Drugstore.com (Nasdaq: DSCM) rose 11/16 to 5 5/8 Tuesday after the online health and beauty product company said it raised $62.68 million through the private placement of common shares. The company also reported a large jump in sales for the second quarter.
A group led by Integral Capital Partners committed to buy shares at $4.9375 each, with about $23 million of the funds in the form of preferred stock that will automatically convert to common stock upon shareholder approval. The investor group also includes Baron Capital, Hearst Communications and John Doerr, the company said. The deal is expected to close within a week.
The Bellevue, Washington-based Drugstore.com also said second quarter sales rose to $24.6 million from $3.55 million a year earlier. The company posted a net loss of $54.66 million, or $1.07 per share.
The online pharmacy added 232,000 new customers during the quarter, with repeat customers accounting for 59 percent of total orders.