Orlando, FL 12/15/11 (StreetBeat) -- Shares of BioSante Pharmaceuticals (Nasdaq: BPAX) are plunging today after the company said two phase III studies of it LibiGel testosterone treatment, designed to boost female libido, did not meet primary endpoints.The treatment did not differ significantly from a placebo in terms of the either the number of satisfying sexual events or sexual desire.
BioSante said it will continue to analyze the study data.
The drug would have been the first of its kind designed to enhance female sexual function. Media have called the treatment the female version of Pfizer’s (NYSE: PFE) Viagra or Eli Lilly’s (NYSE: LLY) Cialis, although the drugs work differently.
BioSante shares are falling today, as are shares of Antares Pharma (AMEX: AIS), which is entitled to receive royalty payments on LibiGel.
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