Trimel Pharmaceuticals Corp. said a mid-stage study of its female sexual disorder drug met all main trial goals and showed it was significantly better than a dummy drug, sending the company’s shares to a life high.
Trimel is majority owned and co-founded by Eugene Melnyk, the former CEO of Canadian drug firm Biovail Corp. and the current owner of the Ottawa Senators professional hockey team.
The drug Tefina is a gel formulation of testosterone, the male hormone, and is administered through a nasal applicator.
The company now expects to move to a second mid-stage study of the drug for female anorgasmia – a woman’s inability to achieve orgasm.
The condition affects 1 in 5 pre- and post-menopausal women worldwide, the company said in a statement.
The study measured the occurrence of, time to reach, and the quality of orgasm.
Other companies developing drugs for female sexual dysfunction include BioSante Pharmaceutical Inc.
Mississauga, Ont.-based Trimel, which has a market cap of $208-million (Canadian), has an experimental treatment for hypogonadism, or age-related reduction of testosterone, in late-stage development.
The company, which spent $6.0-million on research and development in the third quarter ended Sept. 30, 2011, is also developing drugs for Parkinson’s and respiratory diseases.
Trimel shares, which have gained nearly two-thirds of their value in the last three months, touched a high of $3.00 on Tuesday morning on the Toronto Stock Exchange. The stock was one of the top percentage gainers on the exchange.
Follow us on Twitter: