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                   June 30, 2003
                                                             --------------

|_|         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 of                         (I.R.S. Employer
     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) 702-4367
                                                            --------------------


Former Name, Former Address and Former Fiscal Year, if      Cadus Pharmaceutical
Changed Since Last Report                                       Corporation
                                                            --------------------


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 July 31, 2003 was 13,144,040.

                                       1
<PAGE>


                                CADUS CORPORATION

                                      INDEX
                                                                        PAGE NO.
                                                                        --------
SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS                              3

              PART I - CONDENSED CONSOLIDATED FINANCIAL INFORMATION

Item 1.   Condensed Consolidated Financial Statements

                Condensed Consolidated Balance Sheets - June 30, 2003
                (unaudited) and December 31, 2002 (audited)                    4

                Condensed Consolidated Statements of Operations -
                Three Months Ended June 30, 2003 and 2002 (unaudited)          5

                Condensed Consolidated Statements of Operations -
                Six Months Ended June 30, 2003 and 2002 (unaudited)            6

                Condensed Consolidated Statements of Cash Flows -
                Six Months Ended June 30, 2003 and 2002 (unaudited)            7

                Notes to Condensed Consolidated Financial
                Statements (unaudited)                                    8 - 10

Item 2.   Management's Discussion and Analysis of Financial Condition
          and Results of Operations                                      11 - 12

Item 3.   Quantitative and Qualitative Disclosures About Market Risk          12

Item 4.   Controls and Procedures                                             13

                           PART II - OTHER INFORMATION

Item 1.   Legal Proceedings                                                   13

Item 2.   Changes in Securities and Use of Proceeds                           13

Item 3.   Defaults Upon Senior Securities                                     13

Item 4.   Submission of Matters to a Vote of Security Holders            13 - 14

Item 5.   Other Information                                                   14

Item 6.   Exhibits and Reports on Form 8K                                     14

SIGNATURES                                                                    15

EXHIBIT INDEX                                                                 16

                                       2
<PAGE>


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.

                                       3
<PAGE>


ITEM 1.   CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


                                CADUS CORPORATION
                      CONDENSED CONSOLIDATED BALANCE SHEETS

                                     ASSETS

                                                      JUNE 30,      DECEMBER 31,
                                                         2003           2002
                                                     -----------    -----------
                                                     (Unaudited)     (Audited)
Current assets:
    Cash and cash equivalents                        $24,519,549    $24,923,071
    Prepaid and other current assets                      40,780         79,053
    Investment in marketable securities                1,213,977        794,603
                                                     -----------    -----------
        Total current assets                          25,774,306     25,796,727

Investment in other ventures                             162,147        164,922
Other assets, net                                        868,388        908,841
                                                     -----------    -----------
        Total assets                                 $26,804,841    $26,870,490
                                                     ===========    ===========



                      LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
    Accrued expenses and other current liabilities   $    79,226    $   227,810
    Deferred gain on exchange of equity interest         282,384        184,833
                                                     -----------    -----------
        Total current liabilities                        361,610        412,643
                                                     -----------    -----------

Stockholders' equity:
    Common stock                                         132,857        132,857
    Additional paid-in capital                        59,844,355     59,844,355
    Accumulated deficit                              (33,342,309)   (33,005,871)
    Accumulated other comprehensive income (loss)        108,403       (213,419)
    Treasury stock                                      (300,075)      (300,075)
                                                     -----------    -----------
        Total stockholders' equity                    26,443,231     26,457,847
                                                     -----------    -----------
        Total liabilities and stockholders' equity   $26,804,841    $26,870,490
                                                     ===========    ===========


     See accompanying notes to condensed consolidated financial statements.

