Cue Health raises $235M to support its over-the-counter, home-use diagnostics

2021-05-14

Healthcare technology company Cue Health announced that it closed a private financing round worth $235 million. Existing investors Johnson & Johnson Innovation — JJDC, Decheng Capital, CAVU Ventures, ACME Capital and more contributed to the financing, as did new investors Perceptive Advisors, MSD Capital and Koch Strategic Platforms, according to a news release. Morgan Stanley served as exclusive financial advisor to Cue for this transaction. San Diego-based Cue Health said it earmarked the capital raised to accelerate its growth as it develops digital health technologies, starting with diagnostics. In October 2020, the company received a $481 million government contract for its point-of-care COVID-19 diagnostic. Cue develops the Cue Health Monitoring System, which it designed to deliver a wide range of tests through one system. Its current uses include COVID-19 testing in enterprises, schools, nursing homes, hospitals and more. The company added that it plans to develop further offerings to cover respiratory health, sexual health, cardiac and metabolic health, women’s health, men’s health and chronic disease management through the connection of diagnostics with telemedicine. “The ongoing COVID-19 pandemic has exposed many of the shortfalls of the status quo healthcare model,” Cue co-founder & CEO Ayub Khattak said in the release. “It’s clear that the world needs to make the move to Healthcare 2.0, a decentralized, responsive, digital-first and consumer-centric model that makes it easy to access important health information and act on it,” Khattak said. “We believe distributed diagnostics is the key missing piece to bridge the physical to virtual care continuum, and we’re excited to have Perceptive, MSD, Koch and others join us on our mission to lead this transformation.”

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