Here is a story about Medsite going public.
hoovershbn.newsalert.com
Online Physicians' Commerce Co. Medsite.com Files For $100M IPO
Newstraders - February 18, 2000 13:06
Jump to first matched term
(NewsTraders.com)-- Medsite.com Inc., a provider of a physician-focused Web site, indicated that it hopes to take its operation public by filing to sell up to $100 millionof common stock in an initial public offering.
Credit Suisse First Boston was named as the leading underwriter supporting the IPO, although, as yet, details on the number of shares to be sold or an anticipated per-share price range were not available.
Via its Web site, www.medsite.com, the company provides online business-to-business e-commerce, information and communication products and services to the physician, touting a wide selection of medical supplies, books and other goods.
Also as part of its business strategy, Medisite looks to become the preferred marketing channel for pharmaceutical and other healthcare companies to reach the physician, according to an original Form S-1 filing released Feb. 17.
Of note, Medsite has created an online distribution network for Medsite Books, its online bookstore, through agreements with such firms as Healtheon/WebMD (HLTH), Medscape (MSCP) and Physicians Online.
Net proceeds from the offering, not laid out in the preliminary regulatory papers, have been earmarked for working capital and general corporate purposes.
For the year ended Dec. 31, 1999, Medsite posted a net loss of $17.6 million on $8.9 million in revenues.
Prior the stock sale, executive officers and directors control 65.4% of the company.
IPO Expectations:
Price per share: Unknown
Shares being offered: Up to $100 million of common stock
Shares to be outstanding: Unknown
Company location: New York, N.Y.
Exchange/Symbol: Nasdaq/MSTE
Underwriter(s): Credit Suisse First Boston; Bear Stearns Co.; E*Offering
Copyright 2000 NewsTraders Inc. All Rights Reserved 13:10 Friday, February 18, 2000 |
