Professor Susan Davis from Monash University is leading a Phase II study to test the effectiveness of the nasal spray.
'We anticipate the treatment will work like Viagra for women. Rather than a long-term, therapy-based approach, this drug can be taken when a woman anticipates sexual activity,' Prof Davis said.
'We have previously shown that for women with low sexual interest, testosterone therapy not only improves sexual desire and arousal, but also enhances a woman's ability to reach orgasm.'
However, critics such as fertility expert Dr Ric Gordon think female sexuality was being exploited for commercial reasons and that a new treatment risked overlooking the real factors behind a woman's low sex drive.