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

To: scaram(o)uche who wrote (410)	11/14/2000 11:07:33 PM
From: scaram(o)uche	Read Replies (1) \| Respond to of 1833

apart from that, I don't see anything new. Just going to cut and paste the latest language, so that I can open a beer and close that window...... On October 30, 2000, the U.S. District Court set aside the $18,000,000 judgment in favor of SIBIA and vacated the injunction against the Company. Separately, in October 2000, the Company obtained the release of the cash escrow of $19.9 million representing the original $18.5 million and interest that has accumulated on the escrow balance. The interest earned on the escrow has been added to the escrow balance and the reserve for litigation damages. The reserve for litigation damages of $18,841,489 (net of direct legal costs of $1 million) at September 30, 2000 has been reversed and credited to the statement of operations for the three and nine months ended September 30, 2000. Note - 4 ASSET SALE On July 30, 1999 the Company sold to OSI Pharmaceuticals, Inc. ("OSI") pursuant to an asset purchase agreement various assets and ceased its drug discovery operations and research efforts for collaborators as a result of this transaction. The Company recognized a loss of $805,555 in connection with the transaction. The Company terminated all employees that were not hired by OSI or who did not voluntarily resign, except for the Chief Executive Officer who resigned in April 2000. The Company retained 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 joint ownership of the human orphan G protein-coupled receptors identified pursuant to its collaboration with Genome Therapeutics Corporation, its proprietary software, its genomics databases related to G protein-coupled receptors, all assays and technologies reverting to it from its collaboration with Bristol Myers Squibb Company, an equity position in Axiom Biotechnologies, Inc., the Company's cash and cash equivalents, and the funds that were being held in escrow pending appeal of the verdict in favor of SIBIA.