                                       4
<PAGE>


                                CADUS CORPORATION

                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


                                                         Three Months Ended
                                                              June 30,
                                                         2003           2002
                                                     -----------    -----------
                                                     (Unaudited)    (Unaudited)
License and maintenance fees                         $        --    $        --
                                                     -----------    -----------
        Total revenues                                        --             --
                                                     -----------    -----------
Costs and expenses:
    General and administrative expenses                  241,152        277,835
    Gain from equity in other ventures                      (361)          (725)
                                                     -----------    -----------
        Total costs and expenses                         240,791        277,110
                                                     -----------    -----------
Operating loss                                          (240,791)      (277,110)

Other income:
    Interest income                                       46,820         85,619
                                                     -----------    -----------

Loss before income taxes                                (193,971)      (191,491)

Income taxes                                                  --             --
                                                     -----------    -----------
        Net loss                                     ($  193,971)   ($  191,491)
                                                     ===========    ===========
Basic and diluted loss per weighted average
share of common stock outstanding                    ($     0.01)   ($     0.01)
                                                     ===========    ===========
Weighted average shares of common stock
outstanding - basic and diluted                       13,144,040     13,144,040
                                                     ===========    ===========


          See accompanying notes to condensed consolidated financial statements.

                                       5
<PAGE>


                                CADUS CORPORATION

                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

                                                        Six Months Ended
                                                             June 30,
                                                       2003            2002
                                                   ------------    ------------
                                                   (Unaudited)      (Unaudited)
License and maintenance fees                       $    100,000    $    100,000
                                                   ------------    ------------
        Total revenues                                  100,000         100,000
                                                   ------------    ------------
Costs and expenses:
    General and administrative expenses                 534,070         541,545
    Loss (gain) of equity in other ventures               2,775          (1,407)
                                                   ------------    ------------
        Total costs and expenses                        536,845         540,138
                                                   ------------    ------------
Operating loss                                         (436,845)       (440,138)

Other income:
    Interest income                                     100,407         180,187
                                                   ------------    ------------

Loss before income taxes                               (336,438)       (259,951)

Income taxes                                                 --              --
                                                   ------------    ------------
        Net loss                                   ($   336,438)   ($   259,951)
                                                   ============    ============
Basic and diluted loss per weighted average
share of common stock outstanding                  ($      0.03)   ($      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
<PAGE>


                                CADUS CORPORATION

                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                                                           Six Months Ended
                                                               June 30,
                                                          2003          2002
                                                      -----------   -----------
                                                      (Unaudited)   (Unaudited)
Cash flows from operating activities:
    Net loss                                          ($  336,438)  ($  259,951)
    Adjustments to reconcile net loss
        to net cash used in operating activities:
        Amortization of patent costs                       40,452        40,453
        Loss (gain) of equity in other ventures             2,775        (1,407)
    Changes in assets and liabilities:
        Decrease in license fee receivable                     --       500,000
        Decrease in prepaid and other current assets       38,273        29,476
        Decrease in accrued expenses and other
          current liabilities                            (148,584)     (669,636)
                                                      -----------   -----------
Net cash used in operating activities                    (403,522)     (361,065)
                                                      -----------   -----------
Net decrease in cash and cash equivalents                (403,522)     (361,065)
Cash and cash equivalents - beginning of period        24,923,071    24,469,357
                                                      -----------   -----------
Cash and cash equivalents - end of period             $24,519,549   $24,108,292
                                                      ===========   ===========


     See accompanying notes to condensed consolidated financial statements.

                                       7
<PAGE>


                                CADUS CORPORATION

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


Note - 1       ORGANIZATION AND BASIS OF PREPARATION

               Cadus  Pharmaceutical  Corporation  changed  its  name  to  Cadus
               Corporation  (the "Company") on June 20, 2003. The change in name
               was approved by the  stockholders of the Company at the Company's
               Annual Meeting of Stockholders held on June 18, 2003.

               The  information  presented as of June 30, 2003 and for the three
               and six 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, 2002
               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, 2002.

               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 six month period ended June 30,
               2003 are not necessarily indicative of the results to be expected
               for the year ending December 31, 2003.

Note - 2       NET LOSS PER COMMON SHARE

               For the three and six-month  periods ended June 30, 2003 and 2002
               basic net loss per share is computed by dividing  the net loss by
               the weighted average number of common shares outstanding. Diluted
               net loss per share is the same as basic net loss per share  since
               the  inclusion  of  495,975  shares  of  potential  common  stock
               equivalents  (stock options and warrants) in the  computation for
               the three and  six-month  periods  ending  June 30, 2003 would be
               anti-dilutive.  Diluted  net loss per  share is the same as basic
               net loss per  share  since the  inclusion  of  609,309  shares of
               potential  common stock  equivalents in the  computation  for the
               three and six-month  periods  ending June 30, 2002 would be anti-
               dilutive.

