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COLUMBIA LABORATORIES REPORTS NINE MONTHS AND THIRD QUARTER 1991 RESULTS

COLUMBIA LABORATORIES REPORTS NINE MONTHS AND THIRD QUARTER 1991 RESULTS
 HOLLYWOOD, Fla., Nov. 15 /PRNewswire/ -- Columbia Laboratories, Inc. (AMEX: COB) today reported financial results for the nine months and third quarter 1991. For the nine months ended Sept. 30, 1991, net sales were $8,135,345, compared with net sales of $9,699,244 in the similar 1990 period. The company reported a net loss for the nine months 1991 of $9,066,459 or 78 cents per share, compared with a net loss of $10,374,574, or $1.07 per share reported in the comparable 1990 period.
 "During 1991, we have been building momentum for Replens(R) worldwide by forming marketing alliances for Replens in major international markets. Replens is now available to consumers in England, Ireland, Italy, Spain, France, and Saudi Arabia, and will be ready for launch by our partners in 1992 in Denmark, Finland, Norway, Sweden, Belgium, Australia, New Zealand and other Pacific Rim nations, Latin American and the Caribbean. In addition, we are negotiating marketing alliances for Germany, as well as for Japan, Holland, Portugal, Greece and Israel," said Norman M. Meier, Columbia president and chief executive officer.
 The company has announced that it has signed a non-binding letter of intent with Warner-Lambert Company, with the intention of entering into a license and supply agreement under which Warner-Lambert would have exclusive rights to license Replens in the United States and Canada. The two companies are now negotiating a definitive agreement.
 For the third quarter ended Sept. 30, 1991, the company reported net sales of $2,338,228, compared with net sales of $4,418,146 in the similar 1990 period. A net loss was reported for the quarter of $3,755,691, or 31 cents per share, compared with a net loss of $3,152,627, or 31 cents per share, reported in the third quarter 1990.
 The third quarter performance was the result of a significant reduction in spending on product advertising and promotion during 1991, as a result of the company's limited financial resources. Since completion in August of its offering of Series B preferred stock that raised $15 million, the company has deferred advertising and promotional expenses on Replens in light of its efforts to complete a strategic U.S. marketing alliance. The company announced its intention earlier this year to form such an alliance.
 Columbia Laboratories, Inc. is a U.S.-based international pharmaceutical company, established in 1987, dedicated primarily to developing and marketing women's health care products based on its patented bioadhesive drug delivery system.
 COLUMBIA LABORATORIES, INC. AND SUBSIDIARIES
 Consolidated Statements of Operations
 (unaudited)
 Three months ended Nine months ended
 Sept. 30, Sept. 30,
 1991 1990 1991 1990
 Net sales $2,338,228 $4,418,146 $8,135,345 $9,699,244
 Cost of goods sold 1,053,813 1,532,795 2,890,852 3,356,620
 Gross profit 1,284,415 2,885,351 5,244,493 6,342,624
 Operating expenses:
 Selling and
 distribution 1,416,908 3,735,136 5,510,950 10,853,314
 General and
 administrative 1,815,606 1,914,931 5,253,697 5,169,037
 Research and
 development 575,842 338,430 1,224,218 961,550
 Total operating
 expenses 3,808,356 5,988,497 11,988,865 16,983,901
 Loss from
 operations (2,523,941) (3,103,146) (6,744,372)(10,641,277)
 Other income (expense):
 Interest income 73,583 21,695 98,985 105,734
 Interest expense (167,459) (71,176) (392,617) (186,439)
 Gain on sale of
 investment --- --- --- 347,408
 Guaranteed return
 to minority
 shareholders
 of subsidiary (534,890) --- (1,427,519) ---

 Other, net (602,984) --- (600,936) ---
 Total (1,231,750) (49,481) (2,322,087) 266,703
 Net loss (3,755,691) (3,152,627) (9,066,459)(10,374,574)
 Net loss per
 common share (31 cents) (31 cents) (78 cents) $(1.07)
 Weighted average
 number of
 common shares 12,578,218 11,266,707 12,168,975 10,536,574
 -0- 11/15/91
 /CONTACT: Margaret Roell, CFO of Columbia Laboratories, 305-985-6545, or Marcia Kean of Feinstein Partners Inc., 617-577-8110, for Columbia Laboratories/
 (COB) CO: Columbia Laboratories, Inc. ST: Florida IN: MTC SU: ERN KM-SH -- NE018 -- 1777 11/15/91 17:42 EST
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Date:Nov 15, 1991
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