SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2004
------------------
[_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____________ to _____________
Commission File Number 0-28674
-------
CADUS CORPORATION
- --------------------------------------------------------------------------------
(Exact Name of Registrant as Specified on its Charter)
Delaware 13-3660391
- --------------------------------------------------- -------------------------
(State of Other Jurisdiction (I.R.S. Employer
of Incorporation or Organization) Identification No.)
767 Fifth Avenue, New York, New York 10153
- --------------------------------------------------- -------------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code (212) 702-4315
-------------------------
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes _X_ No ___
Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12-b-2 of the Exchange Act).
Yes ___ No _X_
The number of shares of registrant's common stock, $0.01 par value, outstanding
as of October 31, 2004 was 13,144,040.
CADUS CORPORATION
INDEX
Page No.
--------
SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS 4
PART I - CONDENSED CONSOLIDATED FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements
Condensed Consolidated Balance Sheets - September 30, 2004
(unaudited) and December 31, 2003 (audited) 5
Condensed Consolidated Statements of Operations -
Three Months Ended September 30, 2004 and 2003 (unaudited) 6
Condensed Consolidated Statements of Operations -
Nine Months Ended September 30, 2004 and 2003 (unaudited) 7
Condensed Consolidated Statements of Cash Flows -
Nine Months Ended September 30, 2004 and 2003 (unaudited) 8
Notes to Condensed Consolidated Financial
Statements (unaudited) 9 - 11
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations 12 - 14
Item 3. Quantitative and Qualitative Disclosures About Market Risk 14
Item 4. Controls and Procedures 14
PART II - OTHER INFORMATION
Item 1. Legal Proceedings 15
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 15
Item 3. Defaults Upon Senior Securities 15
Item 4. Submission of Matters to a Vote of Security Holders 15
Item 5. Other Information 15
Item 6. Exhibits and Reports on Form 8-K 15
2
SIGNATURES 16
EXHIBIT INDEX 17
3
SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS
Certain statements in this Quarterly Report on Form 10-Q constitute
"forward-looking statements" within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended.
All statements other than statements of historical fact are "forward-looking
statements" for purposes of federal and stated securities laws, including any
projections or expectations of earnings, revenue, financial performance,
liquidity and capital resources or other financial items; any statement of our
plans, strategies and objectives for our future operations; any statements
regarding future economic conditions or performance; any statements of belief;
and any statements of assumption underlying any of the foregoing.
Forward-looking statements may include the words "may," "will," "should,"
"could," "would," "predicts," "potential," "continue," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates" and other similar words.
Although the Company believes that the expectations reflected in our
forward-looking statements are reasonable, such forward-looking statements
involve known and unknown risks, uncertainties, and other factors which may
cause the actual results, performance, or achievements of the Company to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Factors that could
cause or contribute to such differences include, but are not limited to,
technological uncertainties regarding the Company's technologies, risks and
uncertainties relating to the Company's ability to license its technologies to
third parties, the Company's ability to acquire and operate other companies, the
Company's capital needs and uncertainty of future funding, the Company's history
of operating losses, the Company's dependence on proprietary technology and the
unpredictability of patent protection, intense competition in the pharmaceutical
and biotechnology industries, rapid technological development that may result in
the Company's technologies becoming obsolete, as well as other risks and
uncertainties discussed in the Company's other filings with the Securities and
Exchange Commission. The forward-looking statements made in this Quarterly
Report on Form 10-Q are made only as of the date hereof and the Company does not
have or undertake any obligation to publicly update any forward-looking
statements to reflect subsequent events or circumstances unless otherwise
required by law.
