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Drkoop.com nets $20 million

Published on .

On the brink of depleting its cash reserves, Drkoop.com, Austin, Texas, received $20 million in financing from investors including Prime Ventures, JF Shea Ventures, Cramer-Rosenthal-McGlynn and RMC Capital. The health site also installed new management: Richard M. Rosenblatt, formerly senior VP, e-business services at Excite@Home, was named CEO; Drkoop co-founder C. Everett Koop, the former U.S. surgeon general, will continue as chairman, and former president-CEO Donald Hackett will remain a director. On Aug. 21, Drkoop also reported that the Securities & Exchange Commission was conducting an informal investigation into whether the company had violated securities laws.

Copyright August 2000, Crain Communications Inc.

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