Their investigation follows reports that men bitten by the Phoneutria nigriventer experienced priapism - long and painful erections.
A two-year study has found that the venom contains a toxin, called Tx2-6, that causes erections.
The bite of Phoneutria nigriventer, known as the Brazilian wandering spider, is potent and can be deadly in some cases.
Further tests are being carried out in the US before the substance can be approved for human use.
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