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Cadus Reports Second Quarter 2009 Results
Date:8/13/2009

NEW YORK, Aug. 13 /PRNewswire-FirstCall/ -- Cadus Corporation (OTC Bulletin Board: KDUS) announced today financial results for the second quarter ended June 30, 2009.

Revenues were $0 for the second quarter of 2009 and for the same period in 2008. Net loss for the second quarter of 2009 was $103,330, compared to net income of $52,795 for the same period in 2008. Basic net loss per share for the second quarter of 2009 was $0.01, compared to basic net income per share for the second quarter of 2008 of $0.00.

Revenues were $100,000 for the first six months of 2009 and for the same period in 2008. Net loss for the first six months of 2009 was $175,902, compared to a net loss of $155,201 for the same period in 2008. Basic net loss per share for the first six months of 2009 was $0.01, compared to a basic net loss per share for the same period in 2008 of $0.01.

As of July 31, 2009, 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, 2008. 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,
                                               2009                2008
                                             --------          ------------
                                           (Unaudited)           (Audited)
    Current assets:
       Cash and cash equivalents            $21,008,261          $19,236,212
       Short term investments                 3,135,321            5,048,775
       Interest receivable                        7,151               13,116
       Prepaid and other current assets          40,140               14,090
                                            -----------          -----------
         Total current assets                24,190,873           24,312,193

    Investment in other ventures                194,046              193,718
    Patents, net                                421,184              464,401
                                            -----------          -----------

            Total assets                    $24,806,103          $24,970,312
                                            ===========          ===========

      LIABILITIES AND STOCKHOLDERS' EQUITY
      ------------------------------------

    Current liabilities:
       Accrued expenses and other
        current liabilities                     $26,748              $15,055
                                            -----------          -----------
         Total current liabilities               26,748               15,055
                                            -----------          -----------

    Commitments

    Stockholders' equity:
       Common stock                             132,857              132,857
       Additional paid-in capital            59,847,443           59,847,443
       Accumulated deficit                  (34,900,870)         (34,724,968)
       Treasury stock - at cost                (300,075)            (300,075)
                                            -----------          -----------
         Total stockholders' equity          24,779,355           24,955,257
                                            -----------          -----------
         Total liabilities and
          stockholder's equity              $24,806,103          $24,970,312
                                            ===========          ===========



                                 CADUS CORPORATION
                  Condensed Consolidated Statements of Operations

                                    (Unaudited)

                                                     Three Months Ended
                                                          June 30,
                                                    2009            2008
                                                    ----            ----

    License and maintenance fees                     $--             $--
                                              ----------      ----------
         Total revenues                               --              --
                                              ----------      ----------

    Costs and expenses:
       General and administrative expenses       123,153         100,877
       Amortization of patent costs               21,609          21,609
       (Income) from equity in other ventures         --          (1,802)
                                              ----------      ----------
         Total costs and expenses                144,762         120,684
                                              ----------      ----------
    Operating loss                              (144,762)       (120,684)
    Other income:
       Interest income                            22,162         172,012
       Gain on redemption of securities           19,270           3,125
                                              ----------      ----------
    (Loss) income before provision for income
     taxes                                      (103,330)         54,453
    Provision for income taxes                        --           1,658
                                              ----------      ----------
         Net (loss) income                     ($103,330)        $52,795
                                              ==========      ==========
    Basic and diluted (loss) income per
     weighted average share of common stock
     outstanding                                  ($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,
                                                     2009            2008
                                                     ----            ----

    License and maintenance fees                 $100,000        $100,000
                                                 --------        --------
         Total revenues                           100,000         100,000
                                                 --------        --------
    Costs and expenses:
       General and administrative expenses        305,620         346,153
       Amortization of patent costs                43,217          43,217
       (Income) from equity in other ventures        (328)         (4,078)
                                                 --------        --------
         Total costs and expenses                 348,509         385,292
                                                 --------        --------
    Operating loss                               (248,509)       (285,292)
    Other income:
       Interest income                             51,263         408,530
       Gain on redemption of securities            21,344           3,125
       Investment reduction to net asset value         --        (279,906)
                                                 --------        --------
    Loss before provision for income taxes       (175,902)       (153,543)
    Provision for income taxes                         --           1,658
                                                 --------        --------
         Net (loss)                             ($175,902)      ($155,201)
                                                =========       =========
    Basic and diluted (loss) per weighted
     average share of common stock outstanding     ($0.01)         ($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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