Business Services Industry
Healtheon/WebMD Gets Funding Vote of Confidence.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, April, 2000 by Kwan, Joshua L.
Apr. 8--Healtheon/WebMD got a public vote of confidence Friday when Jim Clark, the company's co-founder, and John Doerr, a director and early funder of the company, announced they would use their own funds to buy up to $220 million of the Internet health care company's flagging stock.
"They saw the stock price drop over last several weeks and it represented a compelling value," said John Runningen, vice president of investor relations for Healtheon/WebMD.
Clark and his family already own about 11.7 million shares, or about 6.5 percent of the company. Doerr's venture capital firm, Kleiner Perkins Caufield & Byers, owns about 8.1 million shares, or 4.5 percent.
The announcement of the intent to purchase shares is not binding. Still, investors...
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