Columbia Laboratories reports six month results.

MIAMI, FL--(BUSINESS WIRE)--August 14, 1996--Columbia Laboratories, Inc. (AMEX: COB) today reported a net loss of $5,413,990, or $0.20 per share for the six months ended June 30, 1996 as compared to net income of $5,208,095, or $0.21 per share for the comparable 1995 period. The 1995 results include $8,000,000 in license fees received from Wyeth-Ayerst in connection with the strategic alliance agreement for Crinone(R). Sales for the six month period ended June 30, 1996 were $2,405,480 as compared to $6,083,866 in 1995. The 1995 sales include the initial stocking orders for Legatrin PM.

For the three months ended June 30, 1996, the Company reported a net loss of $3,773,315, or $0.14 per share as compared to net income of $6,240,874, or $0.25 per share for the comparable 1995 period. The 1995 results include the aforementioned license fees received from Wyeth-Ayerst in connection with the Crinone strategic alliance agreement. Sales for the three month period ended June 30, 1996 were $1,082,514 as compared to $2,878,500 in 1995. The initial stocking of Legatrin PM is included in 1995 sales.

"We are pleased with the recent filing of our New Drug Application for Crinone for the treatment of secondary amenorrhea, and we intend to file additional applications for Crinone in 1996. In addition, we expect to receive additional marketing approvals in countries outside the U.S., most notably Italy and Germany," said William J. Bologna, chairman of Columbia Laboratories. "Contingent with these activities, Columbia expects to receive milestone payments approaching $3,000,000 from Wyeth-Ayerst, Columbia's world-wide marketing partner for Crinone."

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 products primarily utilize the Company's patented bioadhesive delivery technology. -0-

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

                  Six Months Ended        Three Months Ended
                       June 30,               June 30,
                  1996        1995         1996        1995

NET SALES      $ 2,405,480  $ 6,083,866  $1,082,514  $2,878,500
COST OF GOODS
 SOLD            1,272,865    3,197,014     679,470   1,565,201
Gross profit     1,132,615    2,886,852     403,044   1,313,299
OPERATING EXPENSES:
Selling and
 distribution    1,418,632    1,448,463     792,462     804,688
General and
 administrative  1,652,454    1,572,054     771,587     919,764
Research and
 development     5,151,274    2,725,085   2,747,597   1,295,573
Total operating
 expenses        8,222,360    5,745,602   4,311,646   3,020,025
Loss from
 operations     (7,089,745)  (2,858,750) (3,908,602) (1,706,726)
OTHER INCOME (EXPENSE):
License fees     1,500,000    8,054,883           -   8,054,883
Interest income    193,263       40,205     146,222      34,418
Interest expense    (7,121)    (140,750)     (3,489)    (69,181)
Other, net         (10,387)     112,507      (7,446)    (72,520)
                 1,675,755    8,066,845     135,287   7,947,600
Net income
 (loss)        $(5,413,990)  $5,208,095 $(3,773,315) $6,240,874
Net income (loss)
 per common share   $ (.20)      $  .21      $ (.14)    $   .25
Weighted average
 number of common
 shares
 outstanding    27,176,000   25,123,000  27,868,000  25,313,000

CONTACT: Margaret J. Roell Ruth Markowitz (investors)

Chief Financial Officer Burns McClellan, Inc.

Columbia Laboratories, Inc. [phone]

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