Columbia Laboratories Reports Profitable First Quarter.

AVENTURA, Fla.--(BUSINESS WIRE)--April 28, 1999--

Columbia Laboratories, Inc. (AMEX:COB) today reported a net profit of $140,110 or $.00 per share on sales of $5,466,461 for the three months ending March 31, 1999 as compared to a loss of $3,197,425 or $.11 per share on sales of $2,271,985 for the comparable 1998 period.

The 1999 first quarter Crinone 8% sales (the Company's vaginally-delivered natural progesterone gel used in infertility procedures) were $3,151,739 compared to $453,782 in 1998's first quarter. Also included in the first quarter results was license fee income, net of expenses, of $387,500 received from Mipharm SpA for the right to market certain of Columbia's women's health care products in southern Europe.

As previously announced, Columbia shipped approximately $2.4 million in United States Crinone 8% orders in the first quarter of 1999 and has U.S. orders to ship approximately $4.8 million in the second quarter and $1.6 million in July 1999. "Based on the growing demand for Crinone 8%, we anticipate increasing profitability throughout 1999," said David L. Weinberg, the Company's Chief Financial Officer.

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, the risk that orders received may not be fulfilled 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)



                                       Three Months Ended March 31,
                                            1999             1998
                                         ----------       ----------

NET SALES                             $  5,466,461    $  2,271,985

COST OF GOODS SOLD                       1,776,841       1,405,984
                                      ------------    ------------
         Gross profit                    3,689,620         866,001
                                      ------------    ------------


OPERATING EXPENSES:
    Selling and distribution               857,827         637,766
    General and administrative           1,484,598       1,576,553
    Research and development             1,390,076       1,791,109
                                      ------------    ------------
        Total operating expenses         3,732,501       4,005,428
                                      ------------    ------------

       Loss from operations                (42,881)     (3,139,427)
                                      ------------    ------------

OTHER INCOME (EXPENSE):
    License fees, net of expenses          387,500            --
    Interest income                         30,496          42,870
    Interest expense                      (188,838)        (33,259)
    Other, net                             (21,167)        (67,609)
                                      ------------    ------------
                                           207,991         (57,998)
                                      ------------    ------------


Income (loss) before income taxes          165,110      (3,197,425)
    Provision for income taxes              25,000            --
                                      ------------    ------------
       Net income (loss)              $    140,110    $ (3,197,425)
                                      ============    ============

NET INCOME (LOSS) PER COMMON SHARE:
     Basic                            $        .00    $       (.11)
                                      ============    ============
     Diluted                          $        .00    $       (.11)
                                      ============    ============

WEIGHTED AVERAGE NUMBER OF
 COMMON SHARES OUTSTANDING:
     Basic                              28,685,000      28,660,000
                                      ============    ============
     Diluted                            28,985,000      28,660,000
                                      ============    ============