November 16, 2005
Epocrates Adds Intel Alum Patrick Jones to Board
VentureWire
Epocrates Inc., which operates a network that enables physicians who use handheld devices to gain access to clinical information, has added Patrick Jones to its board of directors.
Jones was responsible for accounting and internal and external reporting at Intel Corp. in the 1980s and 1990s. He has also served as senior vice president and chief financial officer at publicly traded custom semiconductor company LSI Logic Corp.
Jones fills a new seat on the board, which also includes John Halamka, chief information officer and associate dean for educational technology at Harvard Medical School, as well as CIO of the Harvard Clinical Research Institute; Kirk Loevner, chairman and chief executive; Richard Fiedotin, co-founder; Philippe Chambon, managing director of New Leaf Venture Partners; Tom Harrison, chairman and CEO of Diversified Agency Service, a division of Omnicom Group Inc.; Mark Wan, partner at Three Arch Partners; and Gilbert Kliman, managing director of InterWest Partners. Halamka joined the board last month.
In a written statement, Loevner said Jones’ “experience as vice president and corporate controller of Intel during its period of rapid growth and as chief financial officer of a hyper growth smartcard company in France, which he led through its IPO, will be an invaluable asset to us during our period of significant expansion.”
This expansion includes Europe. Epocrates launched in Germany, the U.K., Spain and Canada last week. Loevner said he plans further expansion in Europe next year.
Epocrates provides drug, disease and lab diagnostic references. The company’s Rx Pro drug reference application includes information on over 3,500 brand name and generic drugs, health plan formularies, the MultiCheck drug interaction tool, an infectious disease treatment guide, and embedded dosing and medical calculators.
Products also include Epocrates Essentials, a mobile clinical reference suite with support for drugs, diseases and diagnostics.
All customers are individuals. “Most physicians have bought it right off the Web site,” Loevner added. Per Loevner’s figures, one in two medical schools and one out of four U.S. physicians use Epocrates products.
Loevner said the company has been cash flow positive for three years and achieved profitability this year. Epocrates has 130 employees and is hiring in technology, sales and marketing positions.
He declined to provide specific figures for 2005 but said 2004 revenue was about $23 million.
Since its inception in 1998, San Mateo, Calif.-based Epocrates has raised about $45 million in venture capital, including a $6 million Series C round that closed in July 2002. It is backed by the Sprout Group, InterWest, Three Arch, Draper Fisher Jurvetson and Bay City Capital.
PRESS CONTACT: (650) 227-1700 ext. 3 pr@epocrates.com