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Cadus Reports Third Quarter 2007 Results
Date:11/13/2007

NEW YORK, Nov. 13 /PRNewswire-FirstCall/ -- Cadus Corporation (OTC Bulletin Board: KDUS.OB) announced today financial results for the third quarter ended September 30, 2007.

Revenues were $0 for the third quarter of 2007 and for the same period in 2006. Net income for the third quarter of 2007 was $240,227, compared to net income of $200,335 for the same period in 2006. Basic net income per share was $0.02 for the third quarter of 2007 and for the same period in 2006.

Revenues were $100,000 for the first nine months of 2007 and for the same period in 2006. Net loss for the first nine months of 2007 was $99,282, compared to net income of $376,533 for the same period in 2006. Basic net loss per share for the first nine months of 2007 was $0.01, compared to basic net income per share for the same period in 2006 of $0.03.

As of October 31, 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

September 30, December 31,

2007 2006

(Unaudited) (Audited)

Current assets:

Cash and cash equivalents $25,686,189 $24,602,202

Prepaid and other current assets 46,459 5,210

Investment in marketable securities -- 628,585

Total current assets 25,732,648 25,235,997

Investment in other ventures 183,416 173,427

Patents, net 572,443 637,267

Total assets $26,488,507 $26,046,691

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accrued expenses and other current

liabilities $94,612 $61,307

Total current liabilities 94,612 61,307

Commitments

Stockholders' equity:

Common stock 132,857 132,857

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

Accumulated deficit (33,283,242) (33,183,960)

Accumulated other comprehensive

(loss) income -- (507,793)

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

Total stockholders' equity 26,393,895 25,985,384

Total liabilities and

stockholder's equity $26,488,507 $26,046,691

CADUS CORPORATION

Condensed Consolidated Statements of Income

(Unaudited)

Three Months Ended

September 30,

2007 2006

License and maintenance fees $- $-

Total revenues - -

Costs and expenses:

General and administrative expenses 103,816 122,383

(Income) from equity in other ventures (3,919) (3,300)

Total costs and expenses 99,897 119,083

Operating loss (99,897) 119,083)

Other income:

Interest income 340,124 319,418

Income before income taxes 240,227 200,335

Income taxes - -

Net income $240,227 $200,335

Basic and diluted income per

weighted average share of common

stock outstanding $0.02 $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)

Nine Months Ended

September 30,

2007 2006

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

Total revenues 100,000 100,000

Costs and expenses:

General and administrative expenses 530,023 603,289

(Income) from equity in other ventures (9,989) (8,668)

Total costs and expenses 520,034 594,621

Operating loss (420,034) (494,621)

Other income:

Interest income 989,766 871,154

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

(Loss) income before income taxes (98,514) 376,533

Provision for income taxes 768 -

Net (loss) income ($99,282) $376,533

Basic and diluted (loss) income 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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