NexgenRx Inc.
TSX VENTURE : NXG

NexgenRx Inc.

November 21, 2007 12:15 ET

NexgenRx Announces 2007 Third Quarter Results

TORONTO, ONTARIO--(Marketwire - Nov. 21, 2007) - NEXGENRX INC. ("NexgenRx" or the "Corporation") (TSX VENTURE:NXG) is pleased to announce its 2007 third quarter results.

Revenue from transaction fees for the quarter ended September 30, 2007, of $104,000, represented an increase of $58,000 over the prior year comparable quarter.

The net loss for the quarter was $1,052,000 ($0.03 per common share), compared with a loss of $1,676,000 ($0.10 per common share) in the prior year comparable quarter.

Subsequent to the quarter-end, the Corporation signed a contract with the Co-operators Life Insurance Company ("Co-operators"), which is expected to add 70,000 lives during 2008. NexgenRx successfully closed a debenture issuance for gross proceeds of $2 million, which is expected to provide the funding level necessary for the continuing growth of the Corporation's business.

"This quarter saw NexgenRx confirm its place as a strong, stable competitor in the Canadian health benefit market," stated President and CEO Ron Loucks. "Our newest client, Co-operators, have recognized the benefits of our unique product offering, and together, we look to continue delivering leading-edge solutions to the Canadian 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, 2007, 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. 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.

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
    Chief Financial Officer
    (416) 695-3393 x 803
    (647) 722-2921 (FAX)
    Website: www.nexgenrx.com