NEW YORK, March 31 /PRNewswire-FirstCall/ -- Cadus Corporation (OTC Bulletin Board: KDUS) announced today financial results for the full year ended December 31, 2008.
Revenues for the full year 2008 were $100,000, compared to $100,000 for the full year 2007. Net loss for the full year 2008 was $1,268,898, compared to net loss of $272,110 for the full year 2007. Basic and diluted net loss per share for the full year 2008 was $0.10, compared to basic and diluted net loss per share for the full year 2007 of $0.02. The increase in net loss and basic and diluted net loss per share for the full year 2008 was attributable to a decrease in interest income of $597,613, an increase in loss on redemption and reduction to net asset value of short-term investments of $408,453, a reduction of income in other ventures of $6,435 offset by a decrease in provision for franchise and income taxes of $15,519 and a decrease in general and administrative expenses of $194.
As of December 31, 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, 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 and Subsidiary Consolidated Balance Sheets ASSETS
|SOURCE Cadus Corporation|
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