NEW YORK, March 31 Cadus Corporation(OTC Bulletin Board: KDUS) announced today financial results for the fourthquarter and full year ended December 31, 2007.
Revenues for the full year 2007 were $100,000, compared to $100,000 forthe full year 2006. Net loss for the full year 2007 was $272,110, compared tonet income of $446,194 for the full year 2006. Basic and diluted net loss pershare for the full year 2007 was $0.02, compared to basic and diluted netincome per share for the full year 2006 of $0.03. The decrease in net incomeand basic and diluted net income per share for the full year 2007 wasattributable to a $668,246 loss on the sale of Sequenom, Inc. stock and a$320,362 reduction in the value of short term investments to net asset value,offset by an increase of $115,975 in interest income and in income in otherventures of $1,342 and decreases in general and administrative expenses of$151,513 and in taxes of $1,474.
Revenues for the fourth quarter of 2007 were $0, compared to $0 for thesame period in 2006. Net loss for the fourth quarter of 2007 was $172,828,compared to net income of $69,661, for the same period in 2006. Basic anddiluted net loss per share for the fourth quarter of 2007 was $0.02, comparedto basic and diluted net income per share for the fourth quarter of 2006 of$0.01.
As of December 31, 2007, 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 and Subsidiary Consolidated Balance Sheets ASSETS December 31, December 31, 2007 2006 Current assets: Cash and cash equivalents $2,444,376 $24,602,202 Short term investments 22,960,545 - Interest receivable 102,518 - Prepaid and other current assets 1,150 5,210 Investment in marketable securities - 628,585 Total current assets 25,508,589 25,235,997 Investment in other ventures 186,790 173,427 Patents, net 550,834 637,267 Total assets $26,246,213 $26,046,691 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accrued expenses and other current liabilities $22,352 $61,307 Total current liabilities 22,352 61,307 Commitments and contingencies Stockholders' equity: Common stock 132,857 132,857 Additional paid-in capital 59,847,149 59,844,355 Accumulated deficit (33,456,070) (33,183,960) Accumulated other comprehensive (loss) income - (507,793) Treasury stock (300,075) (300,075) Total stockholders' equity 26,223,861 25,985,384 Total liabilities stockholder's equi