Monday May 15, 4:00 pm Eastern Time
Company Press Release
SOURCE: Cadus Pharmaceutical Corporation
Cadus Reports First Quarter 2000 Results
NEW YORK, May 15 /PRNewswire/ -- Cadus Pharmaceutical Corporation (OTC Bulletin Board: KDUS - news)
announced today financial results for the first quarter ended March 31, 2000.
Revenues for the first quarter of 2000 were $700,000, compared to $3,038,776 for the same period in 1999. Net loss for the
first quarter of 2000 was $341,119, compared to a net loss of $2,163,104 for the same period in 1999. Basic net loss per
share for the first quarter of 2000 was $0.03, compared to a basic net loss per share for the first quarter of 1999 of $0.17.
Revenues for the first quarter of 2000 consisted solely of licensing fees paid by OSI Pharmaceuticals, Inc. for its non-exclusive
license to Cadus's yeast technologies.
As of March 31, 2000, Cadus had $5.9 million in cash and cash equivalents and 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 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
March 31, December 31,
2000 1999
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents $ 5,885,655 $5,082,212
Restricted cash -- 13,566
Due from officer and director 10,140 294,636
Due from sale of equipment 100,000 --
Prepaid and other current assets 106,960 69,783
Total current assets 6,102,755 5,460,197
Restricted cash-noncurrent 19,310,220 19,065,431
Investments in other ventures 639,236 999,590
Other assets, net 1,153,332 1,173,558
Total assets $27,205,543 $26,698,776
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $-- $ 17,644
Accrued expenses and other
current liabilities 586,924 121,843
Deferred revenue 28,500 28,500
Total current liabilities 615,424 167,987
Reserve for litigation damages 19,310,220 19,065,431
Total liabilities 19,925,644 19,233,418
Stockholders' equity
Common stock 132,857 132,106
Additional paid-in capital 59,844,355 59,689,446
Accumulated deficit (52,397,238) (52,056,119)
Treasury stock (300,075) (300,075)
Total stockholders' equity 7,279,899 7,465,358
Total liabilities and stockholders'equity $27,205,543 $26,698,776
CADUS PHARMACEUTICAL CORPORATION
Condensed Statements of Operations
Three Months Ended
March 31,
2000 1999
(Unaudited) (Unaudited)
Revenues, principally from related parties $ -- $ 3,038,776
License fee 700,000 --
Total revenues 700,000 3,038,776
Costs and expenses
Research and development costs -- 3,912,482
General and administrative expenses 852,462 1,315,216
Total costs and expenses 852,462 5,227,698
Operating loss (152,462) (2,188,922)
Other (expense) income
Net interest income 71,697 337,175
Loss of equity in other ventures, net (360,354) (321,788)
Gain on sale of equipment 100,000 16,203
Total (expense) income (188,657) 31,590
Loss before income taxes (341,119) (2,157,332)
State and local taxes -- 5,772
Net loss ($341,119) ($2,163,104)
Basic and diluted loss per share ($0.03) ($0.17)
Weighted average shares of common
stock outstanding 13,102,340 13,068,940
SOURCE: Cadus Pharmaceutical Corporation |
