Stayhealthy.com: Monitoring your wellness on the Web Message Board

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Biotech / Medical : Stayhealthy.com: Monitoring your wellness on the Web

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To: Johnny Stone who wrote (852)	8/22/2000 9:35:42 AM
From: george eberting	Read Replies (2) of 3785

OT: Never did the adage about money and a rat hole seem more apropos: NEW YORK (CNNfn) - Hovering on the brink of death, beleaguered Internet medical site Drkoop.com Inc. received a last-minute $20 million cash injection Tuesday from a group of investors and also announced a new management team. The ailing Web site will get much-needed financing from investors including Prime Ventures, JF Shea Ventures, Cramer-Rosenthal-McGlynn Inc., and RMC Capital, according to a 10-Q Securities and Exchange Commission filing. The filing also named a new management team consisting of Richard Rosenblatt as CEO, Edward Cespedes as president, and Stephen Plutsky as chief financial officer. The executives are part of Prime Ventures, a venture capital fund that is contributing $3.5 million equity to bail out Drkoop. Financing consists of a private placement of preferred stock convertible into common stock at 35 cents a share. The newly issued shares will be restricted securities and not freely tradable.

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