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Healtheon prices IPO shares

The company will try to raise $35 million in its second go at an initial public offering.

Healtheon, which proposes to simplify information sharing and transactions in the health care industry through the Internet, will try to raise $35 million in its initial public offering, according to a Securities and Exchange Commission document filed today.

Healtheon, which was established by Netscape cofounder Jim Clark, said in the filing it will issue 5 million shares to the public, and has set the offering price between $6 and $7 per share.

This is the second time Healtheon has made plans to go public. The company halted its first attempt in October, saying market conditions were not favorable.

Demand for Internet IPOs has risen dramatically since then, but Healtheon is aiming lower the second time around. In its first attempt, the company had a pricing range of $6 to $8 a share and looked to float 6.5 million shares, which would have raised about $78 million.

Healtheon plans to trade under the ticker symbol "HLTH."

According to the SEC filing, Healtheon generated $33.2 million in revenues during the first nine months ended September 30, 1998, up from $7 million a year ago. For the third quarter that ended September 30, 1998, the company's revenues rose 15.4 percent sequentially, to $12.6 million.

Clark owns 11.5 million Healtheon shares, about 18.5 percent of the company. United HealthCare, a medical insurance company, and venture capital firm Kleiner Perkins Caufield and Byers each own a 14.4 percent stake.