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Cadus Reports 2008 Results

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.

(Tables Follow)

    Cadus Corporation and Subsidiary
    Consolidated Balance Sheets


                                            December 31,     December 31,
                                               2008             2007

    Current assets:
        Cash and cash equivalents            $19,236,212     $2,444,376
        Short term investments                 5,048,775     22,960,545
        Interest receivable                       13,116        102,518
        Prepaid and other current assets          14,090          1,150

            Total current assets              24,312,193     25,508,589

    Investment in other ventures                 193,718        186,790
    Patents, net                                 464,401        550,834
            Total assets                     $24,970,312    $26,246,213

                                 LIABILITIES AND STOCKHOLDERS' EQUITY
    Current liabilities:
        Accrued expenses and other
         current liabilities                     $15,055        $22,352

            Total current liabilities             15,055         22,352

    Commitments and contingencies

    Stockholders' equity:
        Common stock                             132,857        132,857
        Additional paid-in capital            59,847,443     59,847,149
        Accumulated deficit                  (34,724,968)   (33,456,070)
        Treasury stock, at cost                 (300,075)      (300,075)
               Total stockholders' equity     26,955,257     26,223,861
               Total liabilities and
                stockholders' equity         $24,970,312    $26,246,213

    Cadus Corporation and Subsidiary
    Condensed Consolidated Statements of Operations

                                            For the Years Ended December 31,
                                                    2008            2007

    License and maintenance fees                $100,000        $100,000
            Total revenues                       100,000         100,000
    Costs and expenses:
        General and administrative               557,744         557,938
        Amortization of patent costs              86,433          86,433
        Income from equity in other ventures     (6,928)        (13,363)
            Total costs and expenses             637,249         631,008
    Operating (loss)                           (537,249)       (531,008)

    Other income (expense):
        Interest income                          714,670       1,312,283
        Loss on sale and redemption of
         marketable securities                 (222,305)       (668,246)
        Investment reduction to net asset
         value                               (1,174,756)       (320,362)
            Total other income (expense)       (682,391)        323,675
    (Loss) before income tax provision       (1,219,640)       (207,333)

    Provision for franchise and income
     taxes                                       49,258          64,777
            Net (loss)                      ($1,268,898)      ($272,110)
    Basic and diluted net (loss) per
     share                                       ($0.10)         ($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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