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BioSante Pharmaceuticals Inc. said Wednesday its female dysfunction drug LibiGel failed in two late-stage clinical trials.
LibiGel is gel that is applied to the skin and delivers testosterone to the bloodstream. The studies were designed to show whether LibiGel could increase the number of days on which the women experienced a "satisfying sexual event" and an increase in their mean sexual desire from the start of the trial. In both trials, in the difference between the increases experienced by woman receiving the gel and those receiving placebo were not statistically significant.
The two studies lasted six months and almost 1,100 women were involved.
President and CEO Stephen Simes said the company is very disappointed and will review all the trial data to decide on its next steps. BioSante is also running a trial that is designed to study the drug's link to heart problems and breast cancer.
The company previously said it planned to file for marketing approval of LibiGel in 2012.
BioSante stock plunged $1.62, or 76 percent, to 50 cents after the release of the trial results. It dropped 40 cents, or 15.9 percent, to $2.12 in Wednesday's regular trading session.