Funding Uncertainty Looms as BCAL Seeks Shareholder Approval for $10M Facility

Expanding the Cancer Detection Portfolio

BCAL Diagnostics Limited (ASX, BDX) has reported a quarter of steady advancement, underpinned by strategic partnerships and funding initiatives that aim to broaden its footprint in early cancer detection. The company’s exclusive licence agreement with US-based ClearNote Health to distribute pancreatic and ovarian cancer blood tests in Australia and New Zealand represents a significant diversification beyond its flagship breast cancer test, BREASTESTplus.

This move not only expands BCAL’s product portfolio but also positions it as a multi-cancer early detection provider, leveraging its growing network of oncology partners. The ClearNote tests are expected to launch in early 2026, pending regulatory approvals, with BCAL actively engaging clinicians and patient support groups to foster adoption.

Strengthening Clinical Networks and Market Access

BCAL’s commercial partnerships are gaining momentum. The integration of BREASTESTplus within Sonic Healthcare’s extensive pathology network, starting with 93 collection centres in New South Wales, enhances patient access and convenience. Additionally, the collaboration with Cancer Care Associates, a leading private oncology network, opens new channels for clinical uptake and specialist engagement across NSW and Queensland.

These partnerships are complemented by targeted marketing efforts, including digital campaigns and educational webinars aimed at general practitioners and breast specialists. The company has expanded its sales reach to 85 clinicians and sold 102 BREASTESTplus tests this quarter, bringing total sales since launch in March 2025 to 209 tests. Plans are underway to extend the rollout to Melbourne and Brisbane in early 2026.

Financial Position and Funding Strategy

BCAL ended the quarter with a net cash balance of $1.6 million, reflecting ongoing investments in research and development and commercial activities. The company incurred $1.6 million in R&D expenses and $1 million in overheads during the period but expects a $1.2 million R&D tax refund in the next quarter, which will provide some financial relief.

To support its commercialisation strategy and working capital needs, BCAL established a $10 million convertible note facility post-quarter, with firm commitments for $5 million. This facility, subject to shareholder approval at the upcoming AGM, offers financial flexibility to meet upcoming milestones and scale operations.

Looking Ahead, Commercial and Operational Priorities

Looking forward, BCAL is focused on accelerating BREASTESTplus adoption through expanded clinical education, digital marketing, and the launch of a telehealth platform to engage patients interested in early cancer detection. The company is also advancing next-generation versions of its breast cancer test and optimizing its US operations in preparation for future regulatory and market activities.

With the ClearNote partnership set to bring new cancer tests to market in early 2026, BCAL is positioning itself as a leader in precision oncology diagnostics in Australia and New Zealand. Continued engagement with government and healthcare stakeholders aims to support broader awareness and potential integration of these tests into national screening programs.