Tuesday March 28, 1:03 pm Eastern Time
Company Press Release
SOURCE: Cadus Pharmaceutical Corporation
Cadus Reports Fourth Quarter and 1999 Results
NEW YORK, March 28 /PRNewswire/ -- Cadus Pharmaceutical Corporation (OTC
Bulletin Board: KDUS - news) announced today financial results for the fourth quarter and full year ended December 31,
1999.
Revenues for the fourth quarter of 1999 were $0, compared to $2,628,231 for the same period in 1998. Net loss for the
fourth quarter of 1999 was $1,227,818, compared to a net loss of $23,445,459 for the same period in 1998. Basic net loss
per share for the fourth quarter of 1999 was $0.09, compared to a basic net loss per share for the fourth quarter of 1998 of
$1.79. The net loss of $23,445,459 for the fourth quarter of 1998 includes an $18.5 million reserve for litigation damages with
respect to the patent infringement litigation with SIBIA Neurosciences, Inc. (``SIBIA').
Revenues for the full year 1999 were $6,027,544, compared to $12,576,469 for the same period in 1998. Net loss for the full
year 1999 was $8,523,689, compared to a net loss of $29,690,203 for the same period in 1998. Basic net loss per share for
the full year 1999 was $0.65, compared to a basic net loss per share for the full year 1998 of $2.32. The net loss of
$29,690,203 for the full year 1998 includes an $18.5 million reserve for litigation damages with respect to the patent
infringement litigation with SIBIA.
As of December 31, 1999, Cadus had $5.1 million in cash and cash equivalents and had 13,068,940 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 prospectus dated July 17, 1996 or detailed from time to time in filings that the company makes with the Securities
and Exchange Commission. These include risks and uncertainties relating to the company's ongoing litigation with SIBIA,
including uncertainties regarding the outcome of appeals and the re-examination of SIBIA's patent at issue in the litigation, risks
and uncertainties relating to the company's ability to realize value from its assets, technological uncertainties regarding the
company's technology, rapid technological change, an intensely competitive market, intellectual property rights and general
economic conditions.
Cadus Pharmaceutical Corporation
Condensed Balance Sheets
December 31, Dec. 31,
1999 1998
Assets
Current assets:
Cash and cash
equivalents $5,082,212 $10,975,528
Restricted cash 13,566 286,000
Due from officer and
director 294,636 13,452
Prepaid and other current
assets 69,783 284,867
Total current assets 5,460,197 11,559,847
Resticted cash-noncurrent 19,065,431 18,500,000
Fixed assets, net of
accumulated depreciation
and amortization -- 2,792,268
Investments in other
ventures 999,590 2,334,081
Other assets, net 1,173,558 1,400,870
Total assets $26,698,776 $36,587,066
Liabilities and
Stockholders' Equity
Current liabilities:
Accounts payable $17,644 $217,414
Accrued expenses and other
current liabilities 121,843 1,730,021
Deferred revenue 28,500 150,584
Total current liabilities 167,987 2,098,019
Reserve for litigation
damages 19,065,431 18,500,000
Total liabilities 19,233,418 20,598,019
Stockholders' equity:
Common Stock 132,106 132,106
Additional paid-in
capital 59,689,446 59,689,446
Accumulated deficit (52,056,119) (43,532,430)
Treasury stock (300,075) (300,075)
Total stockholders' equity 7,465,358 15,989,047
Total liabilities and
stockholders' equity $26,698,776 $36,587,066
Cadus Pharmaceutical Corporation
Condensed Statements of Operations
Three Months Ended Year Ended
December 31, December 31,
1999 1998 1999 1998
Revenues $ -- $ 2,628,231 $ 6,027,544 $ 12,576,469
Costs and expenses:
Research and
development costs 223,987 4,408,423 9,115,504 15,388,991
General and
administrative
expenses 337,160 3,260,425 3,643,365 8,977,408
Total costs and
expenses 561,147 7,668,848 12,758,869 24,366,399
Operating loss (561,147) (5,040,617) (6,731,325) (11,789,930)
Other income and
(expenses):
Net interest income 57,869 393,455 551,539 1,833,677
Loss in equity in
other ventures (353,739) (293,312) (1,334,491) (1,144,148)
Reserve for
litigation damages -- (18,500,000) -- (18,500,000)
Loss on sale of
assets to OSI -- -- (805,555) --
(Loss) gain on sale
and disposal of
equipment (370,801) 14,622 (220,216) 16,368
Total other income
and (expenses) (666,671) (18,385,235) (1,808,723) (17,794,103)
Loss before
income taxes (1,227,818) (23,425,852) (8,540,048) (29,584,033)
State and local taxes -- 19,607 (16,359) 106,170
Net loss ($1,227,818) ($23,445,459) ($8,523,689) ($29,690,203)
Basic and
diluted net loss
per share ($ 0.09) ($ 1.79) ($ 0.65) ($ 2.32)
Shares used in
calculation of
basic and diluted
net loss per share 13,068,940 13,068,940 13,068,940 12,811,525
SOURCE: Cadus Pharmaceutical Corporation |
