
License and maintenance fees $- $-
Total revenues - -
Costs and expenses:
General and administrative expenses 118,421 82,208
Amortization of patent costs 21,608 21,608
(Income) from equity in other ventures (1,753) (3,919)
Total costs and expenses 138,276 99,897
Operating loss (138,276) (99,897)
Other income:
Interest income 161,180 340,124
Loss on sale of securities (36,687) -
Investment reduction to net asset value (97,161) -
(Loss) income before provision
for income taxes (110,944) 240,227
Provision for income taxes - -
Net (loss) income ($110,944) $240,227
Basic and diluted (loss) income 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
CADUS CORPORATION
Condensed Consolidated Statements of Operations
(Unaudited)
Nine Months Ended
September 30,
2008 2007
License and maintenance fees $100,000 $100,000
Total revenues 100,000 100,000
Costs and expenses:
General and administrative expenses 464,574 465,198
Amortization of patent costs 64,825 64,825
(Income) from equity in other ventures (5,831) (9,989)
Total costs and expenses 523,568 520,034
Operating loss (423,568) (420,034)
Other income:
Interest income 569,710 989,766
Loss on sale of securities (33,562) (668,246)
Investment reduction to net asset value (377,067) -
Loss before provision for income taxes (264,487) (98,514)
Provision for income taxes 1,658 768
Net loss ($266,145) ($99,282)
Basic and diluted loss per
weighted average share of
common stock outstanding ($0.02) ($0.01)
Weighted average shares of common
stock outstanding - basic and diluted 13,144,040 13,144,040
SOURCE Cadus Corporation
