RNS from 3/3/105 Mar 2010 16:11
RNS Number : 0054I
NextGen Group PLC
03 March 2010
NextGen Group plc ("NextGen" or the "Company")
Convertible Loan Agreement of €350,000
NextGen announces that it has entered into a convertible loan agreement for the provision of funding of €350,000. 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 and within 2 business days following the AGM, 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 2010 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 £3,000 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 Sciences
NextGen Sciences, a wholly owned subsidiary of NextGen Group PLC
NextGen Group PLC (AIM: NGG) is a provider of biomarker services for pharmaceutical and biotech companies. 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.
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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