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Cleo Diagnostics (ASX:COV) Investor Overview


A medical expertise firm primarily based in Australia, Cleo Diagnostics (ASX:COV) is revolutionising ladies’s healthcare with its disruptive most cancers detection platform expertise, by way of a easy blood take a look at that may precisely detect ovarian most cancers early – the main reason for cancer-related deaths amongst ladies.

Roughly 50 % of girls will die inside 5 years of an ovarian most cancers analysis. The possibilities of survival past 5 years, nonetheless, enhance with early detection. In accordance with the American Most cancers Society, solely about 20 % of ovarian cancers are identified at an early stage, and greater than 90 % of girls dwell past 5 years when the most cancers is detected early.

Cleo Diagnostics

With early analysis being key to a better survival price, ovarian most cancers has turn into a goal for biomarker analysis. And one specific biomarker holds promise.

Cleo’s expertise is underpinned by the CXCL10 novel and patented biomarker, which was first recognized as a small inflammatory molecule in ovarian most cancers tissue sections. Subsequent analysis demonstrated that CXCL10 was overexpressed in ovarian cancers, however importantly not expressed in benign illness, and stays all through the lifetime of the most cancers. The biomarker successfully gives a sturdy indicator in any respect phases of most cancers. Recognizing that early detection is a considerably unmet want within the medical diagnostics market, Cleo Diagnostics is concentrated on bringing to market a easy blood take a look at to precisely detect ovarian most cancers early.

The addressable marketplace for a expertise like that is compelling, and with a administration workforce that brings to the desk many years of management expertise within the medical expertise house, Cleo is well-positioned to leverage this market alternative.

Cleo chief government and government director Dr. Richard Allman has over 30 years of expertise in commercially targeted scientific analysis and innovation. Over the course of his profession, Allman has overseen and expedited a product growth pipeline masking a minimum of six main cancers, heart problems, type-2 diabetes and a commercially out there COVID-19 take a look at.

Chief scientific officer Dr. Andrew Stephens boasts an equally spectacular resume. A profession analysis scientist with 20 years of expertise in molecular and mobile biology, Stephens is known as in over 60 tutorial publications and holds quite a few patents within the most cancers remedy and diagnostic house. Cleo’s blood take a look at appears for a novel and patented biomarker within the blood known as CXCL10, which was found by Stephens, the product of over ten years of scientific work at Monash Medical Centre’s Hudson Institute of Medical Analysis.

There’s additionally Professor Tom Jobling, Cleo’s non-executive director and medical advisor. As the pinnacle of gynaecological oncology at Monash Well being and visiting medical officer on the Peter MacCallum Most cancers Centre, Jobling has been treating ovarian most cancers for over thirty years. He was additionally the founding Chairman of the Ovarian Most cancers Analysis Basis (OCRF)

Non-executive director Lucinda Nolan, in the meantime, brings important enterprise and strategic experience to the desk. Most just lately, she served because the CEO of the Ovarian Most cancers Analysis Basis.

These skilled professionals, along with the opposite members of Cleo’s administration and board, have developed a staged execution technique targeted on de-risking the pathway to the worldwide screening market — making certain that, though Cleo continues to be in its superior R&D stage, its prospects for commercialisation stay extremely promising.

Firm Highlights

  • Backed by medical professionals and most cancers specialists with many years of expertise, Cleo Diagnostics has developed a disruptive, correct and early-stage ovarian most cancers detection blood take a look at.
  • Cleo targets the CXCL10 novel biomarker, which is now identified to be overexpressed in all phases of ovarian most cancers.
  • Cleo is the results of greater than a decade of analysis on the Hudson Institute of Medical Analysis, the place chief scientist Dr. Andrew Stephens acquired greater than $5 million OCRF & NHMRC funding for growth and medical research.
  • The take a look at can also be supported by Professor Tom Jobling, founding father of the Ovarian Most cancers Basis and Lucinda Nolan, the muse’s former CEO.
  • Cleo has developed a staged execution technique targeted on an achievable path to market. This ensures the mission, which is at present in its superior R&D stage, can maximise industrial worth for all stakeholders.

Key Know-how

Cleo Diagnostics

CleoDX Technolgo

Developed over the course of a decade by Dr. Andrew Stephens, Cleo’s blood take a look at is underpinned by the CXCL10 novel and patented protein biomarker identified to be current in all phases of ovarian most cancers. By combining CXCL10 with a number of different biomarkers in a customized algorithm, Cleo can’t solely be utilized in triage, but in addition for the needs of screening and recurrence testing. The mission is at present within the superior R&D stage and has to this point performed two medical research, analysing greater than 700 affected person samples within the course of.


