Columbia Laboratories, Inc. (CBRX)

12/06 offering $5.25. Warrants $ $5.50. Me $5.17. Will be volatile ... but important space ... in which I'm increasingly interested. Goes beyond BRL.

"Columbia Laboratories, Inc. (NASDAQ: CBRX - News) today announced it has completed the treatment phase of its pivotal Phase III clinical study of PROCHIEVE® 8% (progesterone gel) to prevent recurrent preterm birth. This 669-patient randomized, double-blind, placebo-controlled clinical trial is the largest preterm prevention study ever conducted. The ultimate goal of this program is to expand the PROCHIEVE 8% label beyond infertility and secondary amenorrhea, for which it is currently FDA-approved and commercially available, to include the prevention of recurrent preterm birth.

Robert S. Mills, Columbia's president and chief executive officer, stated, "All expectant mothers participating in the PROCHIEVE preterm study have now passed 37 weeks gestation; beyond this point, infants born are no longer considered premature. With this milestone behind us and the treatment phase of the study complete, we look forward to the birth of the last infants in January 2007. We eagerly await the opportunity to report efficacy and preliminary safety data from the PROCHIEVE preterm study in mid-February 2007.

"If results of this important study are positive, use of PROCHIEVE 8% to prevent this serious and all too frequent problem could have a very meaningful impact on society and the U.S. healthcare system. On average, delivery of one preterm baby costs $51,600, compared to $5,000 for a full term baby. At present, over 500,000 babies are born prematurely each year. In aggregate, preterm birth costs the U.S. healthcare system over $26 billion annually - a staggering sum that increases every year.

"On a more human level, prematurity causes 34% of infant deaths. Many of the infant survivors will suffer from lifelong conditions such as cerebral palsy, mental retardation, hearing and vision deficits, and/or learning disabilities. It is our fervent hope to give potentially-premature babies a better chance. With only 40 weeks to develop in utero, time is of the essence. Therefore, if study results are positive, we will maintain our aggressive timeline to submit the application for a label indication for PROCHIEVE 8% natural progesterone gel with the FDA in mid-2007," concluded Mills.

About PROCHIEVE 8%

PROCHIEVE® 8% (progesterone gel) is a bioadhesive product that utilizes Columbia's proprietary Bioadhesive Delivery System (BDS) to deliver natural progesterone vaginally in a convenient and patient-friendly, pre-filled, tampon-like applicator. By using a non-immunogenic (hypo-allergenic) bioadhesive polymer designed to adhere to the vaginal tissue, PROCHIEVE 8% promotes controlled and sustained absorption of progesterone and minimizes leakage, a side effect commonly seen with vaginal suppositories. As a result, the product does not restrict normal activities.

PROCHIEVE 8% contains 90 mg of natural progesterone. It is FDA approved for progesterone supplementation or replacement as part of an Assisted Reproductive Technology (ART) treatment for infertile women with progesterone deficiency and for the treatment of secondary amenorrhea, and is safe for use during pregnancy.

The most common side effects of PROCHIEVE 8% include breast enlargement, constipation, somnolence, nausea, headache, and perineal pain. PROCHIEVE 8% is contraindicated in patients with active thrombophlebitis or thromboembolic disorders, or a history of hormone-associated thrombophlebitis or thromboembolic disorders, missed abortion, undiagnosed vaginal bleeding, liver dysfunction or disease, and known or suspected malignancy of the breast or genital organs.

For more information, please visit www.prochieve8.com.

About Columbia Laboratories

Columbia Laboratories, Inc. is a U.S.-based international pharmaceutical company dedicated to the development and commercialization of reproductive healthcare and endocrinology products that use its novel bioadhesive drug delivery technology. Columbia markets PROCHIEVE® 8% (progesterone gel) for progesterone supplementation as part of an Assisted Reproductive Technology treatment for infertile women with progesterone deficiency and PROCHIEVE 4% (progesterone gel) for the treatment of secondary amenorrhea. The Company also markets STRIANT® (testosterone buccal system) for the treatment of hypogonadism in men. The Company recently completed enrollment in a 669-patient pivotal Phase III study to evaluate the possible utility of PROCHIEVE 8% (progesterone gel) for the prevention of recurrent preterm birth. The treatment phase of this randomized, double-blind, placebo-controlled trial concluded in December 2006, and the Company expects to announce efficacy and preliminary safety results in mid-February 2007. The Company's additional research and development programs include a vaginally-administered lidocaine product to prevent and treat dysmenorrhea. For more information, please visit www.columbialabs.com.