Columbia Laboratories Hires Cowen and Company to Assist in Evaluating Potential Strategic Transactions

Columbia Laboratories Inc.

has engaged Cowen and Company, LLC as its independent financial advisor to assist the Company with its stated goal to evaluate possible strategic transactions. “Given Columbia's strength as a revenue generating company, with over $25 million in cash and equivalents, zero debt and a Nasdaq listing, plus significant upside potential if Watson Pharmaceuticals is successful in obtaining regulatory approval for progesterone vaginal gel in the preterm birth indication, we feel that the right strategic transaction could add value for the Company and its stockholders. We are pleased to have the support of Cowen's experienced health care banking team as we explore potential strategic transactions,” said Frank Condella, Columbia's president and chief executive officer. There can be no assurances as to whether any particular strategic transaction will be recommended by the Board of Directors. The Company does not intend to disclose developments with respect to the progress of its evaluation of any strategic alternatives until such time as the Board of Directors has approved a transaction or otherwise deems disclosure appropriate.