(Alliance News) - Ovoca Bio PLC shares fell on Monday, after it said that its study into a novel treatment for women with hypoactive sexual desire disorder has been delayed.
Ovoca is a Dublin-based biopharmaceutical company with a focus on women's health. Its shares were down 17% to 6.41 pence each in London on Monday morning. Over the course of the last 12-months, the stock is down 35%.
Ovoca said it has been informed by its retained Australian Contract Research Organisation that, due to issues with staffing levels at the CRO, the timeline for delivery of the results of the study has been delayed.
The company now expects the results to be finalized in August as opposed to the previously anticipated time frame of June.
"While this is disappointing, the staffing issues have now been resolved and Ovoca wishes to assure its stakeholders that every effort is being made to expedite the completion and ensure the accuracy and reliability of the results of the study," Ovoca said.
Ovoca added the delay does not impact the overall commitment and dedication towards advancing Orenetide research and delivering therapeutic solution to patients.
Daniil Nemenov, senior vice president for Clinical Development & Operations at Ovoca, said: "The team here at Ovoca believe the results of this study are of great significance to our stakeholders, patients, and the broader medical community. Our team has been working diligently with the CRO to address the challenges encountered, and we remain committed to completing the study in the most efficient and accurate manner possible."
By Sophie Rose, Alliance News reporter
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