CollaGenex Pharmaceuticals, Inc. to Present at UBS Warburg Global Specialty Pharmaceuticals Conference.

Business Editors/Health & Medical Writers

NEWTOWN, Pa.--(BUSINESS WIRE)--May 23, 2001

CollaGenex Pharmaceuticals, Inc. (Nasdaq:CGPI) announced today that the Company's Chairman, Chief Executive Officer and President, Brian Gallagher, will make a presentation at the UBS Warburg Global Specialty Pharmaceuticals Conference on Wednesday, May 23, 2001, at 4:30 p.m., ET, at the Pierre Hotel in New York, New York.

The live listen-only conference call will begin at 4:30 p.m. and may be accessed by dialing [phone] or [phone].

A recorded line of the presentation will be available for four weeks following the conference by dialing [phone] or [phone].

CollaGenex Pharmaceuticals, Inc. is a specialty pharmaceutical company focused on providing innovative medical therapies to the dental market. The Company's lead product, Periostat, was approved by the FDA in September 1998 and is the first and only pharmaceutical to treat periodontal disease by inhibiting the enzymes that destroy periodontal support tissues.

In February 2001, the FDA granted marketing approval for a new tablet formulation for Periostat. Periostat is marketed to the dental community by CollaGenex through a professional pharmaceutical sales force composed of approximately 120 sales representatives and managers.

Currently, the Company's dental sales force is also marketing Vioxx(R), a Merck & Co. drug that CollaGenex co-promotes for the treatment of acute dental pain.

Research has shown that the enzyme suppression technology underlying Periostat may also be applicable to other diseases involving destruction of the body's connective tissues, including cancer metastases (Metastat) and a broad range of inflammatory diseases.

CollaGenex is developing a series of novel, proprietary compounds known as IMPACS(R) (Inhibitors of Multiple Proteases and Cytokines) to address these applications. The Company intends to pursue further research and development of these technologies primarily through partnerships with third parties.

To receive additional information on the Company, please visit our Web site at www.collagenex.com, which is not a part of this press release.

This news release contains forward-looking statements within the meaning of Section 23E of the Securities and Exchange Act of 1934, as amended. Investors are cautioned that forward-looking statements involve risks and uncertainties, which may affect the Company's business and prospects.

The Company's business of selling, marketing and developing pharmaceutical products is subject to a number of significant risks, including risks relating to the implementation of the Company's sales and marketing plans for Periostat; risks inherent in research and development activities; risks associated with conducting business in a highly regulated environment and uncertainty relating to clinical trials of products under development, all as discussed in the Company's periodic filings with the US Securities and Exchange Commission.