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

                                       8
<PAGE>


                                CADUS CORPORATION

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

               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 February  2000,  Cadus licensed to OSI  Pharmaceuticals,  Inc.
               ("OSI"), on a non-exclusive basis, its yeast-based drug discovery
               technologies,  including various reagents 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 six-month period ended June 30, 2003 and 2002,
               Cadus  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.  The Company received 441,446 common
               shares of Sequenom, Inc. in exchange for its shares in Axiom.

               Pursuant to the merger,  102,685 of the Company's  441,446 common
               shares of Sequenom, Inc. are held in escrow (the "Escrow Shares")
               for a  one-year  period.  The  Escrow  Shares  are held to secure
               rights to  indemnification,  compensation  and  reimbursement  of
               Sequenom,  Inc.  and other  indemnities  as defined in the merger
               agreement.  The value of the Escrow Shares  received was recorded
               as a  deferred  gain  on  exchange  of  equity  interest  in  the
               accompanying condensed 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 (loss)  within  stockholders'  equity.  The
               Company's  unrealized  gain of  $108,403  as of June 30,  2003 on
               shares received is reflected in accumulated  other  comprehensive
               income.  The Company's  unrealized gain of $32,859 as of June 30,
               2003 for  Escrow  Shares  is  included  in the  deferred  gain on
               exchange of equity interest.

                                       9
<PAGE>


                                CADUS CORPORATION

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


Note - 5       ADOPTION OF NEW ACCOUNTING PRONOUNCEMENT

               In December 2002, the Financial Accounting Standards Board (FASB)
               issued  Statement  of  Financial  Accounting  Standards  No. 148,
               "Accounting  for   Stock-Based   Compensation  -  Transition  and
               Disclosure" ("SFAS 148"). SFAS 148 provides  alternative  methods
               of transition for a voluntary  change to the fair value method of
               accounting for  stock-based  employee  compensation as originally
               provided   by  SFAS   No.   123   "Accounting   for   Stock-Based
               Compensation".  Additionally,  SFAS  148  amends  the  disclosure
               requirements of SFAS 123 to require prominent  disclosure in both
               the annual and interim  financial  statements about the method of
               accounting  for  stock-based  compensation  and the effect of the
               method used on reported  results.  Pro forma net (loss)  would be
               the same as the  reported net (loss) for the three and six months
               ended June 30, 2003 and 2002 had the fair-value-based method been
               applied to all outstanding awards,  which were fully vested as of
               December 31, 1999.  Therefore,  the application of the disclosure
               portion  of  this  standard  had no  impact  on our  consolidated
               financial  statements  as of June 30,  2003 and for the three and
               six months ended June 30, 2003.

               On  April  22,  2003,  the  FASB  determined   that   stock-based
               compensation  should  be  recognized  as a cost in the  financial
               statements  and that such cost be measured  according to the fair
               value of the stock  options.  The FASB has not as yet  determined
               the methodology for calculating  fair value and plans to issue an
               exposure  draft later this year that could  become  effective  in
               2004. We will continue to monitor  communications on this subject
               from the FASB in order to determine  the impact on the  Company's
               consolidated financial statements.

                                       10
<PAGE>


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 June 30, 2003, the Company had an accumulated  deficit of approximately $33.3
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 JUNE 30, 2003 AND JUNE 30, 2002

REVENUES

There were no revenues for the three months ended June 30, 2003 and 2002.

COSTS AND EXPENSES

General and  administrative  expenses decreased to $241,152 for the three months
ended June 30, 2003 from $277,835 for the same period in 2002.  The decrease can
be attributed primarily to a decrease in professional and license fees.

For the three months ended June 30, 2003, the Company  recognized a gain of $361
in its investment in Laurel Partners Limited  Partnership  ("Laurel").  The gain
for the same period in 2002 was $725.

INTEREST INCOME

Interest income for the three months ended June 30, 2003 was $46,820 compared to
interest  income of  $85,619  for the same  period  in 2002.  This  decrease  is
attributable primarily to lower interest rates earned on invested funds.

NET LOSS

Net loss for the three months ended June 30, 2003 was $193,971 compared to a net
loss of $191,491 for the same period in 2002.  This  increase in net loss can be
attributed  primarily  to a decrease  in interest  income  offset in part by the
decrease in professional and license fees.

