San Diego-based start-up Cue Health has closed a$ 100 million Series C financing round, including participation from Decheng Capital, Foresite Capital, Madrone Capital Partners, Johnson & & Johnson Development, ACME Capital and others. The funding will be utilized to assist Hint finish up development, verify and scale production of its Hint Health Monitoring System and test cartridges, consisting of test packages created to detect COVID-19, which are presently being reviewed by the U.S. Fda (FDA) for emergency use permission.
Cue has actually been developing its linked, portable laboratory to supply on-site care, consisting of molecular diagnostic tests because its establishing a decade ago. The company also secured a $13 million agreement in March particularly targeted towards development of a portable point-of-care COVID-19 test. Cue co-founder and CEO Ayub Khattak states that this pandemic has actually just re-emphasized the need for its product, which is primarily focused on offering fast, simple-to-use diagnostics that can be executed rapidly by a wide variety of front-line workers in a variety of settings.
Concurrently with its EUA procedure for the Cue COVID-19 test, the business is likewise completing up validation of the results for its influenza A and B tests, which will be utilized to submit to the agency for last approval of those tests. Its tests would provide at-home molecular-based screening, with a connected outcomes platform that can instantly offer diagnostics to accredited healthcare providers within 20 minutes, unlocking a brand-new level of remote care.
In total, Cue has $30 million in agreements from the U.S. HHS’ Biomedical Advanced Research and Advancement Authority (BARDA) across its efforts both for influenza screening and for COVID-19 diagnostics.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.