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by Megan Stals

How to buy Cleo Diagnostics Ltd (COV) Shares

Detecting ovarian cancer at its early stages could reduce the need for costly treatments and intensive chemotherapy.

Want to start buying COV shares but not sure how? Follow the steps below to invest in Cleo Diagnostics Ltd on the ASX.

1. Find a stock trading platform

To buy shares listed in Australia, you'll need to sign up with an investment platform that has access to the ASX. There are a number of share trading platforms in Australia, of which Stake is one.

2. Fund your account

Complete an application with your personal and financial details. Fund your investment account with a bank transfer, debit card or even Apple/Google pay.

3. Search for Cleo Diagnostics Ltd ($COV)

Find the share by company name or ticker symbol: $COV. Do your own research to ensure it is the right investment product for your own circumstances. Consider seeking financial, legal and taxation advice before investing.

4. Choose an order type and buy COV stock

Buy on any trading day with a market order or use a limit order to delay your purchase of COV shares until it reaches your desired stock price. Look into dollar cost averaging to consider spreading out your risk, which smooths out buying at consistent intervals.

5. Monitor your investment

Optimise your portfolio by tracking how your stock and the business perform. You may be eligible for dividends and shareholder voting rights that affect your stock.

Cleo Diagnostics Ltd overview

Cleo Diagnostics Ltd ($COV) aims to further the development of its medical testing technology with funds from a recent ASX listing. 

The firm claims to be able to detect the early stages of ovarian cancer through an non-invasive blood test. Cleo has a licence agreement with the Hudson Institute of Medical Research to develop, use and commercialise the intellectual property underpinning this novel method to the worldwide market.

The test measures levels of CXCL10, a biological molecule in the human body. Ovarian cancers usually produce CXCL10 at high levels and at early stages. The test looks for CXCL10 because it tends to occur in cancerous tumours that spread, which are known as malignant. 

Cleo has a three phased product development strategy. It will include a screening test for patients without any symptoms to find early stage ovarian cancer. The presurgical test should determine whether a patient has a malignant mass and the recurring test intends to check that cancerous cells were removed in the surgery. 

Diagnosis of ovarian cancer normally happens after surgery. Treatments also involve further invasive surgeries and intensive chemotherapies. The five year survival rate declines from 89% for those starting treatment at stage one to 20% for those diagnosed at stage four. 

The Hudson Institute has been researching the method for over ten years and conducted two clinical studies with more than 500 patients using the technology. The tests have been designed to be cost effective and fit into the existing infrastructure of pathology laboratories. 

Cleo’s team is still working on developing chemical compounds for the technology internally, to ensure more secure supplies and quality control compared to commercially available options. Their tests have not yet been approved by regulators. This process can be a drawn out and expensive task, which may affect the future of its share price.

Cleo Diagnostics Ltd (COV) IPO details

Cleo Diagnostics Ltd has filed its prospectus with the Australian Securities and Investments Commission (ASIC) in order to be listed on the ASX using the ticker symbol COV. Read more in the Cleo Diagnostics Ltd prospectus.

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You can take a look at the top shareholders in COV in this document.

If you're considering investing in the Cleo Diagnostics Ltd listing or other upcoming IPOs, sign up today.

This does not constitute financial advice nor a recommendation to invest in the securities listed. The information presented is intended to be of a factual nature only. Past performance is not a reliable indicator of future performance. As always, do your own research and consider seeking financial, legal and taxation advice before investing.

Portrait photo of Megan Stals, Market Analyst at Stake.

Megan Stals

Market Analyst

Megan is a markets analyst at Stake, with 7 years of experience in the world of investing and a Master’s degree in Business and Economics from The University of Sydney Business School. Megan has extensive knowledge of the UK markets, working as an analyst at ARCH Emerging Markets - a UK investment advisory platform focused on private equity. Previously she also worked as an analyst at Australian robo advisor Stockspot, where she researched ASX listed equities and helped construct the company's portfolios.


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