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Unable to Secure Needed Funding, NextGen Group Likely to Wind Down Business

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NextGen Group has announced that due to an inability to secure additional financing it will likely take steps to wind down its business unless it is able in the near future to find a buyer for its principal subsidiary, protein biomarker firm NextGen Sciences.

The company noted that it has not yet received any acceptable offers for NextGen Sciences and that even if it is sold, "it is unlikely that it will generate sufficient cash to settle all the company's outstanding creditors in full."

NextGen Sciences traditionally focused on providing custom biomarker services for pharma and biotech firms but over the last year moved into the plasma biomarker discovery space, developing a series of protein biomarker panels aimed at various therapeutic areas (PM 3/18/2011).

In November 2011, citing lower than expected sales in its biomarker and testing business, the company entered a convertible loan agreement with Alpha 4 Concepts for the provision of additional funding of £650,000 ($1.04 million) (PM 11/4/2011).

That loan agreement ends on Oct. 31.

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