HONG KONG (Reuters) - The world's first topical treatment for erectile dysfunction has been unveiled in Hong Kong, giving an intriguing new treatment option to impotence sufferers.

The new medicated cream, branded "Befar," promises a safer and quicker treatment for impotence than Viagra.

After quietly selling the drug in China since last July, NexMed, a small biotechnology company based in New Jersey says it is ready to bring the medicated cream to the rest of Asia, and eventually the US.

Befar uses the active ingredient Alprox-TD, a derivative of alprostadil, developed by NexMed. Alprostadil has been used to treat erectile dysfunction for several years around the world, but until now has been administered via injection directly into the penis.

"The drug has been proven very effective, but it was just too painful to apply because you have to inject (it)," Dr. T. Tom Wu, managing director of NexMed (Asia) Limited told Reuters Television. "We are the first non-invasive drug that is very user-friendly."

Alprox-TD works by widening the blood vessels in the penis, allowing it to be engorged with blood. But users of Alprostadil have reported side effects including persistent erection, known as priapism, in which erections can become painful after lasting several hours.

NexMed claims that clinical tests in the US have shown that 83% of men suffering erectile dysfunction reported satisfaction with the topical treatment. Alprox-TD also reportedly begins to cause erection within minutes, much faster than many alternatives.

But urologist Dr. Peter Chan Siu Foon of the Chinese University in Hong Kong notes that onset times for reactions to topical treatments can be difficult to predict, but actually may be conducive to better sex.

"Sex and lovemaking is not a mechanical event, so to wait half an hour is not such a bad thing and can lead couples to focus on foreplay which will enhance their love life," Chan said.

Many new medicines are scrambling to get into the burgeoning anti-impotence drug marketplace in the next few months. NexMed is hoping to get a headstart on the competition by getting into niche markets like China now and moving into bigger marketplaces like the US later.

"For an independent pharmaceutical, it really makes sense for us to try to get registered in a territory that we think it will be accepted," said Wu. "Since it's an old drug with a new application, it's much easier to receive approval."

The company says that Befar provides several key health and convenience benefits that should help it compete with industry titan Pfizer Inc.'s Viagra.

As a topical lotion it should hold less risk of interacting with other ingested medicines. Because it is applied directly to the penis, NexMed also claims that it works within minutes rather than the hour or so it can take Viagra to take effect.

NexMed is now beginning phase III clinical development testing for Alprox-TD in the US, and is also completing study of a similar product for women called Femprox, aimed at treating female sexual arousal disorder.

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