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Cue Health picks up $200M in IPO and more digital health fundings – Mobihealth News

Rapid diagnostics startup Cue Health raised $200 million in its initial public offering Friday.  

As of market close on Monday, Cue was trading on Nasdaq for $18.63 under the ticker symbol “HLTH.” The company sought an offering of 12.5 million shares at $16 each. It was trading as high as $22.55 on Friday.

Cue announced plans to go public in early September, months after it closed a huge $235 million funding round. 

The company was founded more than a decade ago, and in March received emergency use authorization from the FDA for an at-home, molecular diagnostic test for COVID-19. 

In its filing with the Securities and Exchange Commission, Cue said it had a variety of tests in the pipeline, including tests for sexual health, fertility, RSV, flu and a combination COVID-19 and flu test.

Elligo Health Research, maker of clinical research software, announced it had raised $135 million in Series E financing. 

The round was led by Morgan Stanley Expansion Capital and Ally Bridge Group, with participation from Norwest Venture Partners and existing investors including Cerner, Hatteras Venture Partners, Noro-Moseley Partners, Piper Sandler Merchant Banking, Shumway Capital and Syneos Health.

The funding supported the recently-announced acquisition of ClinEdge, another provider of clinical and research services. Elligo also plans to invest the capital into its technology and data platform.

“This investment allows Elligo to execute on a key acquisition, as well as evaluate other complementary acquisitions to add technologies and services to accelerate research, improve the patient experience, and make research more accessible,” Morgan Stanley Expansion Capital managing director and general partner Melissa Daniels said in a statement. Daniels has also joined Elligo’s board.

“The clinical trials industry is experiencing a new phase of disruption. There’s an opportunity to use technology, data analytics, and services to eliminate long-standing trial conduct pitfalls and bottlenecks that primarily impact patients.”

Membersy raised $66 million from Spectrum Equity for its digital subscription platform for dental care.  

The company said it will also add three new board members: Dr. Chad Wise, former Founding Partner at North American Dental Group; Keith English, former cofounder and CEO at LocalMed; and Jeff Haywood, managing director at Spectrum Equity.

“We’re preparing to rapidly expand our team, products and services in response to a fast-growing DSO [Dental Service Organizations] partner base,” CEO and founder Eric Johnson said in a statement.

“When we started in 2015, we knew there was a huge opportunity to make dentistry more approachable by modernizing the way consumers access and pay for dental care services, and we’re proud of the impact we’ve had up until this point. With new funding and an amazing partner in Spectrum Equity, we’re positioned to see that impact grow exponentially.”

Stellar Health, which provides a point-of-care platform geared towards value-based healthcare providers, announced it had raised over $60 million in Series B funding.

The round was led by General Atlantic, with participation from existing investors Point72 Ventures and Primary Venture Partners. New investors include Oak Street Health cofounders Mike Pykosz and Geoff Price. 

The funding will go towards growth, investment in its team, product development and expansion into new markets.

“The healthcare landscape is experiencing a seismic shift towards favoring systems that motivate and allow providers to focus on what matters most – patients,” cofounder and CEO Michael Meng said in a statement.

“Stellar’s partnership with General Atlantic aims to further accelerate our growth trajectory to expand both internally and externally, and to address workflow evolution. It will also support our efforts to activate practice staff by solving economic barriers that exist in the shift to value-based care. We will continue to evolve our product in ways that will improve the healthcare experience for providers and patients alike.”

The latest round built on a $10 million Series A round from May 2020. 



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