Columbia Laboratories' Announces Equity Financing Commitment of Up to $ 20 Million.

Business Editors & Medical Writers

NEW YORK--(BUSINESS WIRE)--Feb. 8, 2001

Columbia Laboratories (AMEX:COB) today announced that it has entered into an equity financing facility with Acqua Wellington North American Equities Fund, Ltd. ("Acqua Wellington") for up to $20 million. Over the next 24 months, Columbia may, at its discretion, subject to certain conditions, including market price, sell shares of its common stock to Acqua Wellington pursuant to this financing facility at a small discount to market to be determined before each sale. This financing facility is not subject to any minimum takedown requirements, nor did the Company pay any brokers, finders or financial advisory fees or commissions in connection with this transaction.

Recently, Columbia also received $1.5 million from an equity placement of 288,462 shares of its registered common stock with Ridgeway Investment Limited.

James J. Apostolakis, Columbia's Vice Chairman and President, said, "While Columbia currently has an adequate cash position, we are pleased to have the flexibility to raise capital when attractive opportunities present themselves."

Acqua Wellington Asset Management LLC acts as the adviser to the Acqua Wellington family of funds, which is targeted at investment opportunities among mid-cap and small-cap publicly traded companies in domestic and global equity markets. The primary focus is in the technology and life-science sectors.

Columbia Laboratories, Inc. is a U.S.-based international pharmaceutical company dedicated to research and development of women's health care products, including those intended to treat infertility, dysmenorrhea, endometriosis, and hormonal deficiencies. Columbia is also developing hormonal products for men and a buccal delivery system for peptides. Columbia's products primarily utilize the company's patented bioadhesive delivery technology.

This press release contains statements which constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Those statements include statements regarding the intent, belief or current expectations of the company and its management team. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements. Such risks and uncertainties include, among other things, successful outcomes of clinical studies, competitive economic and regulatory factors in the pharmaceutical and health care industry, general economic conditions and other risks and uncertainties that may be detailed, from time-to-time, in Columbia's reports filed with the Securities and Exchange Commission.