Columbia Laboratories' Announces Restructuring of Its Board of Directors.

AVENTURA, Fla.--(BUSINESS EDITORS)--Dec. 14, 1998--

-Management and Stockholder Group Reach Accord

Annual Meeting to be Held January 28, 1999-

Columbia Laboratories, Inc. (AMEX:COB) today announced that it has agreed to restructure it's Board of Directors to include three new outside directors. The new board to be nominated will include three officers of the company William J. Bologna Chairman of the Board, Norman M. Meier President and CEO, Dominique deZiegler M.D., VP of Research and Development, current outside directors Robert C. Strauss and Jean Carvais M.D. and three new outside directors James J. Apostolakis, Dennis M. O'Donnell M.D., and Selwyn P. Oskowitz M.D.

The addition of these three new outside directors will help guide the future of Columbia. Under the guidance of the Board, the company intends to enter into new strategic alliances, maximize the potential of Crinone(R), natural progesterone vaginal gel, build a strong OTC franchise centered around Replens(R) and speed the development of its portfolio of women's health care products, the most advanced of which is Chronodyne(R) (terbutaline gel). Chronodyne(R) will be used for the treatment of dysmenorrhea a problem afflicting more than 30% of menstruating women.

The Company plans to hold its annual shareholders' meeting, Thursday January 28, 1999 in New York City, the site of the meeting to be announced.

Ongoing studies continue to demonstrate the benefits of Crinone(R). In a study soon to be published it was demonstrated that Crinone(R) is safe to use in women with documented cardiovascular disease and Crinone(R) may indeed have its own cardio-protective effect. This contrasts with the recent HERS study which calls in to question the advisability of using synthetic progestins (MPA) in menopausal women with documented cardiovascular disease. In addition, studies soon to be published demonstrate that unlike medroxyprogesterone (MPA), the incidence of treatment emergent side effects declines when Crinone(R) is added to estrogen.

In addition, Columbia intends to position Replens(R) as the product of choice for vaginal dryness in women suffering from the effects of cancer therapy particularly, the use of anti-estrogens, and to act dynamically to bring Chronodyne(R) to market as soon as possible. Under current plans an NDA will be submitted in early 2000.

Also, Columbia intends to exploit its leadership position in the field of "Andropause" by entering into a license and supply agreement for its patented bioadhesive buccal tablet which can completely replace the normal amount of testosterone produced by men. The new bioadhesive buccal tablet which is only 9 mm in diameter and insensible after being inserted, has been shown to deliver physiologic levels of testosterone. This contrasts with large transdermal patches which produce sub-physiologic levels because they deliver only 5 mg per day.

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, hormonal deficiencies and the prevention of sexually transmitted diseases. Columbia's research in reproductive endocrinology has also led to the development of a product to treat "Andropause" in men. 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, 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.