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Cue Well being, a Covid-19 check supplier backed by
Johnson & Johnson,
The San Diego well being know-how firm has filed to lift $100 million, according to a prospectus dated Sept. 1. Cue Well being didn’t disclose what number of shares it could promote or their value vary. That can are available future filings. It should commerce beneath the Nasdaq ticker HLTH.
The $100 million can also be thought of a placeholder that can change as Cue gives extra data.
JP Morgan, and Cowen are lead underwriters on the deal.
Cue Well being is thought for its Covid-19 Check Equipment that delivers outcomes to a person’s cell phone in 20 minutes. In March, the Meals & Drug Administration granted emergency use authorization for Cue’s Covid 19 testing package for over-the-counter and at-home use and not using a prescription. Cue can also be growing check kits for the flu, respiratory syncytial virus, fertility, in addition to being pregnant and irritation, the prospectus stated. Cue’s Covid-19 testing package has been utilized by the Nationwide Basketball Affiliation and the Mayo Clinic, the prospectus stated.
Cue swung to a revenue this yr, reporting $32.8 million in internet revenue for the six months ended June 30. This compares to $19.3 million in losses for a similar time in 2020. Cue began producing income in August 2020 following the FDA’s first emergency approval for its Covid-19 check in June. Income rocketed almost 4,000% to $201.9 million for the six months ended June 30.
The corporate raised $235 million in a non-public financing spherical in Could from traders akin to Perceptive Advisors, MSD Capital (the funding agency tied to billionaire Michael Dell’s household workplace), and Koch Strategic Platforms, a subsidiary of Koch Industries, in addition to present investor Johnson & Johnson Innovation – JJDC, Inc (J&J’s venture arm), a press release stated.
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