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COLUMBIA LABORATORIES REPORTS FISCAL 1991 RESULTS; OPERATING AND NET LOSSES DECREASE

 COLUMBIA LABORATORIES REPORTS FISCAL 1991 RESULTS;
 OPERATING AND NET LOSSES DECREASE
 HOLLYWOOD, Fla., March 31 /PRNewswire/ -- Columbia Laboratories, Inc. (AMEX: COB) today reported a net loss of $14,547,833, or $1.17 per share, for the year ended Dec. 31, 1991, reduced from a net loss of $16,337,234, or $1.62 per share, in the previous year. The loss from operations declined to $12,517,019, for 1991 from $16,225,582 the prior year. Net sales for 1991 were $10,675,184, compared with $12,139,359 in 1990.
 Columbia management pointed to three major achievements in 1991 that positioned the company for future growth and profitability.
 "First, we generated sufficient sales for Replens(R) on our own in the United States and the United Kingdom to gain the confidence and enthusiasm of some of the most prestigious pharmaceutical companies in the world, who have now assumed the marketing responsibility for Replens(R) in the U.S., Europe, Latin America and the Pacific," said Norman M. Meier, president and CEO of Columbia.
 Meier noted that Columbia will receive up to 30 percent of its partners' selling price for Replens(R), which is expected to yield approximately a 12-15 percent effective operating margin to Columbia. The partners, including Warner-Lambert in the United States and Sterling Drug and Janssen Pharmaceutica in the international markets, plan to spend an aggregate of approximately $20-30 million on promotion of Replens(R) in 1992.
 "Second, we revamped the Replens(R) manufacturing process in 1991 to expand capacity, gain efficiencies and reduce costs which resulted in a one time write off of $2,753,585," Meier continued. "And third, we completed the development of our second women's health care product which eliminates vaginal odor, a problem that affects 256 million women worldwide, and we are continuing the development of a unique topical spermicide, a vaginally delivered progesterone and several additional products which utilize our patented substance delivery technology."
 Columbia's net sales decreased in 1991 due to significant reductions in advertising and promotional spending, initially due to limited resources prior to a private placement of equity in August 1991, and subsequently due to the expectation of a U.S. marketing agreement. A strategic alliance agreement for the distribution and marketing of Replens(R) in the U.S. and Canada was signed with Warner- Lambert Company in December 1991.
 The 1991 results also include a non-cash charge of approximately $1.7 million (as compared to $300,000 in 1990) related to a guaranteed return to minority shareholders of the company's U.K. subsidiary.
 For the fourth quarter 1991, Columbia posted net sales of $2,539,839 and a net loss of $5,481,374, compared with net sales of $2,440,115 and a net loss of $5,962,660 in the fourth quarter 1990.
 Columbia also announced today that it signed a letter of intent with Diagnostic Markers, Inc. of Englewood, Colo., for the exclusive worldwide rights to two patented diagnostic tests; one for the detection of vaginal yeast infections and the other for the detection of bacterial vaginosis.
 Columbia Laboratories, Inc. is a U.S.-based international pharmaceutical company, established in 1987, whose objective is to develop and market on a worldwide basis, either directly or through corporate partners, a portfolio of prescription and over-the-counter drugs and cosmetics, which utilize the company's patented substance delivery technology.
 COLUMBIA LABORATORIES, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF OPERATIONS
 1991 1990 1989
 Net sales $10,675,184 $12,139,359 $ 5,660,790
 Cost of goods
 sold 3,803,679 4,341,921 2,054,195
 Gross profit 6,871,505 7,797,438 3,606,595
 Operating
 Expenses:
 Selling and
 distribution 6,707,374 14,765,292 5,089,705
 General and
 administrative 7,760,890 7,990,537 2,994,385
 Research and
 development 2,166,675 1,267,191 1,040,583
 Product
 modification
 cost 2,753,585 -- --
 Total operating
 expenses 19,388,524 24,023,020 9,124,673
 Loss from
 operations (12,517,019) (16,225,582) (5,518,078)
 Other income
 (expense):
 Interest
 income 175,492 93,093 304,415
 Interest
 expense (629,621) (274,560) (53,736)
 Gain on sale
 of investment -- 347,408 --
 Guaranteed return
 to minority
 shareholders
 of subsidiary (1,726,166) (285,052) --
 Other, net 149,481 7,459 166,547
 (2,030,814) (111,652) 417,226
 Net loss $(14,547,833) $(16,337,234) $(5,100,852)
 Net loss per
 common share $(1.17) $(1.62) $(.56)
 Weighted average
 number of common
 shares
 outstanding 12,856,000 10,788,000 9,865,000
 -0- 3/31/92
 /CONTACT: Margaret J. Roell, chief financial officer, 305-985-6545, or Helen R. Witters, vice president, 305-985-6524, both of Columbia Laboratories, Inc./
 (COB) CO: Columbia Laboratories, Inc. ST: Florida IN: MTC SU: ERN


AW-SS -- FL015 -- 3610 03/31/92 17:11 EST
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