Rns...17 May 2010 14:13
RNS Number : 0465M
NextGen Group PLC
17 May 2010
NextGen Group plc ("NextGen" or the "Company") Convertible Loan Agreement of €500,000 NextGen announces that it has entered into a convertible loan agreement for the provision of funding of €500,000. This funding will be used to provide general working capital for the Company, which the Directors believe will be sufficient for its current requirements. The convertible loan agreement is with Alpha 4 Concepts GmbH, an existing shareholder in the Company, and the terms of the loan include a coupon of 12% pa and the loan is repayable on 7 days' notice. Subject to the necessary resolutions being passed at the Company's 2010 Annual General Meeting to increase its share capital and to obtain the necessary authorities to allot shares, the loan (plus interest) shall be convertible, at the lender's option until 31 July 2011, into ordinary shares in the Company at a price of 0.1p per share plus one warrant for every share issued, with the warrants being exercisable for 3 years from the date of grant. If the conversion right is not exercised, then the other terms of the loan will continue until 31 July 2011 when it becomes repayable, unless otherwise agreed between the Company and the lender. In addition, the lender has requested that nanotecquity receive a monitoring fee, payable by the Company, of €5,000 per month during the period of the loan. For further details please contact: Klaus Rosenau, Chairman +49 160 5516756 NextGen Group Jonathan Wright/Nicola Marrin 020 7107 8000 Seymour Pierce Limited Notes to Editors: About NextGen Group NextGen Group PLC (AIM: NGG) is a provider of biomarker services for pharmaceutical and biotech companies globally. Using advanced techniques, such as Multiple Reaction Monitoring (MRM) mass spectrometry analysis, the Company is developing a portfolio of robust assays for testing clinical samples for drug safety and efficacy, and the development of personalized treatment for patients. NextGen Sciences Inc, a wholly owned subsidiary of NextGen Group PLC NextGen Sciences is the operational part of the Group and headquartered in Ann Arbor, Michigan, NextGen Sciences' range of services, which include biomarker discovery, assay development, validation and testing are employed by its customers as a key part of the biomarker-based drug and diagnostic development process. For more information visit www.nextgensciences.com
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