Columbia Laboratories Announces Third Quarter Results.

AVENTURA, Fla.--(BUSINESS WIRE)--Nov. 13, 1998--Columbia Laboratories Inc. (AMEX:COB) Friday reported a net loss of $2,094,108 or $.07 per share on sales of $3,295,782 for the three months ended Sept. 30, 1998 as compared to net income of $6,013,533 or $.20 a share on sales of $6,533,878 in the comparable 1997 period.

In 1997, third quarter results reflected large initial stocking orders for Crinone 8% by American Home Products' ("AHP") Wyeth-Ayerst division. As previously discussed in our September '98 investor conference call, AHP delayed marketing activities for Crinone which has resulted in Columbia's not attaining sales and profit levels that were expected. However, over the last quarter AHP has increased the visibility of Crinone to the gynecological community, including AHP's participation at the American Society of Reproductive Medicine Annual Meeting. At that meeting, AHP held a symposium attended by over 500 physicians, exposing those gynecologists and others attending the meeting to additional information which showed the efficacy and advantages that Crinone 8% offered practicing infertility specialists.

The effectiveness of this marketing effort is starting to be seen in new Rx activity (measured by IMS) which has increased from a 4,000 new prescription per month level recorded in each of the months of July, August and September, to a 6,000 new prescription level in October. We expect this trend to continue and the effects of this increase in new Rx's to show up in future sales and earnings.

The net loss of $2,094,108 or $.07 per share in the 1998 third quarter reflected improvement over the 1998 second quarter loss of $3,289,158 or $.11 per share. The improvement reflected increased sales of Crinone 8% and Replens and the reduction of approximately $560,000 of operating expenses. The company expects to further reduce expenses, while expecting increased sales and improved bottom line results.

For the nine month period ended Sept. 30, 1998, the net loss was $8,580,691 or $.30 per share on sales of $7,692,494 as compared to net income of $414,095 or $.01 per share on net sales of $10,130,324 in the 1997 period.

Columbia Laboratories Inc. is a U.S.-based international pharmaceutical company, dedicated to the development of women's prescription and over-the-counter products, including those which help prevent 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 system.

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. -0-

             COLUMBIA LABORATORIES INC. AND SUBSIDIARIES
           CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                             (Unaudited)

                          Nine Months Ended      Three Months Ended
                             Sept. 30,               Sept. 30,
                          1998       1997         1998        1997

NET SALES              $7,692,494 $10,130,324  $3,295,782  $6,533,878

COST OF GOODS SOLD      3,840,395   4,082,500   1,468,113   1,863,110
  Gross profit          3,852,099   6,047,824   1,827,669   4,670,768

OPERATING EXPENSES:
  Selling and
   distribution         2,750,010   2,289,591     992,922     793,000
  General and
   administrative       4,030,787   2,456,781   1,183,626     997,821
  Research and
   development          5,307,584   6,587,510   1,585,091   2,128,735
     Total operating
      expenses         12,088,381  11,333,882   3,761,639   3,919,556

     Income (loss)
      from operations  (8,236,282) (5,286,058) (1,933,970)    751,212

OTHER INCOME (EXPENSE):
  License fees             73,088   5,750,000      73,088   5,250,000
  Interest income         134,673      49,150      26,790      16,096
  Interest expense       (410,935)    (19,420)   (188,838)    (16,361)
  Other, net             (141,235)    (79,577)    (71,178)     12,586
                         (344,409)  5,700,153    (160,138)  5,262,321

   Net income (loss)  $(8,580,691) $  414,095 $(2,094,108) $6,013,533

NET INCOME (LOSS)
PER COMMON SHARE:
  BASIC                  $   (.30)   $    .01    $  (.07)    $    .21
  DILUTED                $   (.30)   $    .01    $  (.07)    $    .20

WEIGHTED AVERAGE NUMBER
OF COMMON SHARES OUTSTANDING:
  BASIC                28,677,000  28,290,000  28,685,000  28,398,000
  DILUTED              28,677,000  29,969,000  28,685,000  30,231,000