Cleo Diagnostics (ASX:COV) has received an A$845,172.16 cash refund from the Australian Government under the FY24 Research and Development (R&D) Tax Incentive scheme. This refund primarily supports the company’s ongoing efforts to develop a diagnostic blood test for the early and accurate detection of ovarian cancer. Cleo’s technology centers around its patented biomarker, CXCL10, which has demonstrated the ability to differentiate between malignant and benign ovarian diseases. Publicly available performance data, including peer-reviewed medical journals and clinical study results, supports the technology’s potential to transform ovarian cancer diagnostics globally.
The funding significantly strengthens Cleo’s financial position, enabling the company to execute its strategic objectives, most notably, advancing its clinical trials in the United States. Successful completion of these trials is crucial for submitting an application to the Food and Drug Administration (FDA) to secure approval for market entry. Cleo’s diagnostic blood test addresses a significant unmet clinical need, as there is currently no readily available, accurate early diagnostic tool for ovarian cancer. The company’s modular execution strategy targets various ovarian cancer detection markets, including surgical triage, recurrence monitoring, high-risk screening, and early-stage detection. The underlying technology is based on over a decade of R&D at the Hudson Institute of Medical Research, supported by two clinical studies involving over 500 patients. Cleo holds a worldwide exclusive license to commercialize the intellectual property related to these tests.
