Cadus Reports Fourth Quarter and 2007 Results

NEW YORK, March 31 /PRNewswire-FirstCall/ -- Cadus Corporation
(OTC Bulletin Board: KDUS) announced today financial results for the fourth
quarter and full year ended December 31, 2007.
Revenues for the full year 2007 were $100,000, compared to $100,000 for
the full year 2006. Net loss for the full year 2007 was $272,110, compared to
net income of $446,194 for the full year 2006. Basic and diluted net loss per
share for the full year 2007 was $0.02, compared to basic and diluted net
income per share for the full year 2006 of $0.03. The decrease in net income
and basic and diluted net income per share for the full year 2007 was
attributable to a $668,246 loss on the sale of Sequenom, Inc. stock and a
$320,362 reduction in the value of short term investments to net asset value,
offset by an increase of $115,975 in interest income and in income in other
ventures of $1,342 and decreases in general and administrative expenses of
$151,513 and in taxes of $1,474.
Revenues for the fourth quarter of 2007 were $0, compared to $0 for the
same period in 2006. Net loss for the fourth quarter of 2007 was $172,828,
compared to net income of $69,661, for the same period in 2006. Basic and
diluted net loss per share for the fourth quarter of 2007 was $0.02, compared
to basic and diluted net income per share for the fourth quarter of 2006 of
$0.01.
As of December 31, 2007, Cadus 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 annual report on Form 10-K for the
year ended December 31, 2007. These include risks and uncertainties relating
to the company's ability to license its technologies to third parties, the
company's capital needs and uncertainty of future funding, the company's
history of operating losses, the unpredictability of patent protection and the
risk of obsolescence of the company's technologies.

(Tables Follow)

Cadus Corporation and Subsidiary

Consolidated Balance Sheets

ASSETS

December 31, December 31,
2007 2006

Current assets:
Cash and cash equivalents $2,444,376 $24,602,202
Short term investments 22,960,545 -
Interest receivable 102,518 -
Prepaid and other current assets 1,150 5,210
Investment in marketable securities - 628,585

Total current assets 25,508,589 25,235,997

Investment in other ventures 186,790 173,427
Patents, net 550,834 637,267
Total assets $26,246,213 $26,046,691

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
Accrued expenses and other
current liabilities $22,352 $61,307

Total current liabilities 22,352 61,307

Commitments and contingencies

Stockholders' equity:
Common stock 132,857 132,857
Additional paid-in capital 59,847,149 59,844,355
Accumulated deficit (33,456,070) (33,183,960)
Accumulated other comprehensive
(loss) income - (507,793)
Treasury stock (300,075) (300,075)
Total stockholders' equity 26,223,861 25,985,384
Total liabilities stockholder's
equity $26,246,213 $26,046,691

Cadus Corporation and Subsidiary

Condensed Consolidated Statements of Operations

Three Months Ended
December 31, Year Ended
(unaudited) December 31,
2007 2006 2007 2006

License and maintenance fees $ -- $ -- $100,000 $100,000

Total revenues -- -- 100,000 100,000

Costs and expenses:
General and administrative
expenses 92,739 170,986 557,938 709,451
Amortization of patent
costs 21,609 21,609 86,433 86,433
(Income) from equity in
other ventures (3,374) (3,353) (13,363) (12,021)

Total costs and expenses 110,974 189,242 631,008 783,863

Operating (loss) (110,974) (189,242) (531,008) (683,863)

Other income (expense):
Interest income 322,517 325,154 1,312,283 1,196,308
Loss on sale of
marketable securities -- -- (668,246) --
Investment reduction to
net asset value (320,362) -- (320,362) --
Total other income 2,155 325,154 323,675 1,196,308

(Loss) income before
income tax provision (108,819) 135,912 (207,333) 512,445

Provision for franchise
and income taxes 64,009 66,251 64,777 66,251

Net (loss) income $(172,828) $69,661 $(272,110) $446,194

Basic and diluted net
(loss) income per share $(0.02) $0.01 $(0.02) $0.03

Weighted average shares of
common stock outstanding
- basic and diluted 13,144,040 13,144,040 13,144,040 13,144,040

SOURCE Cadus Corporation

David Sassoon for Cadus Corporation, +1-917-749-6115