Shares of Cleo Diagnostics (ASX:COV), an Australian medical diagnostics company, have risen up to 2.8% to A$0.185, marking its highest level since late September.

The company reports that the selection of a biomarkers panel for its ovarian cancer test-kit has been finalized.

This advancement in antibody development has boosted confidence for commercial assay development and upscaling for commercial manufacturing.

The company is also evaluating partnerships with four commercial antibody manufacturing firms.

With nearly 1.0 million shares changing hands, trading volume significantly surpasses the 30-day average volume of 87,618 shares.

Since its listing in August, the stock had fallen 14.3% as of its last closing price.

Cleo Diagnostics is an Australia-based company that develops diagnostic tools for medical use.