January 17, 2001 |
Drkoop.com Inc., a money-losing health Web site, plans to move its headquarters to its Santa Monica office from Austin, Texas, where it will eliminate 45 jobs. The company also will transfer some of its sales force to Philadelphia. The change will help reduce expenses to less than $1 million a month from $8 million a month almost a year ago, the company said. In August, Drkoop.com said it planned no more job cuts after firing 42 people, reducing its staff to 79. Shares of Drkoop.
November 16, 2000
* Internet health company Drkoop.com Inc. said its third-quarter net loss widened to $57.9 million, or $1.60 per share, including various expenses and items, compared with $20.6 million, or 68 cents, a year ago. Operating losses rose to $23.1 million from $21.1 million. Revenue fell 30% to $2 million. The loss in the 1999 quarter was $20.6 million, or 68 cents a share. During the quarter, the Austin, Texas-based company cut more than 30% of its work force and installed a new management team.
August 31, 2000 |
Drkoop.com Inc. has slashed its work force for the second time in three months, saying the layoffs are part of a new corporate restructuring plan aimed at cutting costs. Late Tuesday, the Austin, Texas-based company announced it was cutting 50 positions, about one-third of its current work force. The move came on the heels of an announcement Monday that Drkoop.com had secured $27.5 million in new financing and revamped its management team. The company, co-founded by former U.S.
August 23, 2000 |
Drkoop.com Inc., a health Web site co-founded by former U.S. Surgeon General C. Everett Koop, received a $20-million investment in exchange for control of the company as it was running out of cash. The investors, who include Prime Ventures, can convert the financing into a controlling stake and have the right to choose as many as four board directors. Three officials from Prime Ventures, which will chip in $3.5 million of the financing, have been named to top executive posts in the company.
August 17, 2000 |
Ailing Drkoop.com Inc. said it will be late in filing its quarterly financial report because it is negotiating new financing and possible "strategic transactions." The negotiations, including a possible sale of the Austin, Texas-based online health company, have taken up the time of the company's financial staff, it said in a filing with the Securities and Exchange Commission. The company said last month that it expects to post a loss of $1.15 to $1.18 a share. Shares of Drkoop.
July 26, 2000 |
Undertherapy.com, a privately held company based in Beverly Hills, said it made an offer to buy Drkoop.com, the ailing provider of health information on the Internet, for an undisclosed amount. News of the offer, the second to be announced for Drkoop.com within a week, pushed shares of Drkoop.com up as much as 40%. On Friday, MillenniumHealth, a closely held Web company, said it offered to merge with Drkoop.com. Co-founded by former U.S. Surgeon General C. Everett Koop, Drkoop.