drkoop.com to Close Austin, Texas, Office in Cost-Cutting Move

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drkoop.com

(KOOP)

said it will close its office in Austin, Texas, and consolidate its operations in Santa Monica, Calif., as part of an ongoing bid to save money.

The online health care services provider said the move will allow it to reduce corporate overhead and realign resources among its locations. The company said the move will enable it to reduce its cash expenses to $1 million a month, from its high of $8 million last March.

The Austin operation had served as the company's headquarters. Shares of drkoop gained 3 cents, or 7.7%, to 44 cents in recent

Nasdaq

trading.