4
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
CADUS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
------
September 30, December 31,
2004 2003
------------ ------------
(Unaudited) (Audited)
Current assets:
Cash and cash equivalents $ 24,067,294 $ 24,369,223
Prepaid and other current assets 34,397 34,393
Investment in marketable securities 382,792 1,412,627
------------ ------------
24,484,483 25,816,243
Total current assets
Investment in other ventures 160,250 162,805
Other assets, net 767,256 827,935
------------ ------------
Total assets $ 25,411,989 $ 26,806,983
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current liabilities:
Accrued expenses and other current liabilities $ 18,195 $ 49,164
------------ ------------
Total current liabilities 18,195 49,164
------------ ------------
Commitments
Stockholders' equity:
Common stock 132,857 132,857
Additional paid in capital 59,844,355 59,844,355
Accumulated deficit (33,529,757) (33,195,567)
Accumulated other comprehensive (loss) income (753,586) 276,249
Treasury stock (300,075) (300,075)
------------ ------------
Total stockholders' equity 25,393,794 26,757,819
------------ ------------
Total liabilities and stockholder's equity $ 25,411,989 $ 26,806,983
============ ============
See accompanying notes to condensed consolidated financial statements.
5
CADUS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
September 30,
2004 2003
------------ ------------
(Unaudited) (Unaudited)
License and maintenance fees $ -- $ 120,000
------------ ------------
Total revenues -- 120,000
------------ ------------
Costs and expenses:
General and administrative expenses 231,674 169,447
(Gain) from equity in other ventures (615) (337)
------------ ------------
Total costs and expenses 231,059 169,110
------------ ------------
Operating loss (231,059) (49,110)
------------ ------------
Other income:
Interest income 71,296 36,443
Refund of prior year franchise tax 42,740 --
Realized gain on marketable securities -- 313,189
------------ ------------
Total other income 114,036 349,632
------------ ------------
(Loss) income before income taxes (117,023) 300,522
Income taxes -- --
------------ ------------
Net (loss) income $ (117,023) $ 300,522
============ ============
Basic and diluted (loss) income per weighted
average share of common stock outstanding $ (0.01) $ 0.02
============ ============
Weighted average shares of common stock
outstanding - basic and diluted 13,144,040 13,144,040
============ ============
See accompanying notes to condensed consolidated financial statements.
6
CADUS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Nine Months Ended
September 30,
2004 2003
------------ ------------
(Unaudited) (Unaudited)
License and maintenance fees $ 100,000 $ 220,000
------------ ------------
Total revenues 100,000 220,000
------------ ------------
Costs and expenses:
General and administrative expenses 616,113 703,517
Loss from equity in other ventures 2,555 2,438
------------ ------------
Total costs and expenses 618,668 705,955
------------ ------------
Operating loss (518,668) (485,955)
------------ ------------
Other income:
Interest income 141,738 136,850
Refund of prior year franchise tax 42,740 --
Realized gain on marketable securities -- 313,189
------------ ------------
Total other income 184,478 450,039
------------ ------------
(Loss) before income taxes (334,190) (35,916)
Income taxes -- --
------------ ------------
Net (loss) $ (334,190) $ (35,916)
============ ============
Basic and diluted (loss) per weighted
average share of common stock outstanding $ (0.03) $ (0.00)
============ ============
Weighted average shares of common stock
outstanding - basic and diluted 13,144,040 13,144,040
============ ============
See accompanying notes to condensed consolidated financial statements.
7
CADUS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended
September 30,
2004 2003
------------ ------------
(Unaudited) (Unaudited)
Cash flows from operating activities:
Net (loss) $ (334,190) $ (35,916)
Adjustments to reconcile net (loss) to
net cash (used in) operating activities:
Amortization of patent costs 60,679 60,680
Realized gain on marketable securities -- (313,189)
Loss from equity in other ventures 2,555 2,438
Changes in assets and liabilities:
(Increase) in license fee receivable -- (120,000)
(Increase) in prepaid and other current asset (4) (9,243)
(Decrease) in accrued expenses and
other current liabilities (30,969) (198,716)
------------ ------------
Net cash (used in) operating activities (301,929) (613,946)
------------ ------------
Net (decrease) in cash and cash equivalents (301,929) (613,946)
Cash and cash equivalents - beginning of period 24,369,223 24,923,071
------------ ------------
Cash and cash equivalents - end of period $ 24,067,294 $ 24,309,125
============ ============
See accompanying notes to condensed consolidated financial statements.
