San Diego COVID-19 testmaker Cue Health is shutting down

Cue Health, the once high-flying San Digeo biotech supplying rapid COVID-19 test kits to the NBA and others, is shutting down this week. Cue’s closure comes a week after the U.S. Food and Drug Administration warned consumers to throw out any of its COVID-19 test kits because they could give false results. The San Diego firm said it has stopped selling the COVID-19 tests, which was its only fully FDA-approved commercial product.

The biotech grew its headcount from 99 employees in January 2020 to 1,515 full-time employees at the end of 2022. The company, which was founded in 2010, soared into the public market with a $200 million IPO in 2021, fueled by its first commercial product, the COVID-19 test. Its sleek, high-tech kit delivered results in 15 minutes straight to a smartphone and was one of the first to get fast-track approval from the FDA during the pandemic.

Source: News Formal (newsformal.com)

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