July 16, 2010 / 10:07 PM / 7 years ago

UPDATE 1-Epocrates files for $75 mln IPO

* To use proceeds to pay dividend

* Expected to trade on Nasdaq as “EPOC”

July 16 (Reuters) - Clinical information provider Epocrates Inc filed with U.S. regulators on Friday to raise up to $75 million through an initial public offering of common stock.

The company provides mobile drug reference tools to healthcare professionals and interactive services to the healthcare industry, according to a regulatory filing with the U.S. Securities and Exchange Commission.

The company posted revenue of $93.7 million for 2009, up 12 percent from a year earlier. It posted net profit of $7.7 million, up 3 percent from the year-ago period.

The company said it would use proceeds from the offering to pay preferred stock dividend of about $27.2 million and for general corporate purposes.

It did not say how many shares it plans to sell or provide an expected price range.

The underwriters to the offering are co-led by J.P.Morgan and Piper Jaffray.

The stock is expected to trade on Nasdaq under the symbol “EPOC.” (Reporting by Debasmita Ghosh in Bangalore; Editing by Vyas Mohan)

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