Revenues for the full year 2008 were
As of
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
(Tables Follow)
Cadus Corporation and Subsidiary Consolidated Balance Sheets ASSETS ------ 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