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Internet health network

Drkoop.com

(KOOP)

posted wider third-quarter losses on Wednesday, reflecting $48 million of non-cash expenses relating to the company's private placement of preferred stock and warrants.

The company, which laid off more than 30% of its workforce during the quarter, said net loss was $57.9 million, or $1.60 a share, compared with $20.6 million, or 68 cents a share, for the third quarter of 1999.

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Total revenue for the quarter was $2 million, compared with $2.9 million for the same period last year. The company said its net cash for operating activities fell to $8.5 million from $31 million in the third quarter of 1999 as a result of cost reduction efforts.

Drkoop.com also announced the appointment of healthcare executive John Cardwell to lead the company's customer operations.

Its shares closed Tuesday at 81 cents on the

Nasdaq

.