NexgenRx Inc.
TSX VENTURE : NXG

NexgenRx Inc.

March 23, 2009 17:59 ET

NexgenRx Announces 2008 Annual Results

TORONTO, ONTARIO--(Marketwire - March 23, 2009) - NEXGENRX INC. ("NexgenRx" or the "Corporation") (TSX VENTURE:NXG) is pleased to announce its 2008 annual results.

Revenue from transaction fees for the year ended December 31, 2008, of $1,922,000, represented an increase of $1,489,000 over the prior year.

The net loss for the year was $2,803,000 ($0.07 per common share), compared with a loss of $4,165,000 ($0.10 per common share) in the prior year.

Comparing December 2007 with December 2008, NexgenRx increased its monthly transaction revenue by more than 300%. As a result of its scalable technology solution and implementation expertise, the Corporation was able to achieve this revenue growth without increasing expenses. NexgenRx continues to build additional functionality into the core system and develop automated tools that allow new customers the ability to convert their existing data onto the system in a seamless fashion.

During 2008, NexgenRx was primarily focused on the conversion of the large block of insurer business acquired in 2007. The transfer was completed before the end of the second quarter. In addition, working with a U.S. partner and a major international union, the Corporation began adjudicating claims from the first on-site member-owned pharmacy in Canada. This concept is being embraced by other unions across the country as innovative and cost-effective strategies are being embraced in the current economic climate.

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 for the ever expanding biological drug therapies. By aligning with these organizations, NexgenRx brings added-value to current and new customers.

The Corporation's Annual Audited Financial Statements and Notes, Management's Discussion and Analysis, and all additional required financial disclosure in respect of the period ended December 31, 2008, 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 806
    (647) 722-2921 (FAX)
    Website: www.nexgenrx.com