The treatment, called Tefina, needs to be administered in droplet sized doses via the nostrils two hours before sex and is expected to work for six hours.
The testosterone-based treatment is thought to boost sexual desire by activating relevant parts of the brain and increasing blood flow to the sexual organs.
Researchers said they don't expect any side-effects such as acne, body hair growth or deepening of the voice. They added that there should be no ill-effects if a woman doesn't have sex after administering the spray.
Tefina is being developed by the Canadian company Trimel Pharmaceuticals and is backed by scientists from Case Western Reserve University in the U.S and Monash University in Australia.