8
CADUS CORPORATION
Notes to Condensed Consolidated Financial Statements
Note - 1 ORGANIZATION AND BASIS OF PREPARATION
The information presented as of September 30, 2004 and for the
three and nine-month periods then ended, is unaudited, but
includes all adjustments (consisting only of normal recurring
accruals) that the Company's management believes to be necessary
for the fair presentation of results for the periods presented.
Certain information and footnote disclosures normally included in
financial statements prepared in accordance with accounting
principles generally accepted in the United States of America have
been omitted pursuant to the requirements of the Securities and
Exchange Commission, although the Company believes that the
disclosures included in these financial statements are adequate to
make the information not misleading. The December 31, 2003
consolidated balance sheet was derived from audited consolidated
financial statements. These financial statements should be read in
conjunction with the Company's annual report on Form 10-K for the
year ended December 31, 2003.
The consolidated financial statements include the accounts of the
Company and its wholly owned subsidiary, Cadus Technologies, Inc.,
organized in December 2001. All inter-company balances and
transactions have been eliminated in consolidation.
The results of operations for the nine-month period ended
September 30, 2004 are not necessarily indicative of the results
to be expected for the year ending December 31, 2004.
Note - 2 NET (LOSS) INCOME PER SHARE
For the three and nine-month periods ended September 30, 2004 and
2003, basic net (loss) income per share is computed by dividing
the net (loss) income by the weighted average number of common
shares outstanding. Diluted earnings per share for the three
months ended September 30, 2003 was the same as basic earnings per
share as all of the Company's outstanding options' and warrants'
exercise prices were greater than the average market price of the
common shares. For this reason, for the three months ended
September 30, 2003, 434,307 options and warrants were excluded
from the calculation of diluted earnings per share.
The Company incurred a loss for all other periods presented; the
inclusion of common stock equivalents in the calculation of
diluted loss per share would be anti-dilutive and has therefore
been excluded.
Note - 3 LICENSING AGREEMENTS
In December 2001, the Company licensed its yeast-based drug
discovery technologies on a non-exclusive basis to a major
pharmaceutical company. Under the licensing agreement, the Company
received an up-front non-refundable fee of $500,000 that was
recorded as revenue in the December 31, 2001 consolidated
statement of operations as the Company has no further involvement
with the development of the product. The Company received payment
in January 2002. The Company received an additional licensing fee
in 2002 of $1,000,000 upon the licensee achieving a research
milestone. The licensee is entitled to use the technologies for
five years from the date of the agreement. Following the initial
five-year term, the licensee may renew the license annually upon
payment of an annual licensing fee of $250,000. In September 2003,
the parties entered into an addendum to the agreement pursuant to
which the Company extended the license to an affiliate of the
licensee in consideration for the licensee agreeing to pay
$120,000 to the Company.
In February 2000, Cadus licensed to OSI Pharmaceuticals, Inc.
("OSI"), on a non-exclusive basis, its yeast-based drug discovery
technologies, including various reagents
9
CADUS CORPORATION
Notes to Condensed Consolidated Financial Statements
and its library of over 30,000 yeast strains, and its
bioinformatics software. OSI paid to Cadus a license fee of
$100,000 and an access fee of $600,000 and in December 2000 a
supplemental license fee of $250,000. OSI is also obligated to pay
an annual maintenance fee of $100,000 until the earlier of 2010 or
the termination of the license. OSI may terminate the license at
any time on 30 days prior written notice. During the nine-month
periods ended September 30, 2004 and 2003, the Company recognized
$100,000 of license revenue related to this agreement.
Note - 4 INVESTMENT IN MARKETABLE SECURITIES
The Company had an equity interest in Axiom Biotechnologies, Inc.
