NEW YORK (CNN/Money) - Shares in Palatin Technologies Inc. jumped over 20 percent Tuesday after the biotech company's new nasal spray aphrodisiac appeared in TV news and magazine reports.

The drug, known as PT-141, is a synthetic version of a naturally occurring sex hormone that works on both men and women, according to Palatin's chief executive Carl Spana.

According to a company statement, the drug differs from Viagra other similar erectile dysfunction treatments in that it stimulates the brain as opposed to the cardiovascular system, which the company says is a safer option.

'It has the chance to be the first product on the market for female sexual dysfunction," Spana said in an interview.

The drug will enter its last clinical trial early next year before being sent to the Food and Drug Administration for final review. It could be on the market in three years, New York magazine reported.

Palatin has entered into a partnership with King Pharmaceuticals Inc. (Research) to jointly develop and commercialize the drug.

New Jersey-based Palatin (Research) has been in operation since 1996.

Although it has yet to turn a profit, it does have another successful drug on the market that is used to locate infections, according to Spana.

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