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LONDON (Alliance News) - Ovoca Bio PLC said Wednesday it increased its stake in a majority-owned subsidiary following a positive set of test results from its Libicore sexual desire treatment.
Ovoca - known as Ovoca Gold PLC until August - bought a further 9.9% stake in IVIX LLC for USD2.0 million following the exercise of options held by Ovoca. This acquisition takes its stake in IVIX to 60%.
Ovoca increased its IVIX stake amid news that on Monday its Libicore investigational drug had met - ahead of time - its primary efficacy endpoint in the treatment of hypoactive sexual desire disorder. The phase three clinical trial had also achieved "significant outcomes" in key secondary endpoints.
"This welcome news is down to the very hard work of our team at IVIX, as well as the investigators and patients who made the trial possible, and we thank everyone that has been involved in making this trial a success", Ovoca Chief Executive Officer Kirill Golovanov said.
Shares in Ovoca were 5.3% lower at 6.63 pence on Wednesday.