Columbia Laboratories Secures Approximately $3 Million in Equity Financing; Participants Include Six Institutional Investors.Business Editors/Health & Medical Writers LIVINGSTON, N.J.--(BUSINESS WIRE)--Dec. 12, 2001 Columbia Laboratories (AMEX AMEX See: American Stock Exchange :COB) announced today that it has raised $2,965,000 in proceeds through a private sale of 1,118,866 shelf-registered shares of common stock. Aqua Wellington, Curran Partners and John Curran Affiliates, EGS EGS European Geophysical Society EGS European Graduate School EGS El Goonish Shive (webcomic) EGS Environmental Goods and Services EGS Employment Guarantee Scheme (UK) EGS EOS Ground System Partners, Hillhouse Capital, Irvine Capital and Knott Partners participated in the financing. Fred Wilkinson, Columbia's president and chief executive officer said: "This equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. provides further financial support to accelerate our multiple development programs, including the submission of worldwide registration documents for our Testosterone testosterone (tĕstŏs`tərōn), principal androgen, or male sex hormone. One of the group of compounds known as anabolic steroids, testosterone is secreted by the testes (see testis) but is also synthesized in small quantities in the Buccal buc·cal adj. 1. Of, relating to, adjacent to, or in the direction of the cheek. 2. Of or relating to the mouth cavity. buccal Tablet for men, estimated to be filed in the first quarter of 2002. In addition, this funding will provide the necessary resources to cover corporate overhead for the next 12 months, and projected legal expenses resulting from the Serono litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. . We feel that completing this transaction is a safe and prudent strategy in protecting the assets and interests of our shareholders." Wilkinson added, "We are pleased by the level of support expressed by these recognized institutional investors, and believe that the company will broaden its investment appeal, in the near future, with the re-launch of Crinone, the filing of Testosterone Buccal Tablet, the successful progression of additional R & D projects and the introduction of additional products." Funding for additional research and development expenses in 2002, to support the clinical programs for Columbia's pipeline products including Lidocaine lidocaine /li·do·caine/ (li´do-kan) an anesthetic with sedative, analgesic, and cardiac depressant properties, applied topically in the form of the base or hydrochloride salt as a local anesthetic; also used in the latter form as a Vaginal Gel, will be generated from projected increased revenues from additional licensing agreements for Replens, Miphil and Advantage-S in Europe. The company plans to introduce Miphil and Advantage-S under new trade names and marketing strategies in early 2002. Columbia also expects to receive funds related to establishing a marketing partner for Testosterone Buccal Tablet in non-U.S. markets in early 2002. Columbia Laboratories, Inc. is a U.S.-based international pharmaceutical company dedicated to research and development of women's health Women's Health Definition Women's health is the effect of gender on disease and health that encompasses a broad range of biological and psychosocial issues. care and endocrinology products, including those intended to treat infertility, dysmenorrhea dysmenorrhea Pain or cramps before or during menstruation. In primary dysmenorrhea, caused by endocrine imbalances, severity varies widely. Irritability, fatigue, backache, or nausea may also occur. , endometriosis endometriosis (ĕn'dəmē'trē-ō`sĭs), a condition in which small pieces of the endometrium (the lining of the uterus) migrate to other places in the pelvic area. 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 that 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. 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 successful revalidation of the Crinone manufacturing process, timely and successful completion of clinical studies, competitive economic and regulatory factors in the pharmaceutical and health care industry, the outcome of the Serono litigation, 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. |
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