Benzinga | Feb 9, 2021 12:31PM EST

OptimizeRx Snags Equity Capital Raise of $65.6M

* OptimizeRx Corporation (NASDAQ: OPRX) prices 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.