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Hybrid primary care clinic operator Hamilton Health Box unboxed a $10 million Series A led by 1588 Ventures, Erin writes.

Why it matters: The model has been tried by startups and tech giants alike, mostly in urban areas, but it remains to be seen if Hamilton's rural focus could lend the approach sticking power.

Zoom in: Memorial Hermann Health System, Impact Ventures by the Johnson & Johnson Foundation, Texas Medical Center Venture Fund and the Sullivan Brothers joined.

Vault Advisors served as financial advisor and Michael Best & Friedrich served as legal counsel to Hamilton Health Box for the deal.

How it works: The Houston startup's prefabricated facilities are focused on employer worksites and rural areas.

In the latter market, the company claims to have partnerships with Federally Qualified Health Centers (FQHCs), safety net providers focused on outpatient preventive and primary care, to provide services at existing and new centers.

What they're saying: "Expanding health access in communities in primary care deserts is a difficult task, and the model that Hamilton Health Box provides for delivering quality, affordable primary care can reshape this landscape," Impact Ventures investment director Vince Barragan said in a statement.

Flashback: Founded in 2019 at the TMC Innovation Factory, Hamilton Health Box is pitching its "small footprint" primary care model for a wide range of settings, from employer worksites and rural areas to office buildings, schools, and college campuses.

CEO Toby Hamilton was previously CEO of Texas hospital operator and Welsh Carson portfolio company Emerus Holdings.

1 big thing: Hamilton Health Box unpacks $10M for primary care "microclinics"

Illustration of a recipe box with a health plus on the front of the box. 

R3 Vascular raised an $87 million Series B for its bioresorbable scaffold for peripheral artery disease, Aaron writes.

Why it's the BFD: While still in trial phase, R3 emerges as a potential competitor to Abbott, the first medtech to secure FDA approval for a dissolving stent to treat chronic limb-threatening ischemia.

Zoom in: The fresh capital — led by affiliates of Deerfield Management, with participation from existing shareholders including 415 Capital and a strategic investor — will finance pivotal clinical trials.

How it works: R3's bioresorbable, drug-eluting stent includes a dissolving scaffold, designed for use in severe below-the-knee cases of peripheral artery disease, or chronic limb-threatening ischemia.

Its implant delivers a dose of the immunosuppressant sirolimus.

Catch up quick: Before Abbot's stent was approved last month, the standard-of-care was done primarily with balloon angioplasty.

Meanwhile, it's Abbott's second attempt at bioresorbable implants, after having to take its coronary stent off the market a year after its approval in 2016, amid slow sales and safety concerns.

Mountain View, Calif.-based R3 has raised a total of $105 million, per PitchBook.

2. The BFD: R3 Vascular raises $87M for new stent

Illustration of a first aid bag filled with cash.   

Want more health tech deals? Check out the Axios Pro Deals Tracker.

• Marani Health, a Minneapolis maternity care startup, raised $7m through a convertible note. axios.link/3V2DY2s

• Accenture (NYSE: ACN), through Accenture Ventures, invested in Turbine, a predictive simulation company focused on human biology. axios.link/3UG1Pn8

• Soaak, an Oklahoma sound frequency therapy company, inked a $1.1m deal with the U.S. Air Force. axios.link/3URJCD0

• Centivo, a Buffalo health plan for self-funded employers, acquired Eden Health, an NYC-based primary care and insurance navigation company. centivo.com

• Openseed, Europe's first Black solo GP, raised $10m for its first fund that will back operator-led startups in Europe and Africa in commerce, health and work. axios.link/3wK6IDH

3. Deals o' the day

• Brad Diephuis was promoted from chief business officer at Thyme Care to president and COO. Current president Bobby Green will continue in that role and as chief medical officer, per a release. axios.link/3UTLnjs

• Srinivasan Krishnan, former engineer at Siemens, joined Apprio as CTO. apprio.com

• John McCluskey, former senior director at Flume Health, joined Vitable Health as head of health plan operations. vitablehealth.com

4. It's Personnel

🧠 Neuralink has long faced issues with tiny wires, sources say — WSJ

🚖 Uber Health to roll out new caregiving feature — Fierce Healthcare

🩸 The quest for a better tampon — Axios

5. Your daily dose

illustration og a person holding an x-ray that reads "daily dose" up to a light

😬 Erin spent the weekend with the in-laws.

📝 Thanks for reading, and extra thanks to newsletter editor Claire Rychlewski and copy editor Egan Millard. Please ask your colleagues, friends and family to sign up.

Axios

Health Tech Deals

May 20, 2024

1 big thing: Hamilton Health Box unpacks $10M for primary care "microclinics"