("Axiom"). Due to Axiom's operating losses, the Company's
investment was written down to $0 at December 31, 2001. On August
30, 2002, Axiom entered into a merger agreement with a wholly-
owned subsidiary of Sequenom, Inc. which is publicly traded on the
Nasdaq National Market. In connection with the merger, the Company
received 441,446 common shares of Sequenom, Inc. with a fair
market value of $2.43 per share in exchange for its shares in
Axiom. Pursuant to the merger, 102,685 of the Company's 441,446
common shares of Sequenom, Inc. were held in escrow (the "Escrow
Shares") for a one-year period that expired on August 30, 2003.
The Escrow Shares were held to secure rights to indemnification,
compensation and reimbursement of Sequenom and other indemnitees
as provided in the merger agreement. Upon the closing of the
transaction, Cadus recorded a realized gain of $823,189 related to
the 338,761 common shares received in the consolidated statement
of operations for the year ended December 31, 2002. The Company
was advised that the Escrow Shares had been released on August 30,
2003 and, accordingly, the Company recorded a realized gain on
marketable securities related to the Escrow Shares of $313,189 in
the consolidated statement of operations for the year ended
December 31, 2003. In May 2004, the Company became aware that
38,507 shares of the 102,685 Escrow Shares were forfeited pursuant
to the indemnification provisions of the merger agreement and
therefore not issued to the Company. Accordingly, to reflect this
reduction of the Escrow Shares received by the Company, the
investment in marketable securities was reduced by $123,222 on the
March 31, 2004 consolidated balance sheet.
Pursuant to the provisions of Statement of Financial Accounting
Standards No. 115, "Accounting for Certain Debt and Equity
Securities" management deems its investment in Sequenom, Inc. to
be available for sale and reports its investment at fair value
with net unrealized gains or losses reported in accumulated other
comprehensive income within stockholders' equity.
Note - 5 ACCOUNTING FOR IMPAIRMENT OF LONG-LIVED ASSETS
Statement of Financial Accounting Standards No. 144, "Accounting
for the Impairment or Disposal of Long-Lived Assets" ("SFAS 144"),
addresses financial accounting and reporting for the impairment or
disposal of long-lived assets. The Company's long-lived assets
(principally capitalized patent costs) are required to be measured
at the lower of carrying amount or fair value, less cost to sell,
whether reported in continuing operations or discontinued
operations. Intangibles with determinable lives and other
long-lived assets are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying value of an
asset may not be recoverable. The Company's judgments regarding
the existence of impairment indicators are based on historical and
projected
10
CADUS CORPORATION
Notes to Condensed Consolidated Financial Statements
future operating results, changes in the Company's overall
business strategy, and market and economic trends. In the future,
events could cause the Company to conclude that impairment
indicators exist and that certain intangibles with determinable
lives and other long-lived assets are impaired which may result in
an adverse impact on the Company's financial condition and results
of operations. The provisions of SFAS No. 144 did not have an
impact on the Company's financial statements as of and for the
nine months ended September 30, 2004.
Note - 6 RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
In March 2004, the Emergency Issues Task Force ("EITF") reached
consensus on Issue No. 03-1, "The Meaning of Other-Than-Temporary
Impairment and Its Application to Certain Investments" regarding
disclosures about unrealized losses on available-for-sale debt and
equity securities accounted for under Financial Accounting
Standards Board Statements No. 115, "Accounting for Certain
Investments in Debt and Equity Securities," and No. 124,
"Accounting for Certain Investments Held by Not-for-Profit
Organizations." The guidance for evaluating whether an investment
is other-than-temporarily impaired should be applied in such
evaluations made in reporting periods beginning after June 15,
2004. The disclosures are effective in annual financial statements
for fiscal years ending after December 15, 2003, for investments
accounted for under Statements 115 and 124. For all other
investments within the scope of this Issue, the disclosures are
effective in annual financial statements for fiscal years ending
after June 15, 2004. The additional disclosures for cost method
investments are effective for fiscal years ending after June 15,
2004. The Company does not expect that the implementation of EITF
03-1 will have a material effect on its financial statements.
