Columbia Laboratories to raise funds through sale of its common stock and warrants

Columbia Laboratories, Inc. (Nasdaq: CBRX) today announced that it has priced a transaction to raise up to approximately $11,772,000 through the sale of up to approximately 10,900,000 shares of its common stock and warrants to purchase 5,450,000 shares of its common stock in a registered direct offering. The common stock and warrants will be sold in units, with each unit consisting of one share of common stock and a warrant to purchase 0.5 shares of common stock. Each unit will be sold at a negotiated price of $1.08 per unit. Net proceeds are expected to be up to approximately $10,709,000 after offering-related fees and expenses. Columbia intends to use the net proceeds from the offering for general corporate purposes, including funding the completion of its ongoing clinical trial to reduce the risk of preterm birth in women with a short cervix at mid-pregnancy, the development of its next generation products for infertility and prevention of preterm birth in women with a short cervix, its other clinical development and other research and development activities, internal and/or collaborative sales, marketing and distribution expenditures, capital expenditures and working capital needs.

The transaction is expected to close on or about October 28, 2009, subject to satisfaction of customary closing conditions. Oppenheimer & Co. Inc. and The Benchmark Company, LLC served as lead placement agent and co-placement agent, respectively, for the transaction.

The units are being offered pursuant to an effective registration statement previously filed with the Securities and Exchange Commission. The units may be offered only by means of a prospectus and accompanying prospectus supplement, a copy of which can be obtained from Oppenheimer & Co. Inc., 300 Madison Avenue, 4^th Floor, New York, NY 10017, or by calling (800) 221-5588, or The Benchmark Company, LLC, 40 Fulton Street, 19th Floor, New York, NY 10038, or by calling (800) 207-7455.

An electronic copy of the prospectus supplement will also be available on the website of the Securities and Exchange Commission (the “SEC”) at http://www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sales of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.