Cybear settles suit for $125K, plans a new public offering
March 19, 1999
Cybear settles suit for $125K, plans a new public offering
Cybear (Boca Raton, Florida), a firm developing Internet-based healthcare products, said that in early April it will issue a prospectus for a new stock offering. A company spokesman told Healthcare InfoTech the amount of the offering and the share price has not yet been determine, but a statement released by the company said, "Given the limited trading market for Cybear common stock, the price for the shares offered may not reflect current or future market prices."
The proceeds are expected to be used to support marketing of the company’s SolutionsMD product, released last month, and the development of new products.
In other company news, Cybear recently paid $125,000 to Medix Resources and its subsidiary Cymedix Lynx to settle a lawsuit. Cymedix had charged that Cybear had appropriated trade secrets to incorporate into its own products. CyBear's President and CEO, Edward Goldman, MD, said that the case was "without merit, [but] we felt that it was in the best interests of CyBear and its shareholders to settle this matter on the terms we did, rather than continuing to devote time and resources to this litigation." Medix and Cymedix had sought damages of $396.6 million.
Cybear is a unit of Andrx (Fort Lauderdale, FL), which formulates oral controlled-release pharmaceuticals utilizing proprietary drug delivery systems.
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