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Cue Health

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Cue Health
File:Cue Health Company Logo.jpg
Public
Traded asNasdaq HLTH
ISIN🆔
Founded 📆2010
Founders 👔Ayub Khattak, Clint Sever
Headquarters 🏙️San Diego, California, United States
Area served 🗺️
Key people
Ayub Khattak (CEO)
Clint Sever (Chief Product Officer)
Members
Number of employees
500 (January 2021)[1]
🌐 Websitecuehealth.com
📇 Address
📞 telephone

Cue Health is a publicly-traded San Diego, California-based healthcare technology company that develops portable diagnostic tests for at-home use. The company developed the first FDA-authorized COVID-19 diagnostic test for at-home and over-the-counter use without a prescription and physician supervision.

History[edit]

Cue Health was founded as Cue, Inc. in San Diego in 2010, by Ayub Khattak and Clint Sever.[1][2] Khattak became the company's CEO, and Sever became Chief Product Officer.[2]

In November 2014, the company raised $7.5 million in a series A round led by SherpaVentures and Immortalana.[3]

In June 2018, the US health agency Biomedical Advanced Research and Development Authority (BARDA), part of the United States Department of Health and Human Services (HHS) awarded $14 million to the company, now named Cue Health, to develop an inexpensive rapid molecular influenza test.[4] In July, the company closed a $45 million Series B round.[5]

In June 2020, the FDA granted Emergency Use Authorization (EUA) to Cue Health for its point-of-care COVID-19 test.[6] Also in June, the company closed a $100 million Series C funding round, with participation from Decheng Capital, Foresite Capital, Madrone Capital Partners, Johnson & Johnson Innovation, ACME Capital and others.[7]

In October, the Department of Defense awarded Cue Health a $481 million contract to scale-up its manufacturing and distribute 6 million COVID-19 molecular tests across 10 U.S. states, including Alaska, Florida and Texas.[8][9] The program assisted fishing industry workers in Unalaska, Alaska, who could not easily socially distance, nor access laboratory testing services.[10] In November, the National Basketball Association (NBA) announced it had used Cue's COVID-19 test to safely operate its bubble in Orlando during the 2019-20 NBA season.[11]

In March 2021, the FDA granted Cue Health an EUA for its at-home, non-prescription, over-the-counter molecular COVID-19 test.[12] In April, the company announced its Cue for Schools program to provide K-12 schools and universities with its COVID-19 test.[13] In September, the company went public under the symbol "HLTH" on the NASDAQ at a valuation of about $2.3 billion.[14] In October, the company announced it would be serving as the NBA's official home and point of care COVID-19 testing provider for the 2021–22 season, marking its third straight year of partnership with the league.[15]

Products[edit]

Cue Health develops molecular testing devices.

Cue Health's COVID-19 tests amplify and detect the genomic RNA of SARS-CoV-2, the virus that causes COVID-19. The testing system consists of the Cue Health Monitoring System (Cue Cartridge Reader), the Cue COVID-19 Test Cartridge, the Cue Sample Wand, and the Cue Health Mobile Application (Cue Health App) for mobile smart devices. A nasal swab specimen is collected from an individual using the Cue Sample Wand before being inserted into the Cue COVID-19 Test Cartridge and run on the Cue Cartridge Reader, connected to the Cue Health App on a mobile smart device. The test starts automatically and the result is sent to the Cue Health App in about 20 minutes.[16][17][13]

Cue Health also offers products that allow users of the Cue Health App this mobile health dashboard to connect with on-demand telemedicine, proctoring, and prescription services if necessary.[4]

Cue Health also develops a software platform for health providers to manage patient test results and follow-up care.[4]

As of 2018, the company was also reportedly developing a professional-use multiplex test to detect different respiratory pathogens.[4]

Operations[edit]

Cue Health's headquarters and manufacturing facilities are based in San Diego.[1] As of September 2021, the company reported over 1,250 employees.[18]

References[edit]

  1. 1.0 1.1 1.2 "Cue Health Expands Operations to Vista". San Diego Business Journal. January 17, 2021. Retrieved January 11, 2022.
  2. 2.0 2.1 "Cue's Smartphone Device Intended to Give Consumers an Inexpensive Way to Perform Certain Medical Laboratory Tests at Home". Dark Daily. August 27, 2014. Retrieved January 11, 2022.
  3. "Cue Draws In $7.5M For Its Health Tracking Lab-In-A-Box". TechCrunch. November 19, 2014. Retrieved January 11, 2022.
  4. 4.0 4.1 4.2 4.3 "Cue Health's COVID-19 cartridge test authorized for home use with no prescription". University of Minnesota - CIDRAP. July 12, 2018. Retrieved January 12, 2022.
  5. "Cue Health reels in $45M in series B financing for its diagnostic products". Fierce Biotech. July 11, 2018. Retrieved January 10, 2022.
  6. "Cue Health's portable, fast COVID-19 test gains FDA emergency approval". TechCrunch. June 12, 2020. Retrieved January 11, 2022.
  7. "Cue Health raises $100 million to speed development of rapid, portable COVID-19 diagnostics". TechCrunch. June 10, 2020. Retrieved January 11, 2022.
  8. "San Diego's Cue Health awarded $481M by US government for rapid COVID-19 test". San Diego Union Tribune. October 14, 2020. Retrieved January 11, 2022.
  9. "Cue Health awarded $481 million to scale up production of COVID-19 test: HHS". Reuters. October 13, 2020. Retrieved January 12, 2022.
  10. "New COVID test key to saving Alaska's salmon season, fishing jobs". Fox Business. April 28, 2021. Retrieved January 11, 2022.
  11. "HHS launches pilot program in five states using rapid Covid test deployed by NBA". CNBC. November 19, 2020. Retrieved January 11, 2022.
  12. "FDA gives Cue Health first EUA for at-home, OTC COVID-19 molecular testing". Mobile Health News. March 5, 2021. Retrieved January 12, 2022.
  13. 13.0 13.1 "Cue Health Launches New COVID-19 Testing Program for Schools". Govtech. April 6, 2021. Retrieved January 12, 2022.
  14. "Covid Test Maker Cue Health Goes Public At $2.3 Billion Valuation As Demand Surges". Forbes. September 24, 2021. Retrieved January 12, 2022.
  15. "Cue Health snags the rebound, reupping NBA COVID testing contract for another season". Fierce Biotech. October 14, 2021. Retrieved January 11, 2022.
  16. "FDA EUA200248". FDA.gov. March 26, 2021. Retrieved January 11, 2022.
  17. "Cue Health's COVID-19 cartridge test authorized for home use with no prescription". Fierce Biotech. March 8, 2021. Retrieved January 11, 2022.
  18. "Google's provider of at-home Covid-19 tests is now a $3 billion company traded on Nasdaq". CNBC. September 24, 2021. Retrieved January 12, 2022.

External links[edit]


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