TesoRx is a privately held pharmaceutical company developing a first-in-class unmodified oral testosterone for androgen deficiency. It is in the process of completing a phase two clinical study and is on track to commence dosing for phase three by early 2014. The US market for topical, transdermal and injectible testosterone formulations alone is currently estimated at $2.1 Billion with prescriptions having grown 90% over five years. Analysts project that the entire testosterone market is expected to hit $5 billion by 2017. A safe and effective oral treatment regimen remains the main unmet need and studies suggest that it could cannibalize more than 70% of existing treatments once introduced into the market.