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Biotech / Medical : Cadus Pharmaceutical Corp. (KDUS) -- Ignore unavailable to you. Want to Upgrade?

To: scaram(o)uche who wrote (30)	11/12/1999 2:36:00 PM
From: scaram(o)uche	Read Replies (1) \| Respond to of 1833

The Company recognized a loss on the sale of assets to OSI in the three-month period ended September 30, 1999. A summary of the loss recognized is as follows: Proceeds: Purchase price $1,500,000 Liabilities assumed by OSI 133,000 ---------- Total 1,633,000 Less: Net book value of patents sold 183,000 Net book value of fixed assets sold 2,256,000 ---------- Loss on sale of assets $ 806,000 ==========

To: scaram(o)uche who wrote (30)	11/12/1999 2:39:00 PM
From: scaram(o)uche	Read Replies (1) \| Respond to of 1833

Good. Last I heard, there was still one additional employee. Since interest income is running at about $300K/year, burn is down to very near $zero/year plus attorneys? The Company has terminated all employees who were not hired by OSI or who did not voluntarily resign, except for the chief executive officer.

To: scaram(o)uche who wrote (30)	11/12/1999 3:03:00 PM
From: Mike McFarland	Read Replies (1) \| Respond to of 1833

(why did you invest) I will take that one (this is from several months ago, happily I didn't pay much attention until the stock made it's tax-loss bottom recently) The full press release regarding the sale to OSI is in post 20 ...and thanks Rick. Cadus will retain ownership of all its other assets, including its core yeast technology for developing drug discovery assays, its collection of over 25,000 proprietary yeast strains, human and mammalian cell lines, and genetic engineering tools, its program to identify and isolate human orphan G protein-coupled receptors and elucidate their function, its proprietary software, its genomics databases related to G protein-coupled receptors, the LivingChip(TM) program, all assays and technologies reverting to Cadus from its collaboration with Bristol-Myers Squibb Company, a 30% equity position in Axiom Biotechnologies Inc., the company's current cash and cash equivalents, and the approximately $18.7 million being held in escrow pending appeal of the verdict in favor of SIBIA Neurosciences, Inc. (''SIBIA'').