NexgenRx Inc.

NexgenRx Inc.

July 14, 2008 12:04 ET

NexgenRx Announces New Audit Committee Chairman

TORONTO, ONTARIO--(Marketwire - July 14, 2008) - NEXGENRX INC. ("NexgenRx" or the "Company") (TSX VENTURE:NXG) is pleased to announce the appointment of Mr. Patrick Crowley as Chairman of the Audit Committee. Mr. Crowley has been a Director of the Company since March 2008.

Mr. Crowley is Executive Vice President and Chief Financial Officer of OMERS Administration Corporation after having served as CFO of several major Canadian corporations including, ATI Technologies, Canada Life Financial Corporation, Molson Inc., Abitibi Consolidated and Everfresh Beverages. He is a graduate of the Richard Ivey School of Business, a Chartered Accountant and a graduate of the Directors Education Program holding the designation of ICD.D. Mr. Crowley is a director of several not-for-profit organizations, private and public companies.

Mr. Crowley replaces David Rosenkrantz, who served in the Audit Committee Chair role in an interim capacity since 2007. Mr. Rosenkrantz will remain an active member of the Board and Audit Committee.

On July 14, 2008, the Corporation issued 161,316 common shares, at a price of $0.25 per share, in lieu of cash payment of interest accrued on the $2,000,000 of convertible debentures issued in October 2007. The foregoing shares are subject to hold periods in accordance with applicable securities laws, which will expire on November 15, 2008. It is at the discretion of the Corporation to issue shares in lieu of cash as payment of interest on the convertible debentures.

The Company also announces the grant to a director and 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 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). The foregoing option grants are subject to final regulatory approval.

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

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)
    NexgenRx Inc.
    Jeff Dawley
    (416) 695-3393 x 803
    (647) 722-2921 (FAX)