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Medical Transcription Billing closes $15M public offering of preferred stock

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Medical Transcription Billing closes $15M public offering of preferred stock

Medical Transcription Billing Corp. closed a public offering of 600,000 nonconvertible preferred shares at $25 apiece to raise $15 million in gross proceeds.

The Somerset, N.J.-based company plans to use the $13.4 million raised in net proceeds for growth, working capital and general corporate purposes.

H.C. Wainwright & Co. was the exclusive lead placement agent for the offering, while Boenning & Scattergood Inc. and Chapin Davis Investments were co-placement agents.

Medical Transcription Billing provides web-based solutions and business services to healthcare providers.