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Cadus Reports First Quarter 2008 Results

NEW YORK, May 15 /PRNewswire-FirstCall/ -- Cadus Corporation (OTC Bulletin Board: KDUS) announced today financial results for the first quarter ended March 31, 2008.

Revenues for the first quarter of 2008 were $100,000, compared to $100,000 for the same period in 2007. Net loss for the first quarter of 2008 was $207,996, compared to net loss of $558,469 for the same period in 2007. The decrease in net loss can be attributed to a decrease in general and administrative expenses of $47,207 and the 2007 loss on write down of marketable securities of $668,246, offset by a $279,906 reduction in short term investment to net asset value in 2008, and decreases in interest income and income from equity in other ventures of $84,129 and $945, respectively. Basic net loss per share for the first quarter of 2008 was $0.02, compared to basic net loss per share for the first quarter of 2007 of $0.04. Revenues for the first quarter of 2008 and 2007 consisted solely of a licensing fee paid by OSI Pharmaceuticals, Inc. for its non-exclusive license to Cadus's yeast technologies.

As of March 31, 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.


Condensed Consolidated Balance Sheets


March 31, December 31,

2008 2007

(Unaudited) (Audited)

Current assets:

Cash and cash equivalents $10,280,130 $2,444,376

Short term investments 14,953,960 22,960,545

Interest receivable 46,186 102,518

Prepaid and other current assets 126,150 1,150

Total current assets 25,406,426 25,508,589

Investment in other ventures 189,066 186,790

Patents, net 529,226 550,834

Total assets $26,124,718 $26,246,213


Current liabilities:

Accrued expenses and other

current liabilities $108,853 $22,352

Total current liabilities 108,853 22,352


Stockholders' equity:

Common stock 132,857 132,857

Additional paid-in capital 59,847,149 59,847,149

Accumulated deficit (33,664,066) (33,456,070)

Treasury stock (300,075) (300,075)

Total stockholders' equity 26,015,865 26,223,861

Total liabilities and

stockholder's equity $26,124,718 $26,246,213


Condensed Consolidated Statements of Operations

Three Months Ended

March 31,

2008 2007

(Unaudited) (Unaudited)

License and maintenance fees $100,000 $100,000

Total revenues 100,000 100,000

Costs and expenses:

General and administrative expenses 245,276 292,483

Amortization of patent costs 21,608 21,608

(Income) from equity in other ventures (2,276) (3,221)

Total costs and expenses 264,608 310,870

Operating loss (164,608) (210,870)

Other income:

Interest income 236,518 320,647

Loss on write down of marketable securities -- (668,246)

Investment reduction to net asset value (279,906) --

Loss before provision for income taxes (207,996) (558,469)

Provision for income taxes -- --

Net loss ($207,996) ($558,469)

Basic and diluted (loss) per weighted

average share of common stock outstanding ($0.02) ($0.04)

Weighted average shares of common stock

outstanding - basic and diluted 13,144,040 13,144,040

SOURCE Cadus Corporation
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