Original from: Genomeweb
Digital health technology firm Cue Health is seeking up to $100 million in a proposed initial public offering, it said in a registration statement filed on Wednesday with the US Securities and Exchange Commission.
In its Form S-1, the San Diego-based company said it intends to list on the Nasdaq under the ticker symbol "HLTH." The joint bookrunning managers for the offering are Goldman Sachs, Morgan Stanley, and Cowen, with BTIG as the lead manager.
Cue Health has not priced its offering yet.
The company was founded in 2010 as Ruubix and changed its name to Cue in 2014. It has developed its Cue Integrated Care Platform, which includes the Cue Health Monitoring System, the Cue Data and Innovation Layer, Cue Virtual Care Delivery Apps, and Cue Ecosystem Integrations and Apps.
The Cue Health Monitoring System, consisting of a portable reader with a single-use test cartridge and a sample collection wand, and its COVID-19 Test Kit, the firm's first commercially available diagnostic test, received Emergency Use Authorization from the US Food and Drug Administration last year for use by CLIA-certified labs or at the point of care.
In March the test received EUA for home and over-the-counter use and was the first molecular test authorized by the agency for home use without a prescription.
The nucleic acid amplification test returns results in 20 minutes and sends them directly to the Cue Health App on a smartphone or other mobile device.
Cue is also developing other tests for its instrument, including five kits in late-stage technical development: influenza A/B, respiratory syncytial virus, fertility, pregnancy, and inflammation. In its filing, Cue said it expects to begin submitting for FDA clearance or authorization for these tests in the second half of 2022.
The firm has raised at least $380 million in private financing, including a $235 million round in May. It has also received multiple contracts from the US federal government, including $481 million from the US Department of Defense in October to expand its production capacity for COVID-19 tests.
For the six months ended June 30, Cue's total revenues were $202 million, consisting entirely of product revenue. It had a net income of $32.8 million, or $.22 per share. Adjusted EPS was $.47.
Through the first six months of the year, the firm had cash, cash equivalents, and restricted cash of $252.3 million, it said in its Form S-1.
Cue said it intends to use the proceeds from the offering to build out its corporate infrastructure, including hiring and training sales and marketing personnel; to continue scaling up its manufacturing facilities; to further develop planned tests in the near-term development pipeline; and for working capital and other general corporate purposes.
