NexgenRx Inc.

NexgenRx Inc.

November 24, 2011 17:19 ET

NexgenRx Announces 2011 Third Quarter Results, Option Grant and New Corporate Secretary

TORONTO, ONTARIO--(Marketwire - Nov. 24, 2011) - NEXGENRX INC. ("NexgenRx" or the "Corporation") (TSX VENTURE:NXG) is pleased to announce its 2011 third quarter results.

Revenue for the quarter increased by 7% in comparison to Q3 2010, and the year to date revenue growth overall, is up 13%. 2011 has been a year of innovation and strategic IT planning for NexgenRx and that continued in this quarter. During the first nine months of 2011, the Corporation executed its strategic information technology plan in preparation for the next significant phase of growth.

"The strength of our administration platform, NexAdmin®, continues to be recognized through a growing customer base and solid pipeline of prospects. NexAdmin® is another example of the Corporation's innovation and responsiveness, as the market recognizes the strength of combining adjudication and administration capabilities into a seamless service offering" stated Ron Loucks, President & CEO.

The Corporation also announces the grant to management and employees of NexgenRx of an aggregate of 1,300,000 options to acquire common shares in the capital of NexgenRx at a price of $0.25 for 5 years (vesting in respect of options granted to officers and employees 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).

In addition, the Corporation announces a further grant to Directors of NexgenRx of 1,655,000 options to acquire common shares in the capital of NexgenRx at a price of $0.25. These options vest immediately and expire in five years.

The Corporation is also pleased to announce the appointment of its new corporate secretary, Ms. Christa Plumley, LLB.

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

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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.

Contact Information

  • NexgenRx Inc.
    Ronald C. Loucks
    President and CEO
    416.695.3393 x801

    NexgenRx Inc.
    Taba Merrikh
    Director of Finance