• $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

Cleo Diagnostics Ltd (ASX:COV), an Australian medical technology company developing a blood test for early and accurate detection of ovarian cancer, has successfully raised $5 million through a well-supported capital raise. The placement was priced at $0.60 per share, representing an 8.4% discount to the 15-trading day volume weighted average price. The funds will be used to support the U.S. commercial launch of the company's Pre-Surgical Ovarian Cancer Test, including market entry activities, reimbursement initiatives, and expansion of commercial manufacturing capacity. Additionally, the funds will be used to fast-track the development of Cleo's high-value screening test, including clinical development and regulatory activities. The placement attracted participation from new, high-quality institutional investors and existing unrelated shareholders, demonstrating strong confidence in Cleo's clinical development pathway and the potential of its ovarian cancer technology to address the urgent global unmet need.

The funds raised will be used to support the U.S. commercial launch of the Pre-Surgical Ovarian Cancer Test and accelerate the development of Cleo's high-value screening test.

The funds raised will enable Cleo to move decisively into the U.S. market while advancing its screening test developments at an accelerated pace, as the company focuses on executing its strategy to bring its technology into clinical practice as soon as possible.