Ovarian Cancer diagnostics company, Cleo Diagnostics Limited (ASX:COV) (CLEO or the Company) is pleased to announce that it has received a cash refund of $1,716,580 from the Australian Government for its FY25 Research and Development (R&D) Tax Incentive claim.
Following receipt of the refund, CLEO now holds a strong cash balance of ~$5.75 million as at 25th November 2025, meaning the Company remains well funded to execute on its key near-term milestones, including the completion of its U.S. pivotal clinical trial and FDA submission next year for its Pre-Surgical Ovarian Cancer Test.
CLEO’s R&D program is central to its staged execution strategy, beginning with the development of its Pre-Surgical Ovarian Cancer Test to accurately distinguish benign from malignant disease prior to surgery. This initial test provides a clear and achievable regulatory and commercial entry point, generating near-term value while building the foundation for CLEO’s long-term goal of developing a global screening test for early ovarian cancer detection. Each stage of R&D from algorithm refinement to clinical trial activities represents a value accretive milestone, strengthening both the scientific evidence base and the commercial potential of CLEO’s proprietary technology.
Commenting on the refund, CLEO’s Chief Executive Officer, Dr Richard Allman, said:
“This R&D refund further strengthens our financial position as we enter a critical phase of development and commercialisation.
CLEO’s technology has the potential to transform ovarian cancer detection globally. We remain focused on executing on our plans to enter the U.S. market initially and ultimately plan to bring this critical test to women worldwide.”
Link to ASX release: https://bit.ly/481Ok9j
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Contact details:
Dayna Louca
Head of Corporate Development
+61 409 581 972
[email protected]