SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 16, 2021
OptimizeRx Corporation
(Exact name of registrant as specified in its charter)
| Nevada | 001-38543 | 26-1265381 | ||
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
| 400 Water Street, Suite 200, Rochester, MI | 48307 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: 248.651.6568
|
___________________________________________________ (Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol | Name of each exchange on which registered | ||
| Common Stock | OPRX | Nasdaq Capital Market |
SECTION 8 – Other Events
| Item 8.01 | Other Events |
On March 16, 2021, we issued a press release announcing that we have secured 19 new enterprise-level deals for 2021 that provide access to our full suite of solutions and nationwide digital healthcare platform. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
The information in Item 8.01 of this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.
SECTION 9 – Financial Statements and Exhibits
| Item 9.01 | Financial Statements and Exhibits |
| 99.1 | Press release, dated March 16, 2021 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
OptimizeRx Corporation
/s/ Douglas Baker
Douglas Baker
Chief Financial Officer
Date: March 16, 2021
Exhibit 99.1
OptimizeRx Recurring Revenue Grows as it Secures 19 New Enterprise-Level Engagements in Q1 2021
ROCHESTER, Mich. – March 16, 2021 – OptimizeRx Corp. (Nasdaq: OPRX), a leading provider of digital health solutions for life science companies, physicians and patients, has secured 19 new enterprise-level deals for 2021 that provide access to the company’s full suite of solutions and nationwide digital healthcare platform.
Of the 46 deals in pipeline shared during the fourth quarter of 2020 earnings call, the company has closed 19 deals. This conversion success rate is in addition to a higher-than-average renewal rate of existing engagements over the same period. In 2021, the company expects to exceed the 86% renewal rate it experienced last year.
“These many new wins further demonstrate the exceptional capabilities and reach of our solutions, and especially how they deliver exceptional value to our clients,” stated Steve Silvestro, OptimizeRx’s chief commercial officer. “In a year with so much disruption, especially for new drug launches, our enterprise engagements have produced strong results for our clients, helping them to reach more physicians and ultimately deliver greater support to more patients.”
In December 2020, McKinsey published an analysis of 86 recent drug launches and the associated impact of COVID-19 on the pharmaceutical commercial model. The analysis identified several imperatives for creating the conditions for a successful drug launch in what McKinsey refers to as the “next normal.” Under this shifting commercial model, the ability to rapidly deliver personalized content, analytics and engagement through innovative patient channels now takes center stage as a critical factor for successful drug launches.
The elements driving the shift in commercial models are expected to persist beyond the pandemic, creating a sustained increase in demand for digital enablement tools that can swiftly respond to real-world events through advanced analytic methods. A recent MM+M/Healthlink Dimensions survey of healthcare marketers revealed a 29.5% budget increase for digital sales rep engagement in 2020. Further, while traditional engagement methods declined in popularity, remote sales rep engagement increased to 66.7%.
“Our engagement with pharma clients has evolved to focus on key elements of their commercialization process that over the past year has had to adapt to the next normal,” continued Silvestro. “By using OptimizeRx’s proprietary platform, our clients have been able to reach more HCPs in a much shorter period, providing them with the necessary information and tools to help treat their patients. These closed loop execution efforts have a clear and demonstrated return on investment.”
William Febbo, chief executive officer of OptimizeRx, commented: “We are encouraged by the continued conversion of our pipeline
into enterprise-level deals and the resulting buildup in our recurring revenue. As these more expansive enterprise deployments
better address the need for greater digital connectivity for our clients, they also provide OptimizeRx with a more consistent
revenue stream.”
“We expect the first half of the year to continue to show strong growth, and this has historically positioned the company for an even better second half,” added Febbo. “The platform we have built over the years continues to bring us closer to our clients, especially with the unprecedented shift in budgets to digital. We plan to continue scaling and leveraging the strength of our platform to address the sizable market opportunities ahead.”
About OptimizeRx
OptimizeRx is a digital health company that provides communications solutions for life science companies, physicians and patients. Connecting over half of healthcare providers in the U.S. and millions of patients through a proprietary network, the OptimizeRx digital health platform helps patients afford and stay on medications. The platform unlocks new patient and physician touchpoints for life science companies along the patient journey, from point-of-care, to retail pharmacy, through mobile patient engagement.
For more information, follow the company on Twitter, LinkedIn or visit www.optimizerx.com.
Important Cautions Regarding
Forward Looking Statements
This press release contains forward-looking statements within the definition of Section 27A of the Securities Act of 1933,
as amended, and such as in section 21E of the Securities Act of 1934, as amended. These forward-looking statements should not
be used to make an investment decision. The words 'estimate,' 'possible' and 'seeking' and similar expressions identify forward-looking
statements, which speak only as to the date the statement was made. The company undertakes no obligation to publicly update or
revise any forward-looking statements, whether because of new information, future events, or otherwise. Forward-looking statements
are inherently subject to risks and uncertainties, some of which cannot be predicted, or quantified. Future events and actual
results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks
and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation,
competition and other material risks.
OptimizeRx Contact
Doug Baker, CFO
Tel (248) 651-6568 (x807)
dbaker@optimizerx.com
Media Relations Contact
Maira Alejandra, Media Relations Manager
Tel (754) 245-7070
malejandra@optimizerx.com
Investor Relations Contact
Ron Both, CMA
Tel (949) 432-7557
oprx@cma.team