Epocrates, the San Mateo, Calif.-based developer of the eponymous mobile prescription-information tool, is looking to raise about $76 million in an initial public offering of common stock, according to its most recent filing with the Securities and Exchange Commission.
Epocrates looks for $76 million in IPO
In the company prospectus filed with the SEC today, Epocrates seeks listing on the NASDAQ exchange under the symbol EPOC. The company will begin selling stock "as soon as practicable after the effective date of this registration statement," according to the filing.
Epocrates' mobile device applications are being used by more than 1 million healthcare professionals worldwide, including more than 290,000 U.S.-based physicians, according to the company's filing statement. Epocrates also is developing an electronic health-record system that will target solo and small-group practices wanting to qualify for incentive payments under the American Recovery and Reinvestment Act of 2009, according to the company.
The company's EHR, however, has not been released or certified as compliant with federal incentive program requirements. "Even if our product meets these requirements, we may be too late to the market to compete for the growing numbers of physicians and others expected to adopt such products in order to qualify for the government incentives beginning in 2011," according to the SEC filing.
Epocrates had started down the IPO trail once before, in 2008, but put the deal on hold because of the turmoil on Wall Street. It announced its second IPO attempt last July.
Send us a letter
Have an opinion about this story? Click here to submit a Letter to the Editor, and we may publish it in print.