Rx.com was an online pharmacy based in Austin, TX. Founded in 1998 by Roger Phillips, Kevin Shushtari, and Joe Rossen, the company launched its e-commerce site in June 1999. According to the press release from June 7, 1999, "Merging retail electronic commerce with the efficiencies of automated mail-order pharmacies, Rx.com™ today announced its online store at www.Rx.com, working to transform the experience of pharmacy shopping for customers worldwide. In the near future, Rx.com’s scalable automated internal fulfillment capabilities will have the capacity to process up to 40,000 prescription orders and 20,000 over-the-counter and other non-prescription product orders per day." In December 1999, Alliance Unichem PLC provided Rx.com with $15 million in financing and a $5 million letter of credit to form a partnership with Rx.com and create a joint venture Internet pharmacy in Europe. In July 1999, CBS Corp. acquired a 20 percent stake in the company in exchange for $37.5 million worth of advertising and promotion under a four-year agreement. The company ceased operations on May 10, 2001.