Healtheon Cancels $51-Million IPO

Healtheon Corp., which is building an Internet-based system for processing health-care transactions, canceled its $51-million initial public offering, citing adverse market conditions. The Santa Clara-based company said it received a private placement of about $40 million from an investor group led by its chairman, Jim Clark, the co-founder of Netscape Communications Corp., as well as two venture capital firms. “The current environment for IPOs and the volatility of the public capital markets did not represent the best opportunity for Healtheon to fund its rapid growth,” Michael Long, its chief executive, said in a statement.