Navigation Links
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


'/>"/>
SOURCE Cadus Corporation
Copyright©2007 PR Newswire.
All rights reserved

Related biology technology :

1. Cadus Reports Third Quarter 2007 Results
2. EpiCept Reports Expansion of Clinical Development For Licensed Cancer Compound
3. QMed, Inc. Reports July Medicare SNP Enrollments
4. Phlo Affiliate Reports Expanded Coverage to Oregon Border
5. Healthcare Technologies Reports Loss for 2007 Second Quarter & Six Months Results
6. Dragon Pharmaceutical Reports Growth in Sales and Profits during Second Quarter of 2007
7. Carrington Reports Second Quarter 2007 Results
8. Avitar Reports Third Quarter Financial Results for Fiscal 2007
9. Response Genetics Reports Second Quarter 2007 Financial Results
10. Cadence Pharmaceuticals Reports Second Quarter 2007 Financial Results
11. Transgenomic, Inc. Reports Second Quarter 2007 Results
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/22/2017)... ... 21, 2017 , ... RMC Pharmaceutical Solutions, Inc. announces the ... to manage the new site. , Tim has 25 years of pharmaceutical experience, ... role as the Director of Manufacturing and Supplier Quality Assessment. This group ...
(Date:6/22/2017)... , ... June 22, 2017 , ... ... network RegMedNet has produced a Spotlight series on “Cell ... reviews and perspectives by leading experts on the unique regulatory challenges of stem ...
(Date:6/22/2017)... ... ... Charm Sciences, Inc. is pleased to announce that its Charm Amphenicol (AMPH) ... a screening test at dairies and farms for raw commingled cow milk. The test ... Lite system. These systems are a combination incubator and reader in one. , “The ...
(Date:6/20/2017)... , June 20, 2017  Kibow Biotech Inc., ... to announce the issuance of a new patent covering ... hyperuricemia by the U.S. Patent and Trademark Office on ... winner of the Buzz of Bio award in 2014 ... akin to developing non-drug approaches to chronic disease. Renadyl™, ...
Breaking Biology Technology:
(Date:4/6/2017)... LONDON , April 6, 2017 ... Control, RFID, ANPR, Document Readers, by End-Use (Transportation & ... Energy Facility, Oil, Gas & Fossil Generation Facility, Nuclear ... Healthcare, Educational, Other) Are you looking for ... Authentication sector? ...
(Date:4/4/2017)...   EyeLock LLC , a leader of iris-based ... Patent and Trademark Office (USPTO) has issued U.S. Patent ... an iris image with a face image acquired in ... 45 th issued patent. "The ... the multi-modal biometric capabilities that have recently come to ...
(Date:3/30/2017)... Trends, opportunities and forecast in this market ... (fingerprint, AFIS, iris recognition, facial recognition, hand geometry, vein ... use industry (government and law enforcement, commercial and retail, ... others), and by region ( North America ... Pacific , and the Rest of the World) ...
Breaking Biology News(10 mins):