Revenues were $0 for the third quarter of 2008 and for the same period in2007. Net loss for the third quarter of 2008 was $110,944, compared to netincome of $240,227 for the same period in 2007. Basic net loss per share was$0.01 for the third quarter of 2008, compared to basic net income per share of$0.02 for the same period in 2007.
Advertisement
Revenues were $100,000 for the first nine months of 2008 and for the sameperiod in 2007. Net loss for the first nine months of 2008 was $266,145,compared to net loss of $99,282 for the same period in 2007. Basic net lossper share for the first nine months of 2008 was $0.02, compared to a basic netloss per share of $0.01 for the same period in 2007.
Advertisement
As of October 31, 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.(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
