Shares in Ovoca Bio (AIM:OVB) PLC, which specialises in women's health, have dropped 11% following a delay in the results of its phase II study on Orenetide, a treatment for women with hypoactive sexual desire disorder.
The setback is attributed to staffing issues at the Australian contract research organisation managing the study, which pushed the expected completion from June to August.
Dr Daniil Nemenov, head of development & operations at Ovoca, assured stakeholders that the team is working hard to resolve the challenges and complete the study as efficiently as possible.
Ovoca said it will keep shareholders updated on further developments or changes in the revised timeline.
The shares fell 0.93p to 6.82p.