The drug, OXO-001, targets the lining of the uterus to improve embryo implantation and pregnancy rates.
Chances of experiencing a live birth rose by almost a fifth for those who took the pill in a clinical trial of 96 women aged between 18 and 40.
Study leader Dr Agnes Arbat, chief executive of the drug's developer Oxolife, said: "Most rounds of IVF or ICSI still end in failure - many because a viable embryo does not implant. A simple-to-take pill that materially improves the chance of success would therefore be of huge benefit to those who want a baby."
Rolling
She said the phase-two study "shows that hope is a step closer".
The drug works by encouraging the embryo to stop "rolling", to invade endometrial tissue and to complete implantation.
All women in the trial underwent single-embryo transfer using donor eggs, with 54 taking a daily dose of OXO-001 and 42 given a placebo.
They began taking doses one menstrual cycle before the transfer cycle and continued until five weeks after it.
The medication appeared to significantly boost chances of a clinically confirmed pregnancy.
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