Ovoca Bio (AIM:OVB) PLC plummeted 40% on Thursday morning after disclosing the summary results for the phase II dose-ranging study assessing Orenetide for hypoactive sexual desire disorder.
Ovoca did not find any statistically significant superiority of Orenetide for the condition compared to a placebo used in the study.
Dr. Daniil Nemenov, senior vice president for clinical development and operations at Ovoca, said: "We are surprised and disappointed that the study did not have a positive conclusion regarding the superiority of Orenetide versus placebo.
“The company now intends to analyse the results from the study in further detail, including investigating the reasons for potential differences between the study results and results from previously conducted clinical trials of Orenetide.”
Shares were trading at 8p with a market capitalisation of £6.5 million as of 8.50am, 31 August.