In October 2004, the Financial Accounting Standards Board
announced that Statement 123R, "Share-Based Payment," which would
require all companies to measure compensation cost for all
share-based payments (including employee stock options) at fair
value, would be effective for public companies for interim or
annual periods beginning after June 15, 2005. The proposed
standard would require companies to expense the fair value of all
stock options that have future vesting provisions, are modified,
or are newly granted beginning on the grant date of such options.
The Company will evaluate the requirements of the final standard,
which is expected to be issued on or around December 15, 2004, to
determine the impact on the results of its operations.
11
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
OVERVIEW
The Company was incorporated in 1992 and until July 30, 1999,
devoted substantially all of its resources to the development and
application of novel yeast-based and other drug discovery
technologies. On July 30, 1999, the Company sold its drug
discovery assets and ceased its internal drug discovery operations
and research efforts for collaborative partners.
At September 30, 2004, the Company had an accumulated deficit of
approximately $33.5 million. The Company's losses have resulted
principally from costs incurred in connection with its research
and development activities and from general and administrative
costs associated with the Company's operations. These costs have
exceeded the Company's revenues and interest income. As a result
of the sale of its drug discovery assets and the cessation of its
internal drug discovery operations and research efforts for
collaborative partners, the Company ceased to have research
funding revenues and substantially reduced its operating expenses.
The Company expects to generate revenues in the future only if it
is able to license its technologies.
RESULTS OF OPERATIONS
THREE MONTHS ENDED SEPTEMBER 30, 2004 AND SEPTEMBER 30, 2003
REVENUES
There were no revenues for the three months ended September 30,
2004. There was $120,000 of license fee revenue for the three
months ended September 30, 2003 due to an addendum to a license
agreement pursuant to which the Company extended the license to an
affiliate of the licensee.
COSTS AND EXPENSES
General and administrative expenses increased to $231,674 for the
three months ended September 30, 2004 from $169,447 for the same
period in 2003. Patent costs and professional fees increased by
$68,497; insurance expense decreased by $8,958 and there were net
increases in other expenses of $2,688.
OTHER INCOME
Interest income for the three months ended September 30, 2004 was
$71,296 compared to interest income of $36,443 for the same period
in 2003. This increase is attributable primarily to higher
interest rates earned on invested funds.
During the three months ended September 30, 2004, the Company
received a $42,740 New York State franchise tax refund.
12
REALIZED GAIN ON MARKETABLE SECURITIES
On August 20, 2002, the Company's equity interest in Axiom
Biotechnologies, Inc. ("Axiom") was converted into shares of
Sequenom, Inc. ("Sequenom") pursuant to the merger of Axiom and
Sequenom. On August 20, 2003, 102,685 shares were released from
escrow and accordingly, the Company recorded a gain on marketable
securities of $313,189 in the three month period ended September
30, 2003.
NET (LOSS) INCOME
Net loss for the three months ended September 30, 2004 was
$117,023, compared to net income of $300,522 for the same period
in 2003. This decrease can be attributed primarily to there being
a non-recurring license fee of $120,000 and a realized gain on
marketable securities of $313,189 for the three months ended
September 30, 2003.
NINE MONTHS ENDED SEPTEMBER 30, 2004 AND SEPTEMBER 30, 2003
REVENUES
Revenues for the nine months ended September 30, 2004 decreased to
$100,000, from $220,000 for the same period in 2003. The decrease
is attributable to there being a non-recurring license fee of
$120,000 for the nine months ended September 30, 2003.
COSTS AND EXPENSES
General and administrative expenses decreased to $616,113 for the
nine months ended September 30, 2004 from $703,517 for the same
period in 2003. Patent costs and professional fees decreased by
$59,785, insurance expense decreased by $44,782; there was an
increase in sales taxes of $12,960 in connection with the sale of
assets to OSI in 1999 as a result of an audit; and there were net
increases in other expenses of $4,203.
