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

To: Tomato who wrote (1191)	12/12/2003 2:59:19 PM
From: scaram(o)uche	Respond to of 1833

Ooooooch. SQNM is having a good day.

To: Tomato who wrote (1191)	12/23/2003 2:32:33 PM
From: Dan Meleney	Respond to of 1833

KDUS - I just took a full position after reviewing SI boards and Edgar filings. Cash & BV both > market cap. Spending essentially stopped; minor income offsets minor expenses. Some potential for additional licensing revenue w/o added cost. No significant soft assets on BalSht that might be overvalued. No significant liabilities. No signs of unreliable management. Issue remains how to get value out. BOD is not inclined to buy back stock. Management does not appear to be active. I see the safety value as high and the potential return as decent. Perhaps increased exposure of corporate governance will prompt a buyback or liquidation in the next few years. Dan