                                       11
<PAGE>


SIX MONTHS ENDED JUNE 30, 2003 AND JUNE 30, 2002

REVENUES

Revenues for the six months ended June 30, 2003 and 2002 were $100,000  which is
the annual maintenance fee from OSI Pharmaceuticals, Inc.

COSTS AND EXPENSES

General and  administrative  expenses  decreased  to $534,070 for the six months
ended June 30, 2003 from $541,545 for the same period in 2002. This decrease can
be  attributed  primarily to a decrease in license fees offset by an increase in
shareholder relations.

For the six months ended June 30, 2003, the Company  recognized a loss of $2,775
in its investment in Laurel. The gain for the same period in 2002 was $1,407.

INTEREST INCOME

Interest income for the six months ended June 30, 2003 was $100,407  compared to
interest  income of  $180,187  for the same  period in 2002.  This  decrease  is
attributable primarily to lower interest rates earned on invested funds.

NET LOSS

Net loss for the six months ended June 30, 2003 was  $336,438  compared to a net
loss of $259,951 for the same period in 2002.  This  increase in net loss can be
attributed primarily to the decrease in interest income.

LIQUIDITY AND CAPITAL RESOURCES

At June 30, 2003 the Company held cash and cash  equivalents  of $24.5  million.
The Company's working capital at June 30, 2003 was $25.4 million.

The Company believes that its existing capital resources, together with interest
income,  will be sufficient to support its  operations  through the end of 2004.
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.

                                       12
<PAGE>


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-14(c) and 15d-14(c)  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.


PART II - OTHER INFORMATION
---------------------------

Item 1.   Legal Proceedings

          None.

Item 2.   Changes in Securities and Use of Proceeds

          None.

Item 3.   Defaults Upon Senior Securities

          None.

Item 4.   Submission of Matters to a Vote of Security Holders

          On  June  18,  2003,   the  Company  held  its  annual   meeting  of
          stockholders in New York, New York. The holders of 12,430,173 shares
          of  Common  Stock  were  present  or   represented   by  proxy  and,
          accordingly,  a quorum was present. The following matters were voted
          upon and received the votes set forth below:

          1.   All of the following  persons  nominated were elected to serve as
               directors  and received  the number of votes set  opposite  their
               respective names:

                                            VOTES FOR             VOTES WITHHELD

               James R. Broach              11,997,583                452,590

               Russell D. Glass             11,997,583                452,590

               Carl C. Icahn                11,997,583                452,590

               Peter S. Liebert             11,997,583                452,590

               Michele A. Paige             11,997,583                452,590

               Jack G. Wasserman            11,997,583                452,590

                                       13
<PAGE>


          2.   The  Company's  proposal to amend the  Company's  Certificate  of
               Incorporation  to change the Company's name to Cadus  Corporation
               received  12,164,065  votes FOR and 245,606 votes  AGAINST,  with
               20,502 abstentions and 0 broker non-votes.

          3.   A  stockholder  proposal  concerning  a request that the Board of
               Directors of the Company  pursue  returning the Company's  excess
               cash  to  its  stockholders  received  1,822,576  votes  FOR  and
               6,103,824  votes AGAINST,  with 27,750  abstentions and 4,476,023
               broker non-votes.

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 report.

               (b)  Reports on Form 8-K.

                    None.

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<PAGE>


                                   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)


Date: August 14, 2003               By: /s/ Michele A. Paige
                                       -----------------------------------------
                                        Michele A. Paige
                                        President and Chief Executive Officer
                                        (Authorized Officer and
                                        Principal Financial Officer)

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<PAGE>


                                  EXHIBIT INDEX


The following exhibit is filed as part of this Quarterly Report on Form 10-Q:

EXHIBIT NO.                   DESCRIPTION

3.1                           Certificate  of  Amendment of Amended and Restated
                              Certificate    of     Incorporation    of    Cadus
                              Pharmaceutical  Corporation  ("Cadus"),  as  filed
                              with the  Secretary  of State of  Delaware on June
                              20, 2003, and Amended and Restated  Certificate of
                              Incorporation   of  Cadus,   as  filed   with  the
                              Secretary of State of Delaware on July 22, 1996.

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


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