Outcome Health, a Chicago-based company that provides ad-supported patient information content via touchscreens in doctor's offices and waiting rooms, is closing in on $500 million in new funding at a $5 billion pre-money valuation. Backers include Goldman Sachs Investment Partners, CapitalG, Leerink Transformation Partners, Pritzker Group Venture Capital and Balyasny Asset Management. The company previously was known as ContextMedia, before purchasing rival AccentHealth last year in a leveraged transaction.

Caveat: A source says deal is structured much like Uber's old transaction with Goldman Sachs, whereby the investors receive an guaranteed return at IPO, which rises annually. As such, this announced valuation is more complicated than most, and not quite apples to other tech apples.

Why it' matters: For Chicago, this is now the city's most highly-valued tech startup since Groupon's halcyon days. For medical practices, it's an ad-supported way to save costs on patient distraction during lengthy waits or outpatient procedures like chemotherapy or dialysis (plus showing 3D models in exam rooms). For pharma, it's a new frontier in the dodgy practice of in-office promotion.

Bottom line: "For drug companies, the value proposition is obvious: reach patients when they are thinking about their health, in the doctor's waiting room or in the exam room itself. Outcome Health claims it has tablets or wall-mounted screens in 40,000 or so doctor's offices, which it says accounts for 20% of U.S. doctor's offices." ― Alex Konrad & Matthew Herper, Forbes

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Markets swell as the economy shrinks

Illustration: Eniola Odetunde/Axios

The economy is sputtering, but the markets are thriving — a highly unusual event that shows how the coronavirus has thrown all bets off.

Why it matters: The disconnect adds to the wealth gap. The richest 10% of households — who own 84% of stocks — are getting richer, while millions of out-of-work Americans cross their fingers that pandemic unemployment benefits will be extended.

Updated 9 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

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  2. U.S.: Total confirmed cases as of 10 p.m. ET: 2,735,554 — Total deaths: 128,684 — Total recoveries: 781,970 — Total tested: 33,462,181Map.
  3. Public health: The states where face coverings are mandatory Regeneron stops trial after drug fails to help patientsWhat we know about the coronavirus immune response — Fauci says it has been a "very disturbing week" for the spread of the coronavirus in the U.S.
  4. Business: Top business leaders urge the White House to develop mandatory mask guidelines.
  5. Politics: Herman Cain hospitalized for COVID-19 after attending Trump Tulsa rally — Biden downplays jobs number, rebukes Trump for ignoring health crisis.
  6. Economy: The economy may recover just quickly enough to kill political interest in more stimulus.
  7. States: Texas mandates face masks in public spaces Florida reports more than 10,000 new coronavirus cases, and its most-infected county issues curfew.
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Fauci: Coronavirus surges mark a "very disturbing week" in the U.S.

Fauci testifies to the Senate Health, Education, Labor and Pensions Committee on June 30. Photo: Al Drago/AFP via Getty Images

NIAID director Anthony Fauci told medical journal JAMA on Thursday that it has been a "very disturbing week" for the spread of the novel coronavirus in the U.S.

What's happening: The number of coronavirus cases increased in the vast majority of states over the last week, and decreased in only two states plus the District of Columbia, Axios' Caitlin Owens reports.