Cleo Diagnostics’ Losses Deepen Despite IPO

CLEO Diagnostics Ltd (AU:COV) has released an update.

Cleo Diagnostics Limited reported a significant increase in other income, but also a sharp rise in losses for the financial year ending June 2024, with a loss after tax amounting to $3,759,234, a 117% increase from the previous year. The company did not issue any dividends during the year but completed an IPO, raising $12 million and expanding its share count to 128.5 million. Despite the losses, the company’s net assets stood at $9.39 million, with over $9 million in cash and equivalents.

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