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Cadus Reports Third Quarter 2009 Results
Date:11/16/2009

NEW YORK, Nov. 16 /PRNewswire-FirstCall/ -- Cadus Corporation (OTC Bulletin Board: KDUS) announced today financial results for the third quarter ended September 30, 2009.

Revenues were $0 for the third quarter of 2009 and for the same period in 2008. Net income for the third quarter of 2009 was $18,251, compared to a net loss of $110,944 for the same period in 2008. Basic net income per share was $0.00 for the third quarter of 2009, compared to basic net loss per share of $0.01 for the same period in 2008.

Revenues were $100,000 for the first nine months of 2009 and for the same period in 2008. Net loss for the first nine months of 2009 was $157,651, compared to a net loss of $266,145 for the same period in 2008. Basic net loss per share for the first nine months of 2009 was $0.01, compared to a basic net loss per share of $0.02 for the same period in 2008.

As of October 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
                                         ------

                                               September 30,   December 31,
                                                   2009             2008
                                              ------------    ------------
                                               (Unaudited)      (Audited)
    Current assets:
       Cash and cash equivalents               $23,123,222     $19,236,212
       Short term investments                    1,053,467       5,048,775
       Interest receivable                           4,706          13,116
       Prepaid and other current assets             42,654          14,090
                                              ------------    ------------
                                                24,224,049      24,312,193
         Total current assets
                                                   194,190         193,718
    Investment in other ventures
    Patents, net                                   399,576         464,401
                                              ------------    ------------
            Total assets                       $24,817,815     $24,970,312
                                              ============    ============

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

    Current liabilities:
       Accrued expenses and other current
        liabilities                                $20,209         $15,055
                                               -----------     -----------
         Total current liabilities                  20,209          15,055
                                               -----------     -----------

    Commitments

    Stockholders' equity:
       Common stock                                132,857         132,857
       Additional paid-in capital               59,847,443      59,847,443
       Accumulated deficit                     (34,882,619)    (34,724,968)
       Treasury stock - at cost                   (300,075)       (300,075)
                                               -----------     -----------
         Total stockholders' equity             24,797,606      24,955,257
                                               -----------     -----------
         Total liabilities and
          stockholders' equity                 $24,817,815     $24,970,312
                                               ===========     ===========


                                   CADUS CORPORATION
                     Condensed Consolidated Statements of Income

                                    (Unaudited)

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

    License and maintenance fees                            $--            $--
                                                    ----------    ----------
          Total revenues                                     --             --
                                                    ----------    ----------
    Costs and expenses:
       General and administrative expenses             110,646       118,421
       Amortization of patent costs                     21,608        21,608
       (Income) from equity in other ventures             (144)       (1,753)
                                                    ----------    ----------
          Total costs and expenses                     132,110       138,276
                                                    ----------    ----------
    Operating loss                                    (132,110)     (138,276)
    Other income:
       Interest income                                  14,177       161,180
       Gain (loss) on redemption of securities         136,184       (36,687)
       Investment reduction to net asset value               -       (97,161)
                                                    ----------    ----------
    Income (loss) before provision for income taxes     18,251      (110,944)
    Provision for income taxes                               --             --
                                                    ----------    ----------
         Net income (loss)                             $18,251     ($110,944)
                                                    ==========    ==========
    Basic and diluted income (loss) per weighted
     average share of common stock outstanding           $0.00        ($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)

                                                            Nine Months Ended
                                                              September 30,
                                                              -------------
                                                           2009          2008
                                                           ----          ----

    License and maintenance fees                       $100,000      $100,000
                                                     ----------    ----------
         Total revenues                                 100,000       100,000
                                                     ----------    ----------
    Costs and expenses:
       General and administrative expenses              416,266       464,574
       Amortization of patent costs                      64,825        64,825
       (Income) from equity in other ventures              (472)       (5,831)
                                                     ----------    ----------
         Total costs and expenses                       480,619       523,568
                                                     ----------    ----------
    Operating loss                                     (380,619)     (423,568)
    Other income:
       Interest income                                   65,440       569,710
       Gain (loss) on redemption of securities          157,528       (33,562)
       Investment reduction to net asset value                --      (377,067)
                                                     ----------    ----------
    Loss before provision for income taxes             (157,651)     (264,487)
    Provision for income taxes                                --         1,658
                                                     ----------    ----------
         Net (loss)                                   ($157,651)    ($266,145)
                                                     ==========    ==========
    Basic and diluted (loss) per weighted
     average share of common stock outstanding           ($0.01)       ($0.02)
                                                     ==========    ==========
    Weighted average shares of common stock
     outstanding - basic and diluted                 13,144,040    13,144,040
                                                     ==========    ==========

SOURCE Cadus Corporation


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SOURCE Cadus Corporation
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