Cleo Diagnostics’ patented CXCL10 blood test offers early, highly accurate ovarian cancer detection with population-level potential. This placement provides a chance to invest in a proven technology with a large market and U.S. commercial pathway potential.
Cleo Diagnostics Limited (ASX:COV)
COV
Lead Manager
Contact - Jake Grbavac
0474 484 982
jake@liquidity.com.au
Offer Price
A$0.600
per share
Offer Size
A$5,000,000
Offer Details
Issue Price (Per Share)
A$0.600
Discount
19.46%
Offer Size
A$5,000,000
Shares Available
8,333,333
A$5m placement, with the ability to accept overs.
Discount
- 12.4% Discount to last close price
- 11.0% Discount to 5 trading day VWAP
- 10.5% Discount to 10 trading day VWAP
Documents & Downloads
Company Overview
Cleo Diagnostics Limited is a clinical-stage diagnostics company developing a patented blood-based test for the early detection of ovarian cancer, a disease where late diagnosis significantly impacts survival. Based on more than 15 years of funded research, Cleo’s proprietary CXCL10 biomarker has demonstrated superior performance to the current standard of care (CA125), with high specificity to early-stage disease and a tumour-linked mechanism not elevated in benign conditions, enabling more accurate pre-surgical diagnosis and potential large-scale screening.
The company is progressing its lead test through a multi-site U.S. clinical validation trial across 19 active sites, with completion expected in early 2026. Cleo’s B2B commercial strategy targets high-volume U.S. healthcare settings, supported by key opinion leaders, market access partnerships, and an established reimbursement pathway, addressing a large market across diagnosis, recurrence monitoring, and screening.
Investment Highlights
- Patented blood-based technology for early detection of ovarian cancer.
- 15 years of funded research validating a robust biomarker across all disease stages.
- Large total addressable market: pre-surgical (2M), recurrence (1.2M), screening (148M).
- Proprietary CXCL10 biomarker offers superior performance to CA125:
- High specificity to early disease, before symptoms arise
- Tumour-linked inflammatory mechanism, not elevated in benign conditions
- Stable and measurable
- Suitable for population-level or risk-based screening
- Significantly outperforms existing pre-surgical diagnostic tools, regardless of menopause status.
- U.S. multi-site clinical validation trial underway (19 sites), completion expected Q1 2026.
- B2B commercial model targeting high-volume U.S. healthcare settings.
- Strong scientific and clinical support: 15 years R&D, KOL engagement including Dr Nicholas Lambrou.
- Market access partnership with HcFocus and active reimbursement strategy with U.S. insurers.
Use of Funds
Use of Funds
Accelerate mass screening programs and clinical studies
Regulatory activities and further product development
Initial manufacturing of triage product and prelaunch medical affairs
Market development and general working capital
Disclaimer
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Disclosure of Interest: Liquidity receives commission from dealing in securities and its introducers of business may directly share in this commission. Liquidity and its associates may hold shares in Cleo Diagnostics Limited.