  • Readily Accessible: Cleo requires no extra or specialised gear and may be performed in any customary pathology lab both by itself or as a part of a normal panel of checks ordered by a doctor.
  • AI-based Danger Evaluation: As soon as the pattern has been collected and examined, Cleo leverages a proprietary algorithm to carry out a threat analysis on the affected person, figuring out the probability of a most cancers analysis.
  • Intuitive Outcomes: Cleo generates an easy-to-understand post-assessment report which may then be despatched to the affected person’s major care supplier or surgeon for triage.
  • Excessive Efficiency: The Cleo prototype outperforms FDA-cleared predicates and medical guideline checks when it comes to accuracy and specificity.
  • Present Roadmap: Cleo plans for the take a look at to be prepared for medical use in a surgical triage setting by 2025, the place it is going to be out there initially to 1 million sufferers. Goal launch dates for recurrence, high-risk screening and mass screening are nonetheless to be decided. Moreover, the corporate has quite a few inflection factors deliberate over the subsequent two years:
    • Package Improvement:
      • Inside trial antibody optimisation
      • Finalisation of antibody choice for the Cleo test-kit
      • Full re-agent growth
      • Pre-IDE strategic growth
    • Manufacturing:
      • Institution and accreditation of ISO13485 high quality system
      • Manufacturing institution of Cleo key biomarker
      • Manufacturing institution of Cleo Ovarian Most cancers Package
    • Scientific Research:
      • Signal key opinion leaders and trial websites
      • Carry out and finalise verification of the Cleo equipment by way of medical research
    • Regulatory Approval:
      • FDA Pre-IDE submission
      • CE regulatory submissions and approval
      • TGA regulatory submission and approval
      • FDA submission and approval

Administration Crew

Dr. Richard Allman — Chief Govt Officer and Govt Director

Dr. Richard Allman has over 30 years of scientific analysis management and innovation with a transparent give attention to commercialisation. He has extensive expertise in analysis management, innovation administration, and mental property technique, masking oncology, diagnostics, and product growth.

Beforehand, Allman was chief scientific officer at Genetic Applied sciences (ASX:GTG). Current successes embrace the strategic design and administration of a second-generation breast most cancers threat evaluation take a look at from idea to industrial launch and the same take a look at for colorectal most cancers. These checks have now been NATA-accredited and comprise the primary commercially out there polygenic threat checks in Australia.

Extra just lately, Allman supervised the underlying R&D, translation, regulatory approval, patent submitting and industrial launch of a COVID-19 illness severity take a look at inside a 12-month interval. This technique has been utilised to expedite a product growth pipeline masking six main cancers, heart problems and type-2 diabetes which have been commercially launched in March 2022.

Dr. Andrew Stephens — Chief Scientific Officer and Govt Director

Dr. Andrew Stephens is a profession analysis scientist with 20 years of expertise in molecular and mobile biology analysis. He has broad expertise in tutorial and pre-clinical analysis and a robust give attention to translation and the commercialisation of analysis findings. He established and leads an impartial tutorial analysis group on the Hudson Institute of Medical Analysis, investigating mechanisms that contribute to the formation, development and dissemination of excessive grade, serous epithelial ovarian cancers. Since 2010, his analysis has targeted on biomarker identification and growth in ovarian most cancers and the event of therapeutic methods to enhance affected person outcomes. He’s additionally actively concerned throughout the biotech sector, with appointments to the scientific advisory for Invion and AMTBio.

Stephens has greater than 60 tutorial publications and quite a few patents (pending and provisional) within the most cancers therapeutic and diagnostic house.

Professor Tom Jobling — Lead Medical Advisor and Non-executive Director

Professor Thomas Jobling is director of gynaecologic oncology at Monash Medical Centre. He graduated from Monash College in 1980 and did his postgraduate sub-specialist coaching in gynaecologic oncology in London on the Royal Marsden and St Bartholomew’s hospitals. Jobling has subsequently been elected as a member of the Society of Pelvic Surgeons and can also be founding father of the Ovarian Most cancers Analysis Basis (1999). He was the chairman of the Ovarian Most cancers Analysis Basis Board. His main pursuits are in radical surgical procedure for ovarian most cancers and the appliance of robotic surgical procedure for gynaecological malignancy.

Jobling is an lively member of a analysis workforce in biomarker detection and proteomics in ovarian most cancers. He’s concerned as a collaborative investigator on a variety of worldwide medical trials and is a member of the Australia and New Zealand Gynaecologic Oncology Group, the Australian Society of Gynaecologic Oncology, the Victorian Cooperative Oncology Group and the Worldwide Society of Gynaecological Most cancers.

Lucinda Nolan — Non-executive Director

Lucinda Nolan is a non-executive director and was most just lately the CEO of the Ovarian Most cancers Analysis Basis. She has a wealth of information and expertise throughout the general public sector and not-for-profit environments. Previous to becoming a member of the Ovarian Most cancers Analysis Basis, she was chosen as the primary feminine CEO of the Nation Fireplace Authority, one of many world’s largest volunteer-based emergency providers organisations. She additionally spent 32 years with Victoria Police, reaching the rank of deputy commissioner. She was awarded the Australian Police Medal in 2009.

Nolan can also be the chair of BankVic and a director on the boards of Alkira Field Hill and the Melbourne Archdiocese of Catholic Colleges. She has a Grasp of Arts and a Bachelor of Arts (Honours) from Melbourne College and is an alum of the Superior Administration Programme at Harvard College.

Adrien Wing — Non-executive Chair

Adrien Wing started his skilled profession practising within the audit and company advisory divisions of a chartered accounting agency. He has over 25 years of expertise within the company sector with a big portion of this expertise in ASX small caps, lead in IPO transactions and put up itemizing reverse takeovers and acquisitions throughout a variety of trade sectors and jurisdictions. He additionally has a robust pedigree within the life sciences trade being the founding father of Rhythm Biosciences and bringing that entity to the ASX in 2017.

Wing at present serves as an officer/director on the next firm boards: New Age Exploration (ASX: NAE), director and joint firm secretary; Purple Sky Vitality (ASX:ROG), director and joint firm secretary; Sparc Applied sciences (ASX:SPN), firm secretary; and Osmond Sources (ASX:OSM), firm secretary.

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