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Ovarian cancer detection biotech Cleo Diagnostics (ASX: COV) has seen shares jump towards +4% on Wednesday as it patents its ovarian cancer screening test – on the back of less than A$15K worth of trades.
The company listed in mid-2023 but only recently hit an all-time-high of 78.5cps in January of this year; since that peak, the company has come back down to 29cps in three waves. (Elliot, anybody?)
That all time high was hit on the back of aspirations to enter the US market, as well as a pre-war trading environment.
But what is perhaps most telling of Cleo Diagnostic’s current status as ‘former darling’ is that less than $20,000 worth of shares had traded hands before lunchtime trades on Wednesday.
The news of the patent filing on Wednesday follows last Thursday’s announcement the company is furthering its development of a prototype of its multi-marker screening blood test; in the first half of next year, the company will apply to the US FDA to initiate a pre-surgical test.
That the company, per its announcement wording, appears to have realised patenting might be a good idea only once development was underway may be a factor of subdued market reaction on Wednesday.
“CLEO has filed two new provisional patent applications to protect intellectual property arising from the development of its screening test,” the company wrote.
“The Company also intends to file an international application under the Patent Cooperation Treaty (PCT) within the 12-month priority period as it seeks protection across key commercial markets.
“Importantly, the applications have been filed ahead of CLEO’s initial proof-of-concept screening data, expected in Q4 CY2026.”
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