Revenues were $0 for the second quarter of 2008 and for the same period in2007. Net income for the second quarter of 2008 was $52,795, compared to netincome of $218,960 for the same period in 2007. Basic net income per sharefor the second quarter of 2008 was $0.00, compared to basic net income pershare for the second quarter of 2007 of $0.02.
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Revenues were $100,000 for the first six months of 2008 and for the sameperiod 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 netloss per share for the first six months of 2008 was $0.01, compared to a basicnet loss per share for the same period in 2007 of $0.03.
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As of June 30, 2008, Cadus had 13,144,040 shares outstanding.
This press release may contain forward-looking statements that involve anumber of risks and uncertainties. Important factors that could cause actualresults to differ materially from those indicated by such forward-lookingstatements are set forth in the company's annual report on Form 10-K for theyear ended December 31, 2007. These include risks and uncertainties relatingto the company's ability to license its technologies to third parties, thecompany's capital needs and uncertainty of future funding, the company'shistory of operating losses, the unpredictability of patent protection and therisk 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 ex