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COLUMBIA LABORATORIES REPORTS 1992 FINANCIAL RESULTS; NET LOSS SIGNIFICANTLY DECREASED

 HOLLYWOOD, Fla., March 26 /PRNewswire/ -- Columbia Laboratories, Inc. (AMEX: COB) today reported a net loss of $8,535,936, or $.51 per share, for the fiscal year ending Dec. 31, 1992, down from a net loss of $14,547,833, or $1.17 per share, in 1991. Net sales for 1992 were $9,173,042, compared with $10,675,184 the previous year.
 Management noted that 1992 was the first full year in which Replens(R), the company's first product utilizing its patented bioadhesive delivery system, was marketed by Columbia's large multinational partners. Under its agreements with these partners -- including Warner-Lambert Company, Janssen Pharmaceutica, Roussel-Uclaf and Sterling Drug -- Columbia manufactures Replens and in return receives approximately 25 to 30 percent of its partners' sales of the product. Columbia has evolved in the past year from being a marketing company to a product development company, and as a result, the company dramatically reduced its operating expenses from almost $20 million in 1991 to $12.2 million in 1992.
 "We've advanced significantly closer to our objective of becoming a profitable innovator and manufacturer of women's health care products during the past 15 months," said Norman M. Meier, Columbia's president and chief executive officer.
 "During 1992, we increased our investment in product development by almost 50 percent, and we are particularly pleased to report that our next two products -- a sustained release spermicide and bioadhesive progesterone -- are now in advanced human trials in the United States and Europe. Towards that end, we are advancing our products as rapidly as possible through the regulatory processes in all major worldwide markets. We also improved the company's balance sheet by adding $9.4 million from a private placement in January 1993, and then virtually eliminated all long-term debt," he added.
 Columbia Laboratories, Inc. is a U.S.-based international pharmaceutical company, established in 1987, dedicated to developing on a worldwide basis a portfolio of women's prescription and over-the- counter products which utilize the company's patented bioadhesive delivery technology.
 COLUMBIA LABORATORIES, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF OPERATIONS
 FOR THE THREE YEARS ENDED DEC. 31, 1992
 1992 1991 1990
 NET SALES $ 9,173,042 $ 10,675,184 $ 12,139,359
 COST OF GOODS SOLD 5,327,459 3,803,679 4,341,921
 Gross Profit 3,845,583 6,871,505 7,797,438
 OPERATING EXPENSES:
 Selling and distribution 3,373,259 6,707,374 14,765,292
 General and admin. 4,701,646 7,760,890 7,990,537
 Research and development 3,129,026 2,166,675 1,267,191
 Lease termination cost 1,000,000 --- ---
 Product modification cost --- 2,753,585 ---
 Total operating exp. 12,203,931 19,388,524 24,023,020
 Loss from operations (8,358,348) (12,517,019) (16,225,582)
 OTHER INCOME (EXPENSE):
 License fees, net 2,776,043 --- ---
 Interest income 114,801 175,492 93,093
 Interest expense (548,924) (629,621) (274,560)
 Gain on sale of investment --- --- 347,408
 Guaranteed return to
 minority shareholders
 of subsidiary (2,585,118) (1,726,166) (285,052)
 Other, net 65,610 149,481 7,459
 (177,588) (2,030,814) (111,652)
 Net loss $ (8,535,936) $ (14,547,833) $(16,337,234)
 NET LOSS PER COMMON SHARE $ (.51) $ (1.17) $ (1.62)
 WEIGHTED AVERAGE NUMBER
 OF COMMON SHARES
 OUTSTANDING 16,880,000 12,856,000 10,788,000
 -0- 3/26/93
 /CONTACT: Margaret J. Roell, chief financial officer of Columbia Laboratories, 305-985-6545/
 (COB)


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

JB-JJ -- FL003 -- 0105 03/26/93 14:00 EST
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Date:Mar 26, 1993
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