NexgenRx Inc.
TSX VENTURE : NXG

NexgenRx Inc.

March 21, 2007 18:51 ET

NexgenRx Announces 2006 Annual Results

TORONTO, ONTARIO--(CCNMatthews - March 21, 2007) - NEXGENRX INC. (TSX VENTURE:NXG) ("NexgenRx" or the "Corporation") is pleased to announce its annual results for the year ended December 31, 2006.

Revenue from transaction fees for the year ended December 31, 2006, of $184,000, represented an increase of $166,000 over the prior year.

The net loss for the year was $5,148,000 ($0.27 per common share) compared with a loss of $6,187,000 ($0.64 per common share) in the prior year.

The Corporation completed an initial public offering ("IPO") during the year, raising approximately $4.8 million, net of issue expenses, for use in the continued growth and development of the Corporation.

During the year, the Corporation met all of its stated milestones, including the successful implementation of the most recent release of its adjudication software with a functional enhancement that significantly increased the system's speed and scalability, along with the release of a web-accessible administration interface that enables clients to manage their own administration on-line. As announced in the last quarter of 2006, the Corporation also signed a contract to administer approximately 250,000 lives, commencing in the first quarter of 2007.

"With the operational milestones that we were able achieve during 2006, NexgenRx is now well-positioned to take advantage of its flexible, leading-edge technology in delivering better, more cost-effective solutions to the health benefits market," stated President and CEO, Ronald C. Loucks, "In the upcoming year, we will focus on delivering our message to the market, and finding industry partners to work with NexgenRx in providing the best solution available to their customers."

The Corporation's Annual Financial Statements and Notes, the Corporation's Management's Discussion and Analysis, and all additional required financial disclosure in respect of the year ended December 31, 2006, are available at www.sedar.com.

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. NexgenRx provides an efficient, cost-effective alternative to insurers for those Canadian plan sponsors who are providing, or wish to provide, an adminstration services only, or "ASO" health benefit plan to their plan members. NexgenRx also provides a competitive alternative for the provision of health benefit claims adjudication services to third party administrators who manage and administer benefit plans on behalf of a number of plan sponsors and whose services to such plan sponsors include, but are not limited to, the adjudication and payment of health benefit claims made under the plans managed and administered by them.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • NexgenRx Inc.
    Ronald C. Loucks
    President and CEO
    (416) 695-3393 x 801
    (647) 722-2920 (FAX)
    or
    NexgenRx Inc.
    Jeff Dawley
    VP Finance, CFO and Corporate Secretary
    (416) 695-3393 x 803
    (647) 722-2921 (FAX)