ROCHESTER — OptimizeRx Corp. (OTCQB:OPRX), an aggregator of pharmaceutical-sponsored services in electronic health records, appointed company director Gus D. Halas as chairman of the board, effective June 30. He will succeed retiring chairman and company founder, David Harrell.
As the company’s CEO until February of last year, Harrell created the first technology and network to automate customized copay savings and other patient support directly within doctors’ existing electronic prescribing workflow.
Today, OptimizeRx offers the largest point-of-prescribe promotional network in the industry, reaching more than 500,000 healthcare providers through more than 370 electronic health record systems nationwide. Through this network, OptimizeRx delivers patient support for 25 of the world’s largest pharmaceutical companies.
“Over the course of the last year, my primary role as chairman has been to assist in the transition of leadership, including the succession of William Febbo as CEO and now Gus as our new chairman,” Harrell said. “Given our strong revenue growth in the first quarter and the expected further acceleration in the current quarter and beyond, I’m confident OptimizeRx is now well positioned to pursue the billion-dollar market opportunity we created. I also want to express my sincere gratitude to all OptimizeRx’s employees, technology and pharmaceutical partners, board members and shareholders who have worked together to deliver millions of dollars in savings to patients while encouraging greater compliance with their prescriptions.”
Added Febbo: “On behalf of the staff and members of the board, we extend our deepest appreciation for Dave’s service and dedication to OptimizeRx, and especially for his vision of delivering better and more affordable healthcare which has formed its foundation. Dave’s leadership and insights over the last year have been invaluable, creating a smooth transition and helping us set the right course ahead.”
And Halas said: “Thanks to the leadership of Dave and Will, OptimizeRx is now well established as the leading health technology company for the pharmaceutical industry at point of care, offering the broadest and deepest reach to healthcare providers. As the company’s new chairman, I will work closely with the board and management in taking OptimizeRx to the next level of growth and development, with the effort supported by increased investments in sales, products and marketing.”
Halas has served as director of OptimizeRx for nearly three years, and brings to the chair extensive operational experience and accomplishment across a range of industries. He also currently serves on the boards of Triangle Petroleum, a publicly held independent energy company, and Hooper Holmes, a publicly held health and wellness company. He is a member of the advisory board of White Deer Energy, and previously served as CEO of Central Garden and Pet Corp., a pet care retailer. He holds a bachelor of science in physics and a bachelor of science in economics from Virginia Polytechnic Institute and State University.
OptimizeRx’s consulting agreement with Harrell, which was previously scheduled to end Sept. 30, will now end July 31. The company will also acquire 500,000 shares of Harrell’s common stock of OptimizeRx at 78 cents per share, after which Harrell will have approximately 2.1 million shares.
“We took this opportunity to reduce our shares outstanding at a fair price, while still maintaining the necessary cash levels to fund our growth initiatives,” Febbo said. “OptimizeRx management and the board believe the company’s growth and strong prospects of both its pharmaceutical products and distribution network are not reflected by the company’s current valuation.”
OptimizeRx software helps patients better afford and comply with their medicines and healthcare products, while offering pharmaceutical and healthcare companies effective ways to expand awareness, access and adherence to their medications.
The OptimizeRx product replaces drug samples with electronic trial vouchers and copay coupon savings that are electronically added to an e-prescription and sent electronically to the pharmacy and is integrated within leading electronic health record platforms, including Allscripts, DrFirst, NewCrop, Quest Diagnostics, Practice Fusion and other EHRs to reach over 500,000 healthcare providers. In turn, OptimizeRx promotes patient savings and support from the world’s largest pharmaceutical companies, including Pfizer, Lilly, Novartis, AstraZeneca, and others. For more information, visit www.optimizerx.com.