CEO had said that, after the reorganization costs, they had $5.5-6 million. They came in at 5.7M. Book is $0.66/share......
Thursday November 11, 5:00 pm Eastern Time
Company Press Release
SOURCE: Cadus Pharmaceutical Corporation
Cadus Reports Results for Third Quarter of 1999 and
Resignations of Five Directors
NEW YORK, Nov. 11 /PRNewswire/ -- Cadus Pharmaceutical Corporation (OTC Bulletin Board: KDUS - news)
announced today financial results for the third quarter and first nine months ended September 30, 1999.
Revenues for the third quarter of 1999 were $949,992, compared to $2,508,213 for the same period in 1998. Net loss for the
third quarter of 1999 was $2,537,320, compared to a net loss of $3,747,929 for the same period in 1998. Basic net loss per
share for the third quarter of 1999 was $0.19, compared to a basic net loss per share for the third quarter of 1998 of $0.29.
Revenues for the first nine months of 1999 were $6,027,544, compared to $9,948,238 for the same period in 1998. Net loss
for the first nine months of 1999 was $7,295,871, compared to a net loss of $6,244,744 for the same period in 1998. Basic
net loss per share for the first nine months of 1999 was $0.56, compared to a basic net loss per share for the first nine months
of 1998 of $0.49.
As of September 30, 1999, Cadus had $5.7 million in cash and cash equivalents and had 13,068,940 shares outstanding.
In addition, Cadus today announced the resignations of the following five directors: Theodore Altman, Harold First, Robert
Mitchell, Nicole Vitullo and Samuel D. Waksal.
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
Neurosciences, Inc. (''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.
Please visit Cadus's Home Page at cadus.com.
Cadus Pharmaceutical Corporation
Condensed Balance Sheets
September 30, December 31,
1999 1998
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $5,710,254 $10,975,528
Restricted cash 12,702 286,000
Note due from related party 286,000 --
Prepaid and other current assets 102,540 298,319
Total current assets 6,111,496 11,559,847
Restricted cash- noncurrent 18,830,736 18,500,000
Fixed assets, net of accumulated
depreciation and amortization of
$24,694 at September 30, 1999 and
$2,254,840 at December 31, 1998 391,617 2,792,268
Investments in other ventures 1,353,329 2,334,081
Other assets, net 1,193,785 1,400,870
Total assets $27,880,963 $36,587,066
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $192,827 $217,414
Accrued expenses and other current liabilities 135,724 1,730,021
Deferred revenue 28,500 150,584
Total current liabilities 357,051 2,098,019
Reserve for litigation damages 18,830,736 18,500,000
Total liabilities 19,187,787 20,598,019
Commitments and contingencies
Stockholders' equity:
Common stock 132,106 132,106
Additional paid-in capital 59,689,446 59,689,446
Accumulated deficit (50,828,301) (43,532,430)
Treasury stock (300,075) (300,075)
Total stockholders' equity 8,693,176 15,989,047
Total liabilities and stockholders' equity $27,880,963 $36,587,066
Cadus Pharmaceutical Corporation
Condensed Statements of Operations
Three Months Ended Nine Months Ended
September 30, September 30,
1999 1998 1999 1998
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Revenues,
principally from
related parties $949,992 $2,508,213 $6,027,544 $9,948,238
Costs and expenses:
Research and
development costs 1,711,630 3,743,488 8,891,517 10,980,568
General and
administrative
expenses 864,022 2,703,682 3,306,205 5,716,983
Total costs
and expenses 2,575,652 6,447,170 12,197,722 16,697,551
Operating loss (1,625,660) (3,938,957) (6,170,178) (6,749,313)
Other income (expense):
Net interest income 76,868 470,968 493,670 1,440,222
Loss of equity in
other ventures, net (299,820) (248,111) (980,752) (850,836)
Loss on sale of
assets to OSI (805,555) -- (805,555) --
Gain on sale
of equipment 118,179 12,460 150,585 1,746
Total other
income (expense) (910,328) 235,317 (1,142,052) 591,132
Loss before
income taxes (2,535,988) (3,703,640) (7,312,230) (6,158,181)
State and local taxes 1,332 44,289 (16,359) 86,563
Net loss $(2,537,320) $(3,747,929) $(7,295,871) $(6,244,744)
Basic net loss
per share $(0.19) $(0.29) $(0.56) $(0.49)
Shares used in
calculation of
basic net loss
per share 13,068,940 13,068,857 13,068,940 12,725,720
SOURCE: Cadus Pharmaceutical Corporation |
