NexgenRx Inc.
TSX VENTURE : NXG

NexgenRx Inc.

November 15, 2006 18:31 ET

NexgenRx Announces 2006 Third Quarter Results

TORONTO, ONTARIO--(CCNMatthews - Nov. 15, 2006) - NEXGENRX INC. (TSX VENTURE:NXG) ("NexgenRx" or the "Corporation") is pleased to announce its third quarter results.

Revenue from transaction fees for the quarter ended September 30, 2006, of $46,000, represented an increase of $42,000 over the prior year comparable quarter. For the nine months ended September 30, 2006, revenue from transaction fees of $129,000 represented an increase of $122,000 over the prior year comparable period.

The net loss for the quarter was $1,676,000 ($0.04 per common share) compared with a loss of $1,435,000 ($0.11 per common share) in the prior year comparable period.

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

"Completing the initial public offering and listing NexgenRx Inc. on the TSX Venture Exchange is a major accomplishment for our organization," stated NexgenRx President and CEO, Ron Loucks. "Now that our financing is in place, the Corporation is poised to drive our business development efforts forward and deliver flexible, cost-effective solutions in the health benefit market."

The Corporation's Interim Financial Statements and Notes, the Corporation's Management's Discussion and Analysis, and all additional required financial disclosure in respect of the interim period ended September 30, 2006, will be 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)