Cue is aiming 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
Fremont, CA: Healthcare technology company Cue Health secured USD 100 million in a Series C funding round participated by Menlo Park-based Decheng Capital, Foresite Capital, Madrone Capital Partners, Johnson & Johnson Innovation - JJDC, Inc., ACME Capital and other investment firms. The company will use the proceeds from the investment round 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.
"The COVID-19 pandemic has highlighted the need for a rapid, easy-to-use platform for diagnostics in decentralized settings to respond to existing and emerging threats. Healthcare settings such as nursing homes, emergency departments, and community health clinics need tools to allow them to access molecular test information immediately rather than waiting hours or days for lab results. Cue is grateful that our team's years of hard work and preparation have put us in a position to assist with the current emergency and future threats," said Ayub Khattak, co-founder and CEO, Cue Health, Inc.
Cue is aiming 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. Apart from the COVID-19 solution, the company is also completing the validation needed for FDA submission of its portable system for at-home influenza A and B testing. The approval would mark the first at-home molecular flu test that is rapid and enables connectivity via telemedicine networks to a healthcare provider of the patient's choice. The company is also aiming to introduce a series of infectious disease tests and products for other test categories in the future.
"We are excited to welcome strong healthcare, and life-science focused investors that align with our vision for how diagnostics should evolve. Ultimately, a broad distribution of the connected Cue platform to both healthcare professionals and consumers will enable a new model of rapid, on-demand diagnostic testing and enhanced telemedicine capabilities, changing the way important health information is accessed and acted on," Khattak added. Goldman Sachs & Co. LLC acted as exclusive placement agent for the Series C financing. WilmerHale and Foley & Lardner LLP acted as legal advisors to the company concerning the funding.
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