Columbia Laboratories Announces Fourth Quarter Results; Conference Call To Be Held.

Business Editors

AVENTURA, Fla.--(BUSINESS WIRE)--March 20, 2000

Columbia Laboratories (AMEX:COB) reported a net loss of $2,595,629 or $0.09 per share in the fourth quarter of 1999 compared to a net loss of $5,279,043 or $0.18 per share in the fourth quarter of 1998. Net revenues for the 1999 fourth quarter were $1,791,106, compared to $2,325,150 for the same period in 1998.

For the year ended December 31, 1999, Columbia reported a net loss of $2,210,208 or $0.09 per share, compared to a net loss of $13,859,734 or $0.48 per share for 1998. Net revenues for the full-year 1999 were $18,921,074, compared to $10,017,644 for the full-year 1998.

The Company's financial performance, while an improvement over 1998, did not live up to our expectations. The number of months it took for the finalization of the Crinone license transfer from American Home Products to Ares-Serono ("Serono") and for the new licensee to begin marketing Crinone as well as the high inventory levels transferred impacted on 1999 sales. Because of the delayed timing and the large inventory transferred, Columbia will not see the full benefit of the Serono marketing effort until the second half of 2000. The Company believes that Serono will make a commercial success of Crinone 8% in infertility that will be evidenced by the increased marketing commitment that will be seen over the next few months. On a more positive note, the Company's continuing efforts to control costs resulted in a reduction in general and administrative expenses of $1,210,193 in 1999. Further significant reductions are expected in 2000.

Since January 1, 2000, the Company has received approximately $4.7 million from the exercise of outstanding options and warrants.

Columbia will hold a telephone conference on Monday, March 20th at 4:00pm ET for the investment community. Individuals wishing to participate in the teleconference should call 800-633-8556 after 3:50pm ET on March 20th. From outside the United States, call 212-346-6541. Replay of the teleconfernce will be available from March 20th at 6:00pm until March 21st at 6:00pm by dialing 800-633-8284 from in the United States or 858-812-6440 from outside the United States and entering 14714585.

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 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, the ability of the Company's Crinone licensee to successfully market the product, 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.

             COLUMBIA LABORATORIES, INC. AND SUBSIDIARIES
            CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

                                                      Unaudited
                          Year Ended             Three Months Ended
                          December 31,               December 31,
                       1999         1998          1999         1998


NET SALES          $18,921,074  $10,017,644  $ 1,791,106  $ 2,325,150

COST OF GOODS SOLD   5,655,350    5,707,814      679,806    1,867,419
 Gross profit       13,265,724    4,309,830    1,111,300      457,731

OPERATING EXPENSES:
 Selling and
  distribution       3,938,756    4,099,446      932,804    1,349,436
 General and
  administrative     4,575,702    5,785,895      868,514    1,755,108
 Research and
  development        6,652,096    7,821,642    1,787,717    2,514,058
    Total operating
     expenses       15,166,554   17,706,983    3,589,035    5,618,602

    Loss from
     operations     (1,900,830) (13,397,153)  (2,477,735)  (5,160,871)

OTHER INCOME
 (EXPENSE):
  License fees         462,500       73,088       75,000            -
  Interest income      134,795      141,564       33,723        6,891
  Interest expense    (755,352)    (599,773)    (188,838)    (188,838)
  Other income
   (expense), net      (82,321)     (77,460)     (37,779)      63,775
                      (240,378)    (462,581)    (117,894)    (118,172)

  Loss before income
   taxes            (2,141,208) (13,859,734)  (2,595,629)  (5,279,043)
  Provision for
   income taxes         69,000            -            -            -


    Net loss       $(2,210,208)$(13,859,734) $(2,595,629) $(5,279,043)

LOSS PER COMMON
 SHARE BASIC AND
 DILUTED           $     (0.09) $     (0.48) $     (0.09) $     (0.18)

WEIGHTED AVERAGE
 NUMBER OF
 COMMON AND
 POTENTIAL COMMON
 SHARES OUTSTANDING:
   BASIC            28,853,000   28,679,000   29,041,000   28,685,000
   DILUTED          28,853,000   28,679,000   29,041,000   28,685,000


Balance Sheet Data:                      December 31,    December 31,
                                             1999           1998

Cash and cash equivalents               $  1,982,085    $    315,288
Working capital (deficiency)               3,441,367      (1,400,970)
Total assets                              12,987,613      11,879,546
Convertible subordinated note payable     10,000,000      10,000,000
Stockholders equity (deficiency)            (272,214)     (4,332,594)