Ovarian cancer diagnostics company Cleo Diagnostics (ASX:COV) has finalised the selection of biomarkers to be used in its ovarian cancer test kit. 

The $23.13 million market capitalisation company says it’s targeting the initial surgical test market for its simple and accurate blood test as it completes the development of a prototype of its proprietary scoring algorithm. 

According to Cleo, the performance metrics of this testwork were evaluated in a clinical study of 334 patients, and the results of this study are being prepared for publication in a peer-reviewed medical journal. 

Cleo expects the publication outcome to be reported by the end of CY23. 

The company has also advanced its antibody development, which increases its confidence in commercial assay development and upscaling for commercial manufacturing. 

Hybridomas to produce the supporting biomarker antibodies are also well progressed, with the expected completion of the full test kit panel slated for Q2 next year. 

Further, Cleo says it’s in the late stages of evaluating 4 commercial antibody manufacturing partners as part of a ‘robust’ tender process. 

This process is considered a competitive review of the capabilities of each potential partner to ensure that the partner selected can deliver commercial products to the standard required by Cleo. 

Commenting on the development progress, Cleo Diagnostics Chief Executive Officer (CEO) Richard Allman says: “The commercial foundation for our ovarian cancer test-kit targeting the initial surgical triage market is coming together quickly.

“We are running a number of initiatives in parallel which are designed to place the company in a strong position to achieve key milestones set this financial year” 

We are running a number of initiatives in parallel which are designed to place the company in a strong position to achieve key milestones set this financial year.”

Cleo Diagnostics aims to bring a simple blood test to the market for accurate and early diagnosis of ovarian cancer based on the novel patented CXCL10 biomarker, which it says is produced early and at high levels by ovarian cancers but is largely absent in non-malignant disease. 

Write to Aaliyah Rogan at Mining.com.au