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Lovell Drugs pharmacist Edith Nelson searches for bottles of medicatio as she fills a prescription at the Oshawa location. (Yvonne Berg for the Globe and Mail/Yvonne Berg for the Globe and Mail)
Lovell Drugs pharmacist Edith Nelson searches for bottles of medicatio as she fills a prescription at the Oshawa location. (Yvonne Berg for the Globe and Mail/Yvonne Berg for the Globe and Mail)

Trimel shares surge to record on successful drug trial Add to ...

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.

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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.

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