For the nine months ended September 30, 2004 the Company
recognized a loss of $2,555 in its investment in Laurel Partners
Limited Partnership. The loss for the same period in 2003 was
$2,438.
OTHER INCOME
Interest income for the nine months ended September 30, 2004 was
$141,738 compared to interest income of $136,850 for the same
period in 2003. This increase is attributable primarily to higher
interest rates earned on invested funds.
During the nine months ended September 30, 2004, the Company
received a $42,740 New York State franchise tax refund.
NET (LOSS)
Net loss for the nine months ended September 30, 2004 was $334,190
compared to a net loss of $35,916 for the same period in 2003.
This increase in net loss can be attributed primarily to there
being a non-recurring license fee of $120,000 and a realized gain
on marketable securities of $313,189 for the nine months ended
September 30, 2003, offset by the Company's receipt of a New York
State franchise tax refund of $42,740 and the decrease in
insurance expense and professional fees in 2004.
13
LIQUIDITY AND CAPITAL RESOURCES
At September 30, 2004 the Company held cash and cash equivalents
of approximately $24.1 million. The Company's working capital at
September 30, 2004 was approximately $24.5 million.
The Company believes that its existing capital resources, together
with interest income, will be sufficient to support its operations
through the end of 2005. This forecast of the period of time
through which the Company's financial resources will be adequate
to support its operations is a forward-looking statement that may
not prove accurate and, as such, actual results may vary. The
Company's capital requirements may vary as a result of a number of
factors, including the transactions, if any, arising from the
Company's efforts to acquire or invest in companies and
income-producing assets and the expenses of pursuing such
transactions.
Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The Company's earnings and cash flows are subject to fluctuations
due to changes in interest rates primarily from its investment of
available cash balances in money market funds with portfolios of
investment grade corporate and U.S. government securities. The
Company does not believe it is materially exposed to changes in
interest rates. Under its current policies the Company does not
use interest rate derivative instruments to manage exposure to
interest rate changes.
Item 4. CONTROLS AND PROCEDURES
EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES
Based on the evaluation of the Company's disclosure controls and
procedures conducted as of the period covered by this report on
Form 10-Q, the Company's President and Chief Executive Officer,
who also performs the functions of a principal financial officer,
concluded that the Company's disclosure controls and procedures
(as defined in Rules 13a-15(e) and 15d-15(e) promulgated under the
Securities Exchange Act of 1934) are effective.
CHANGES IN INTERNAL CONTROLS
There were no significant changes in the Company's internal
controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, nor were any
corrective actions required with regard to significant
deficiencies and material weaknesses. It should be noted that any
system of controls, however well designed and operated, can
provide only reasonable assurance, and not absolute assurance,
that the objectives of the system are met. In addition, the design
of any control system is based in part upon certain assumptions
about the likelihood of future events. Because of these and other
inherent limitations of control systems, there can be no assurance
that any design will succeed in achieving its stated goals under
all potential future conditions, regardless of how remote.
14
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
None.
Item 2. Unregistered Sales of Equity Securities and Use
of Proceeds.
None.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Submission of Matters to a Vote of Security Holders.
None.
Item 5. Other Information.
None.
Item 6. Exhibits and Reports on Form 8-K.
(a) The Exhibits listed in the Exhibit Index are
included in this quarterly report on Form 10-Q.
(b) Reports on Form 8-K.
None.
15
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CADUS CORPORATION
(REGISTRANT)
Dated: November 10, 2004 By: /s/ David Blitz
-------------------------------
David Blitz
President and Chief Executive Officer
(Authorized Officer and Principal
Financial Officer)
16
EXHIBIT INDEX
The following exhibits are filed as part of this Quarterly Report on Form
10-Q:
Exhibit No. Description
---------- -----------
31 Certifications
32 Certification Pursuant to 18 U.S.C. Section 1350, as
Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002
17