OptimizeRx Snags Equity Capital Raise of $65.6M

  • OptimizeRx Corporation (NASDAQ: OPRXprices its previously announced underwritten public offering of 1.325 million common shares, at $49.50 per share, raising $65.6 million in gross proceeds.
  • Underwriters have an option to purchase up to an additional 198,750 shares. The offering is expected to close by February 11.
  • The offer price represents a marginal discount of 4% on the last close price of $51.76 on Monday.
  • OPRX will use the net proceeds for general corporate purposes, including future acquisitions.
  • William Blair & Company and RBC Capital Markets are acting as joint book-running managers for the offering. 
  • OptimizeRx is firing on all cylinders, in part because the COVID-19 pandemic has made access to doctors even more difficult for sales reps. The company reported 117% revenue growth in its fourth quarter and forecasted positive net income. The company expects revenue of approximately $43 million for the full year, up 75% over 2019. The company has $170 million worth of sales in the pipeline and reports seeing a shift to recurring revenue streams from its pharmaceutical partners.
  • Price Action: OPRX shares reached 5.9% higher at $54.76 during the market trading session on the last check Tuesday.

Posted In: Covid-19BiotechNewsOfferingsSmall CapGeneral

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