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Zoom, led by CEO Dave Sanders, is at odds with its venture capital investor. Photo: Zoom

Venture capital firm Endeavour Capital is asking a court in Oregon to appoint a receiver for Zoom, the health care startup that operates clinics and has been under investigation by the FBI for allegedly falsifying medical claims. Endeavour, which has poured $61 million into Zoom, says an independent third party overseeing Zoom would "clear the way for a significant, badly needed cash infusion."

Between the lines: The two sides say they are "deadlocked," but asking for a court-appointed receiver usually indicates a much deeper rift. And in this case, Zoom's finances appear to be on the line. Zoom did not immediately respond to questions.

The gritty details: Zoom has a four-person board: CEO and co-founder Dave Sanders, the other co-founder Albert DiPiero and two representatives from Endeavour. Since March, the two sides have been at odds over vague "company governance issues" as well as new money that needs to be injected into Zoom, which has laid off several people and had shut down its health insurance company.

Oregon law allows for a court-appointed receiver "in the event of a corporate deadlock or prospective insolvency," and Endeavour is asking for an expedited hearing.

What we're hearing: Sources familiar with Zoom's operations have said the company's finances have been in trouble since last year, when Sanders realized an Affordable Care Act program called risk adjustment would cost Zoom a lot of money. Risk adjustment is at the heart of the FBI's investigation into Zoom.

Go deeper

Michigan board certifies Biden's win

Poll workers count absentee ballots in Detroit, Michigan on Nov. 4. Photo: Salwan Georges/The Washington Post via Getty Images

The Michigan Board of State Canvassers certified the state's election results on Monday, making President-elect Joe Biden's win there official and granting him the state's 16 electoral votes.

Why it matters: Republican Party leaders had unsuccessfully appealed to delay the official certification, amid the Trump campaign's failed legal challenges in key swing states.

Biden to nominate Janet Yellen as Treasury secretary

Photo: Photo by Alex Wong/Getty Images

President-elect Joe Biden is preparing to nominate former Fed Chair Janet Yellen as his Treasury Secretary, four people familiar with the matter tell Axios.

Why it matters: Yellen, 74, will bring instant economic celebrity to Biden’s team and, if confirmed, she will not only be the first female Treasury Secretary but also the first person to have held all three economic power positions in the federal government: the chair of Council of Economic Advisers, the chair of Federal Reserve and the Treasury Secretary.

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AstraZeneca and the University of Oxford on Monday reported promising efficacy data for their COVID-19 vaccine, which has less stringent storage requirements than the Pfizer and Moderna vaccines and may be distributed earlier in developing countries.

Axios Re:Cap digs into the state of vaccine and therapeutics manufacturing with Bob Nelsen, a successful biotech investor who on Monday launched Resilience, a giant new pharma production platform that he believes will prepare America for its next major health challenges.