NexgenRx Inc.
TSX VENTURE : NXG

NexgenRx Inc.

April 01, 2010 12:13 ET

NexgenRx Announces 2009 Annual Results- Revenues Up by 53%

TORONTO, ONTARIO--(Marketwire - April 1, 2010) - NEXGENRX INC. (TSX VENTURE:NXG) ("NexgenRx" or the "Corporation") is pleased to announce its 2009 annual results.

Revenue from transaction fees for the year ended December 31, 2009 was $2,941,000, representing an increase of 53% over the prior year.

The net loss for the year was $2,045,000 ($0.05 per common share) compared with a loss of $2,803,000 ($0.07 per common share), in the prior year.

As a result of the scalable technology solution and implementation expertise, the Corporation was able to achieve this revenue growth without increasing expenses. NexgenRx continued again this year to build additional functionality into the core system as we successfully launched our web-based administration platform, NexAdmin®.

Looking forward, NexgenRx continues to build relationships with established organizations that are leaders in third party administration, analytical data reporting and manufacturer's co-payment assistance programs Through our new administration capabilities, NexAdmin®, we are now actively marketing our complete solution to corporate clients who want to have stand-alone health and dental plans separate from their insured benefits, without incurring additional administration work and costs.

The Corporation's Annual Audited Financial Statements and Notes, the Corporation's Management's Discussion and Analysis, and all additional required financial disclosure in respect of the period ended December 31, 2009, are available at www.sedar.com.

The Corporation also announces the grant to directors, officers and employees of NexgenRx of an aggregate of 795,000 options to acquire common shares in the capital of NexgenRx at a price of $0.25 for 5 years (vesting in respect of options granted to officers and employees as to 20% each year for four years, beginning on the first anniversary of the grant date, and the final 20% on the date that is 90 days prior to the fifth anniversary of the grant date). 

The Corporation also announces a further grant to a director of NexgenRx of 250,000 options to acquire common shares in the capital of NexgenRx at a price of $0.35. These options vest immediately and expire September 12, 2011.

All of the foregoing option grants are subject to final regulatory approval.

About NexgenRx

NexgenRx is a growing health benefits management company engaged in the design, management and administration of health benefit plans offered by employers and other plan sponsors for the benefit of their employees and plan members. More information on NexgenRx can be found at www.nexgenrx.com.

Caution Regarding Forward-Looking Statements – This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Corporation. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.

Contact Information

  • NexgenRx Inc.
    Ronald C. Loucks
    President and CEO
    (416) 695-3393 x 801
    (647) 722-2920 (FAX)
    www.nexgenrx.com