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Cadus Reports Second Quarter 2007 Results
Date:12/20/2007

NEW YORK, Aug. 10 /PRNewswire-FirstCall/ -- Cadus Corporation (OTC Bulletin Board: KDUS) announced today financial results for the second quarter ended June 30, 2007.

Revenues were $0 for the second quarter of 2007 and for the same period in 2006. Net income for the second quarter of 2007 was $218,960, compared to net income of $75,387 for the same period in 2006. Basic net income per share for the second quarter of 2007 was $0.02, compared to basic net income per share for the second quarter of 2006 of $0.01.

Revenues were $100,000 for the first six months of 2007 and for the same period in 2006. Net loss for the first six months of 2007 was $339,509, compared to net income of $176,198 for the same period in 2006. Basic net loss per share for the first six months of 2007 was $0.03, compared to basic net income per share for the same period in 2006 of $0.01.

As of June 30, 2007, 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, 2006. 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.

CADUS CORPORATION

Condensed Consolidated Balance Sheets

ASSETS

June 30, December 31,

2007 2006

(Unaudited) (Audited)

Current assets:

Cash and cash equivalents $25,416,794 $24,602,202

Prepaid and other current assets 33,359 5,210

Investment in marketable securities - 628,585

Total current assets 24,450,153 25,235,997

Investment in other venture 179,497 173,427

Patents, net 594,051 637,267

Total assets $26,223,701 $$26,046,691

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accrued expenses and other current

liabilities $70,033 $61,307

Total current liabilities 70,033 61,307

Commitments

Stockholders' equity:

Common stock 132,857 132,857

Additional paid-in capital 59,844,355 59,844,355

Accumulated deficit (33,523,469) (33,183,960)

Accumulated other comprehensive

(loss) income - (507,793)

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

Total stockholders' equity 25,153,668 25,985,384

Total liabilities and stockholders'

equity $26,223,701 $26,046,691

CADUS CORPORATION

Condensed Consolidated Statements of Income

(Unaudited)

Three Months Ended

June 30,

2007 2006

License and maintenance fees $- $-

Total revenues - -

Costs and expenses:

General and administrative expenses 112,116 219,704

(Income) from equity in other venture (2,849) (2,999)

Total costs and expenses 109,267 216,705

Operating loss (109,267) (216,705)

Other income:

Interest income 328,995 292,092

Income before provision for income taxes 219,728 75,387

Provision for income taxes 768 -

Net income $218,960 $75,387

Basic and diluted income 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

CADUS CORPORATION

Condensed Consolidated Statements of Operations

(Unaudited)

Six Months Ended

June 30,

2007 2006

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

Total revenues 100,000 100,000

Costs and expenses:

General and administrative expenses 426,207 480,906

(Income) from equity in other venture (6,070) (5,368)

Total costs and expenses 420,137 475,538

Operating loss (320,137) (375,538)

Other income:

Interest income 649,642 551,736

Loss on sale of marketable securities (668,246) -

(Loss) income before provision for income taxes (338,741) 176,198

Provision for income taxes 768 -

Net (loss) income ($339,509) $176,198

Basic and diluted net (loss) income per

weighted average share of common stock

outstanding ($0.03) $0.01

Weighted average shares of common stock

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


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SOURCE Cadus Corporation
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