CLEO Raises $5m to Support U.S. Market Launch and Accelerate Screening Test Development
Highlights
$5 million raised through a well-supported placement at $0.60 per share
Funds will be used to support U.S. market entry and commercial launch of Pre-Surgical Ovarian Cancer Test and accelerate development of a mass screening test
Placement introduces highly credentialed institutional and high net worth investors to the register, alongside support from existing shareholders.
MELBOURNE, AUSTRALIA, 18th December 2025: Ovarian Cancer diagnostics company, Cleo Diagnostics Limited (ASX:COV) is pleased to announce it has successfully secured A$5 million via a strongly supported capital raise (Placement) at an offer price of A$0.60 per share.
The Placement attracted participation from new, high-quality institutional investors and existing unrelated shareholders of the Company, demonstrating high confidence in CLEO’s clinical development pathway and the potential of its ovarian cancer technology to address the urgent global unmet need.
Use of Funds
The funds will be used to:
Support U.S. commercial launch of the Pre-Surgical Ovarian Cancer Test, including market entry activities, reimbursement initiatives and expansion of commercial manufacturing capacity
Fast-track development of CLEO’s high-value screening test, including clinical development and regulatory activities
Provide working capital and for general corporate purposes.
Placement Details
The $5 million Placement has been completed at a Placement Price of A$0.60 per share representing an 8.4% discount to the 15-trading day volume weighted average price (VWAP) of $0.655.
Petra Capital acted as Sole Lead Manager and Bookrunner to the Placement.
The Company will issue 833,333 new options to Petra Capital with an exercise price of $0.90 and an expiry date of 3 years from issue.
Total Placement shares of 8,333,334 will be issued within the Company’s Placement capacity under ASX Listing Rule 7.1A and 833,333 unlisted options under ASX Listing Rule 7.1.
The Placement is expected to settle on 24th December 2025 with allotment on 29th December 2025.
Commenting on the Placement, CLEO’s Chief Executive Officer, Dr Richard Allman, said:
“This raise is a significant milestone for CLEO, and we’re delighted by the backing we’ve received from institutional investors, as well as our existing shareholder base. The funds enable us to move decisively into the U.S. market while advancing our screening test developments at an accelerated pace. We appreciate the strong support and are focused on executing our strategy to bring CLEO’s technology into clinical practice as soon as possible.”