Company:Cue Health

From HandWiki
Cue Health
TypePublic
Nasdaq
Founded2010
FoundersAyub Khattak, Clint Sever
HeadquartersSan Diego, California, United States
Key people
Ayub Khattak (CEO)
Clint Sever (Chief Product Officer)
Number of employees
500 (January 2021)[1]
Websitecuehealth.com

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

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] Early investors included actor Leonardo DiCaprio, Salesforce CEO Marc Benioff, and political strategist Jim Messina.[4]

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.[5] In July, the company closed a $45 million Series B round.[6]

In June 2020, the FDA granted Emergency Use Authorization (EUA) to Cue Health for its point-of-care COVID-19 test.[7] 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.[8] 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.[9][10] The program assisted fishing industry workers in Unalaska, Alaska, who could not easily socially distance, nor access laboratory testing services.[11] 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.[12]

In March 2021, the FDA granted Cue Health an EUA for its at-home, non-prescription, over-the-counter molecular COVID-19 test.[13] In April, the company announced its Cue for Schools program to provide K-12 schools and universities with its COVID-19 test.[14] In September, the company went public under the symbol "HLTH" on the NASDAQ at a valuation of about $2.3 billion.[15] 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.[16] In November, the company began selling its test directly to consumers.[4] In December, American news magazine Newsweek named Cue Health's home Covid test as one of its favorite products of the month.[17]

In January 2022, Google's parent Alphabet announced they were offering Cue's home tests to employees.[18] It was also reported that Google's cloud division had partnered with Cue Health to develop real-time COVID-19 variant tracking and sequencing, giving Google access to testing and variant data.[19] Also in January, Fast Company reported that the Cue Health reader was one of Google's most popular employee perks.[4]

Products

Cue Health COVID-19 test reader

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.[20][21][14]

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.[5]

Cue Health also develops a software platform for health providers to manage patient test results and follow-up care.[5]

As of 2018, the company was also reportedly developing a professional-use multiplex test to detect different respiratory pathogens.[5]

Operations

Cue Health's headquarters and manufacturing facilities are based in San Diego.[1] As of September 2021, the company reported over 1,250 employees.[22]

References

  1. ↑ 1.0 1.1 1.2 "Cue Health Expands Operations to Vista". January 17, 2021. https://sdbj.com/news/2021/jan/17/cue-health-expands-operations-vista/. 
  2. ↑ 2.0 2.1 "Cue’s Smartphone Device Intended to Give Consumers an Inexpensive Way to Perform Certain Medical Laboratory Tests at Home". August 27, 2014. https://www.darkdaily.com/cues-smartphone-device-intended-to-give-consumers-an-inexpensive-way-to-perform-certain-medical-laboratory-tests-at-home-827/. 
  3. ↑ "Cue Draws In $7.5M For Its Health Tracking Lab-In-A-Box". November 19, 2014. https://techcrunch.com/2014/11/19/cue-series-a/. 
  4. ↑ 4.0 4.1 4.2 "Meet the COVID-19 testing company behind one of Google’s most coveted perks". January 21, 2022. https://www.fastcompany.com/90712211/meet-the-covid-testing-company-behind-one-of-googles-most-coveted-perks. 
  5. ↑ 5.0 5.1 5.2 5.3 "Cue Health's COVID-19 cartridge test authorized for home use with no prescription". July 12, 2018. https://www.cidrap.umn.edu/news-perspective/2018/07/barda-support-paves-way-home-flu-tests. 
  6. ↑ "Cue Health reels in $45M in series B financing for its diagnostic products". July 11, 2018. https://www.fiercebiotech.com/medtech/cue-health-reels-45m-series-b-financing-for-its-diagnostic-products. 
  7. ↑ "Cue Health’s portable, fast COVID-19 test gains FDA emergency approval". June 12, 2020. https://techcrunch.com/2020/06/12/cue-healths-portable-fast-covid-19-test-gains-fda-emergency-approval/. 
  8. ↑ "Cue Health raises $100 million to speed development of rapid, portable COVID-19 diagnostics". June 10, 2020. https://techcrunch.com/2020/06/10/cue-health-raises-100-million-to-speed-development-of-rapid-portable-covid-19-diagnostics/. 
  9. ↑ "San Diego’s Cue Health awarded $481M by US government for rapid COVID-19 test". October 14, 2020. https://www.sandiegouniontribune.com/business/story/2020-10-14/san-diegos-cue-health-awarded-481m-by-u-s-department-of-defense-for-covid-19-test. 
  10. ↑ "Cue Health awarded $481 million to scale up production of COVID-19 test: HHS". October 13, 2020. https://www.reuters.com/article/us-health-coronavirus-hhs-cuehealth/cue-health-awarded-481-million-to-scale-up-production-of-covid-19-test-hhs-idUSKBN26Y2TI. 
  11. ↑ "New COVID test key to saving Alaska's salmon season, fishing jobs". April 28, 2021. https://www.foxbusiness.com/lifestyle/new-covid-test-alaskas-salmon-season-fishing-jobs.amp. 
  12. ↑ "HHS launches pilot program in five states using rapid Covid test deployed by NBA". November 19, 2020. https://www.cnbc.com/2020/11/19/hhs-launches-pilot-program-in-five-states-using-rapid-covid-test-deployed-by-nba.html. 
  13. ↑ "FDA gives Cue Health first EUA for at-home, OTC COVID-19 molecular testing". March 5, 2021. https://www.mobihealthnews.com/news/fda-gives-cue-health-first-eua-home-otc-covid-19-molecular-testing. 
  14. ↑ 14.0 14.1 "Cue Health Launches New COVID-19 Testing Program for Schools". April 6, 2021. https://www.govtech.com/education/k-12/cue-health-launches-new-covid-19-testing-program-for-schools.html. 
  15. ↑ "Covid Test Maker Cue Health Goes Public At $2.3 Billion Valuation As Demand Surges". September 24, 2021. https://www.forbes.com/sites/katiejennings/2021/09/24/covid-test-maker-cue-health-goes-public-at-23-billion-valuation-as-demand-surges/. 
  16. ↑ "Cue Health snags the rebound, reupping NBA COVID testing contract for another season". October 14, 2021. https://www.fiercebiotech.com/medtech/cue-health-snags-rebound-re-upping-nba-covid-testing-contract-for-another-season. 
  17. ↑ "December Faves: Newsweek's Products of the Month". December 23, 2021. https://www.newsweek.com/december-faves-newsweeks-products-month-1661246. 
  18. ↑ "Google’s Staff Get Pricey Fast Covid Tests While Contractors Wait". January 11, 2022. https://www.bloomberg.com/news/articles/2022-01-11/google-staff-get-pricey-fast-covid-tests-while-contractors-wait. 
  19. ↑ "Google tells anyone coming into the office to take weekly Covid tests amid omicron surge". January 14, 2022. https://www.cnbc.com/2022/01/14/google-tells-anyone-coming-into-the-office-to-take-weekly-covid-tests.html. 
  20. ↑ "FDA EUA200248". March 26, 2021. https://www.fda.gov/media/138823/download. 
  21. ↑ "Cue Health's COVID-19 cartridge test authorized for home use with no prescription". March 8, 2021. https://www.fiercebiotech.com/medtech/cue-health-s-covid-19-cartridge-test-authorized-for-home-use-no-prescription. 
  22. ↑ "Google’s provider of at-home Covid-19 tests is now a $3 billion company traded on Nasdaq". September 24, 2021. https://www.cnbc.com/2021/09/24/cue-health-googles-provider-of-covid-19-tests-just-held-its-ipo.html. 

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