NexgenRx Inc.
TSX VENTURE : NXG

NexgenRx Inc.

May 05, 2008 20:05 ET

NexgenRx Announces 2008 First Quarter Results

TORONTO, ONTARIO--(Marketwire - May 5, 2008) - NEXGENRX INC. ("NexgenRx" or the "Corporation") (TSX VENTURE:NXG) is pleased to announce its 2008 first quarter results.

Revenue from transaction fees for the three months ended March 31, 2008, of $220,000, represented an increase of $149,000 over the prior year.

The net loss for the three months ended March 31, 2008 was $1,011,000 ($0.03 per common share), compared with a loss of $858,000 ($0.02 per common share) in the prior year. The prior year loss was net of assessed tax credits of $323,000.

During the quarter, NexgenRx was focused on implementation of new business and continued opportunity identification and revenue generation. The Corporation has added new business through the organic growth of existing clients as well as the Co-operators new business, which we began processing in early January. The bulk of the Co-operators existing business is expected to begin generating revenue during the second quarter of 2008.

The Corporation's major focus for the remainder of the year is to continue aggressively marketing to a target audience of large service providers, primarily Third Party Administrators, and to help current partners expand organically in their chosen markets.

The Corporation also announces the grant to an employee of NexgenRx of an aggregate of 50,000 options to acquire common shares in the capital of NexgenRx at a price of $0.25 for 5 years (vesting 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 foregoing option grants are subject to final regulatory approval.

The Corporation's unaudited Interim Financial Statements and Notes, the Corporation's Management's Discussion and Analysis, and all additional required financial disclosure in respect of the period ended March 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 803
    (647) 722-2921 (FAX)
    Website: www.nexgenrx.com