Cue Health Inc. (“Cue”), a San Diego, CA-based healthcare technology company, announced it has raised $100 million in Series C funding. Investors in Cue’s Series C include Menlo Park-based Decheng Capital, Foresite Capital, Madrone Capital Partners, Johnson & Johnson Innovation – JJDC, Inc., ACME Capital and other investment firms. The company has developed a portable, molecular diagnostic test capable of detecting SARS-CoV-2, the virus that causes COVID-19, in less than 25 minutes using a simple nasal swab. The test is part of the Cue Health Monitoring System, which is designed to be a portable device that can perform a molecular test and connect patients to a mobile health platform that features interventional components such as telemedicine consultations.
Founded by Ayub Khattak and Clint Sever, focused on developing and manufacturing consumer and professional medical diagnostic products that can be used in clinical or at-home settings. Cue’s mission is to create tools that empower physicians and consumers by increasing their access to actionable health data. Cue’s first product, the Cue Health Monitoring System, is a connected diagnostic platform.
Expansion Plans
Proceeds from the financing will be used to complete development, validation, and scale-up of manufacturing of the Cue Health Monitoring System and Cue Test Cartridges. Cue’s operations, including manufacturing, are vertically integrated and currently occupy approximately 55,000sqft in San Diego, CA USA.
The company plans to increase its footprint to over 110,000sqft to better support development and commercialization of its products, including a fast, portable, and easy-to-use molecular test for COVID-19, which is currently under review by the FDA for an Emergency Use Authorization.
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Apart from its COVID-19 solution, Cue is also completing the validation needed for FDA submission of its portable system for at-home influenza A and B testing. That approval would mark the first at-home molecular flu test that is rapid (~20 minutes) and enables connectivity via telemedicine networks to a healthcare provider of the patient’s choice. Cue also anticipates the introduction of a series of infectious disease tests and products for other test categories in the coming years.
Source: HIT Consultant
