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Gold/Mining/Energy : T.ITE: iTech Capital (TSE) -- Ignore unavailable to you. Want to Upgrade?

To: keith massey who wrote (893)	9/14/1999 10:44:00 AM
From: David Raine	Respond to of 5053

It's coming..., probably delayed to re-price the issue. David Raine Vancouver Friday September 10, 4:48 pm Eastern Time Medscape's IPO shares increase, price range falls WASHINGTON, Sept 10 (Reuters) - The number of common shares in Medscape Inc.'s initial public offering rose to 6.6 million from 5.4 million while the projected price range fell to $7-9 per share from $11-13, the online health care company said Friday. New York City-based Medscape also disclosed in an amended filing with the Securities and Exchange Commission that CBS Corp. (NYSE:CBS - news) said it is interested in buying 600,000 Medscape shares, up from a previous 400,000. Medscape has a strategic relationship with CBS, which is being bought by Viacom Inc. (NYSE:VIA - news), under which Medscape's (http://wwwCBS.Medscape.com) consumer site will be the exclusive Internet health care site integrated into CBS News programming, and will be promoted on CBS media properties. Two members of Medscape's board of directors are Andrew Hayward, president of CBS News, and Frederic Reynolds, executive vice president and chief financial officer of CBS Corp., the filing showed. In addition, CBS holds a 37.7 percent stake in Medscape before the IPO. Located online at (http://www.medscape.com), Medscape, whose shares will trade on Nasdaq under the symbol (Nasdaq:MSCP - news), plans to launch the CBS.Medscape.com site in the third quarter of 1999, according to the SEC filing. Medscape said its objective is "to operate the premier online healthcare destination web sites where physicians, allied healthcare professionals and consumers find reliable and comprehensive information ..." Medscape also has an agreement with America Online Inc. (NYSE:AOL - news) where Medscape will develop separate AOL co-branded consumer sites, and AOL has guaranteed a minimum number of impressions. In exchange, Medscape has paid AOL $3 million and will pay $30 million more over the next two years. In addition, it has granted AOL two warrants, each to buy up to 1,352,158 shares of Medscape's class A common stock, the filing said. Medscape will use the net proceeds from the offering to make payments under the AOL contract, and for general corporate purposes, including funding operating losses, working capital and capital needs. It may also use a portion to acquire or invest in businesses or technologies. The underwriters for the IPO are Donaldson Lufkin & Jenrette, Credit Suisse First Boston, Bear Stearns and Wit Capital.