Still In The Emergency Room
The surgeon's knife swings wildly,as drkoop.com cuts people, offices and money.Drkoop.com, the troubled online health site, is still in critical condition. Its health has not improved since it received a $20 million injection of equity financing in August while laying off 42 workers, 22 of whom were full-time staffers. The company, which has seen its stock value drop down to the 40-cents-per-share range, also has to plead its case before the Nasdaq in a bid to avoid delisting from that exchange.
Now the company says it will cut another 45 jobs as part of a restructuring move to trim the companys burn rate to less than $1 million per month from last years $8 million per month. Were sure that the VCs who dumped money into it are pleased to hear that.