Drkoop.com, Inc. (Nasdaq: KOOP) rose 29/32 to 2 17/32 Friday after the Internet health network said it received a $1.5 million bridge loan to meet short-term capital requirements.
The loan from an unidentified merchant bank will keep the company afloat while the bank and the company negotiate permanent financing, expected to be put in place “over the next several weeks.” The bank also received warrants to purchase 4 million common shares at 75 cents each.
Drkoop.com said former U.S. Surgeon General C. Everett Koop agreed to extend his contract with the company by two years, allowing it to use his name and likeness for seven years. He will continue as the company’s chairman, and will also continue to write articles for the site.
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