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Cadus Reports Second Quarter 2008 Results
Date:8/14/2008

NEW YORK, Aug. 14 /PRNewswire-FirstCall/ -- Cadus Corporation (OTC Bulletin Board: KDUS) announced today financial results for the second quarter ended June 30, 2008.

Revenues were $0 for the second quarter of 2008 and for the same period in 2007. Net income for the second quarter of 2008 was $52,795, compared to net income of $218,960 for the same period in 2007. Basic net income per share for the second quarter of 2008 was $0.00, compared to basic net income per share for the second quarter of 2007 of $0.02.

Revenues were $100,000 for the first six months of 2008 and for the same period in 2007. Net loss for the first six months of 2008 was $155,201, compared to a net loss of $339,509 for the same period in 2007. Basic net loss per share for the first six months of 2008 was $0.01, compared to a basic net loss per share for the same period in 2007 of $0.03.

As of June 30, 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.

CADUS CORPORATION

Condensed Consolidated Balance Sheets

ASSETS

June 30, December 31,

2008 2007

(Unaudited) (Audited)

Current assets:

Cash and cash equivalents $13,536,436 $2,444,376

Short term investments 11,791,197 22,960,545

Interest receivable 31,394 102,518

Prepaid and other current assets 34,192 1,150

Total current assets 25,393,219 25,508,589

Investment in other ventures 190,868 186,790

Patents, net 507,617 550,834

Total assets $26,091,704 $26,246,213

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accrued expenses and other current

liabilities $ 23,044 $22,352

Total current liabilities 23,044 22,352

Commitments

Stockholders' equity:

Common stock 132,857 132,857

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

Accumulated deficit (33,611,271) (33,456,070)

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

Total stockholders' equity 26,068,660 26,223,861

Total liabilities and stockholder's

equity $26,091,704 $26,246,213

CADUS CORPORATION

Condensed Consolidated Statements of Income

(Unaudited)

Three Months Ended

June 30,

2008 2007

License and maintenance fees $ -- $ --

Total revenues $ -- $ --

Costs and expenses:

General and administrative expenses 100,877 90,507

Amortization of patent costs 21,609 21,609

(Income) from equity in other ventures (1,802) (2,849)

Total costs and expenses 120,684 109,267

Operating loss (120,684) (109,267)

Other income:

Interest income 172,012 328,995

Gain on sale of securities 3,125 --

Income before provision for income taxes 54,453 219,728

Provision for income taxes 1,658 768

Net income $ 52,795 $218,960

Basic and diluted income per weighted

average share of common stock outstanding $ -- $ 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)

Six Months Ended

June 30,

2008 2007

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

Total revenues 100,000 100,000

Costs and expenses:

General and administrative expenses 346,153 382,991

Amortization of patent costs 43,217 43,216

(Income) from equity in other ventures (4,078) (6,070)

Total costs and expenses 385,292 420,137

Operating loss (285,292) (320,137)

Other income:

Interest income 408,530 649,642

Gain on sale of securities 3,125 --

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

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

Loss before provision for income taxes (153,543) (338,741)

Provision for income taxes 1,658 768

Net loss ($155,201) ($339,509)

Basic and diluted loss per weighted

average share of common stock outstanding ($0.01) ($0.03)

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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