Mark Hamstra, Senior Editor
May 21, 1999
Drugstore.com Files for IPO
Drugstore.com, Bellevue, WA, an online pharmacy backed by Amazon.com and other high-profile investors, filed for an initial public offering yesterday with the SEC. In the filing, the company said it lost about $10.2 million in its first quarter on sales of $652,000. The firm was founded last year by former Microsoft executive Peter Neupert and launched its e-commerce initiative in February. It has raised about $57 million in private equity. In addition to prescription medications, drugstore.com offers health-and-beauty aids, over-the-counter medications and other fare typically found in traditional drugstores. The company said it expected to have 20 million shares outstanding after the offering.
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