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COLUMBIA LABORATORIES REPORTS SECOND QUARTER SALES INCREASE 24 PERCENT AND NET LOSS DECREASES 51 PERCENT

 COLUMBIA LABORATORIES REPORTS SECOND QUARTER SALES
 INCREASE 24 PERCENT AND NET LOSS DECREASES 51 PERCENT
 HOLLYWOOD, Fla., Aug. 14 /PRNewswire/ -- Columbia Laboratories, Inc. (AMEX: COB) today reported a net loss of $1,678,877, or $.10 per share, for the three months ended June 30, 1992, reduced from a loss of $3,407,241, or $.29 per share, for the second quarter 1991. Net sales for the second quarter of 1992 were $2,694,715, compared with sales of $2,179,577 during the same period in 1991.
 For the six months ended June 30, 1992, net sales were $4,856,067, compared with sales of $5,797,117 in the similar 1991 period. Net sales in 1992 reflect the transition of Columbia from a marketing company to a product development company whose emphasis is on the development of its patented bioadhesive technology. The company reported a net loss for the six month period in 1992 of $2,470,343, or $.15 per share, reduced from a net loss of $5,310,768, or $.29 per share reported in the comparable 1991 period.
 "We are pleased that our operating expenses have been reduced significantly because of the strategic alliance agreements with our pharmaceutical partners, resulting in the reduction of our net losses," said Norman M. Meier, Columbia's president and chief executive officer. "In addition, we feel that a major milestone of our research program was met when we recently filed our first Investigational New Drug application with the FDA and the equivalent Clinical Trials Exemption in the United Kingdom. This will allow us to begin extensive clinical testing of our first prescription drug, a sustained release form of natural progesterone," continued Meier.
 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
 (Unaudited)
 Six Months Ended Three Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 NET SALES $4,856,067 $5,797,117 $2,694,715 $2,179,577
 COST OF
 GOODS SOLD 2,519,790 1,837,039 1,666,077 872,845
 Gross Profit 2,336,277 3,960,078 1,028,638 1,306,732
 OPERATING
 EXPENSES:
 Selling and
 distribution 1,909,595 4,094,042 794,457 1,794,207
 General and
 administrative 2,591,383 3,438,091 1,281,263 2,050,829
 Research and
 Development 1,395,648 648,376 760,736 332,015
 Total
 operating
 expenses 5,896,626 8,180,509 2,836,456 4,177,051
 Loss from
 operations (3,560,349) (4,220,431) (1,807,818) (2,870,319)
 OTHER INCOME
 (EXPENSE):
 License fees,
 net 2,375,000 -- 375,000 --
 Interest income 94,113 25,402 43,902 18,738
 Interest expense (225,180) (225,158) (113,048) (116,924)
 Guaranteed return
 to minority
 shareholders
 of subsidiary (1,320,680) (892,629) (673,669) (431,170)
 Foreign
 exchange gain 162,003 -- 501,010 --
 Other, net 4,750 2,048 (4,254) (7,566)
 1,090,006 (1,090,337) 128,941 (536,922)
 Net loss $(2,470,343) $(5,310,768) $(1,678,877) (3,407,241)
 NET LOSS PER
 COMMON SHARE $ (.15) $ (.48) $ (.10) $ (.29)
 WEIGHTED AVERAGE
 NUMBER OF
 COMMON SHARES
 OUTSTANDING 16,662,000 11,961,000 16,737,000 12,141,000
 -0- 8/14/92
 /CONTACT: Margaret Roell, chief financial officer of Columbia Laboratories, 305-985-6545/
 (COB) CO: Columbia Laboratories, Inc. ST: Florida IN: MTC SU: ERN


JB-AW -- FL010 -- 0134 08/14/92 15:50 EDT
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Date:Aug 14, 1992
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