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COLUMBIA LABORATORIES COMPLETES $10 MILLION PRIVATE PLACEMENT OFFERED THROUGH ALLEN & COMPANY; REPURCHASES OUTSIDER INTEREST IN UK SUBSIDIARY

 HOLLYWOOD, Fla., Jan. 20 /PRNewswire/ -- Columbia Laboratories, Inc. (AMEX: COB) today announced it completed a private placement of its common stock raising gross proceeds of $10 million. The shares of common stock were offered through Allen & Company Incorporated as agent, to a limited group of institutional investors and a selected group of other accredited investors.
 In addition, the company has entered into a repurchase agreement with the venture capital groups who currently own a 25 percent equity interest in the company's UK subsidiary. The company is repurchasing the venture capital groups' interest in the company's UK subsidiary for $2.5 million in cash and approximately 850,000 shares of common stock.
 The remainder of the proceeds from the private placement will be used to fund the company's ongoing clinical studies and for working capital purposes.
 Columbia Laboratories, Inc. is a U.S.-based international pharmaceutical company, established in 1987, whose objectives is to develop and market on a worldwide basis, either directly or through corporate partners including Warner-Lambert, Sterling Drug and Rousell- Uclaf, a portfolio of prescription and over-the-counter drugs and cosmetics, which utilize the company's patented bioadhesive delivery system.
 -0- 1/20/93
 /CONTACT: Peggy J. Roell of Columbia Research Laboratories, 305-985-6545, or Pamela Julias of Howard J. Rubenstein Associates, 212-489-6900, for Columbia Laboratories/
 (COB)


CO: Columbia Laboratories, Inc. ST: Florida IN: MTC SU: OFR

SH-WB -- NY049 -- 6943 01/20/93 13:45 EST
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Publication:PR Newswire
Date:Jan 20, 1993
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