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FOR IMMEDIATE RELEASE
FRANK C. CONDELLA, JR. APPOINTED PRESIDENT AND CHIEF EXECUTIVE OFFICER OF COLUMBIA LABORATORIES LIVINGSTON, NJ— May 5, 2010—Columbia Laboratories, Inc. (Nasdaq: CBRX) announced today that the Company's interim chief executive officer, Frank C. Condella, Jr., has been named president and chief executive officer. “We are pleased that Frank Condella has agreed to continue as Columbia's president and CEO, a role we believe he is best suited to fill based upon his present leadership position with Columbia and his in-depth familiarity with the Company's business and industry,” said Steve Kasnet, Chairman of Columbia’s Board of Directors. “We look forward to his ongoing leadership as the Company emerges, following the close of the Watson Transaction, as a debt-free development company with a stronger balance sheet, revenues, significantly lower operating costs, and a clear path to profitability.” Mr. Condella joined Columbia's Board of Directors in March 2009 and was retained in July 2009 to advise on strategic issues with a focus on partnerships and strategic alliances. He has served as Columbia's interim chief executive officer since December 15, 2009. Mr. Condella was instrumental in negotiating the definitive agreement entered into by Columbia on March 3, 2010, to sell, subject to stockholder approval, substantially all of its progesterone related assets, including its preterm birth patent applications, and 11.2 million shares of common stock to Watson Pharmaceuticals, Inc. (the “Watson Transaction”) for a $47 million upfront payment plus royalties of 10 to 20 percent of annual net sales of certain progesterone products. Additional payments up to $45.5 million can be earned by the successful completion of clinical development milestones in the ongoing PREGNANT Study, regulatory filings, receipt of regulatory approvals and product launches. Watson will fund the development of a second-generation vaginal progeste rone product as part of a comprehensive life-cycle management strategy. The closing of the transaction is subject to customary conditions, including approval by Columbia’s stockholders. Columbia will retain certain assets and rights to its progesterone business, including all rights necessary to perform its obligations under its agreement with Merck Serono S.A. Mr. Condella currently serves as Non-Executive Chairman of SkyePharma plc, where he was chief executive officer from 2006 to 2008, and is a Non-Executive Director of Fulcrum Pharma plc. Previously, he was president of European Operations at IVAX, chief executive officer of Faulding Pharmaceutical Co., vice president of the Specialty Care Products at Roche and vice president and General Manager of the Lederle unit of American Home Products. Mr. Condella holds a BS in Pharmacy and an MBA from Northeastern University. About Columbia Laboratories Columbia Laboratories, Inc. is a specialty pharmaceutical company focused on developing and commercializing products for the women’s healthcare and endocrinology markets that use its novel bioadhesive drug delivery technology. Columbia’s United States sales organization markets CRINONE® 8% (progesterone gel) in the United States for progesterone supplementation as part of an Assisted Reproductive Technology treatment for infertile women with progesterone deficiency and STRIANT® (testosterone buccal system) for the treatment of hypogonadism in men. Columbia's partners market CRINONE 8% and STRIANT to foreign markets.
Columbia is conducting, in collaboration with the NIH, a randomized, double-blind, placebo controlled Phase III clinical program, called the PREGNANT (PROCHIEVE® Extending GestatioN A New Therapy) Study, to evaluate the safety and efficacy of PROCHIEVE 8% (progesterone gel) to reduce the risk of preterm birth in women with a cervical length between 1.0 and 2.0 centimeters as measured by transvaginal ultrasound at mid-pregnancy. The primary endpoint of this study is a reduction in the incidence of preterm birth at less than or equal to 32 weeks gestation vs. placebo. The Company expects to conclude enrollment in the PREGNANT Study in the second quarter of 2010; study results should be av ailable approximately six months thereafter.
Columbia's press releases and other company information are available at Columbia's website at www.columbialabs.com and its investor relations website at www.cbrxir.com. Additional Information about the Proposed Watson Transaction and Where to Find It This communication is not a solicitation of a proxy from any security holder of Columbia. In connection with stockholder approval of the sale of the assets contemplated by the agreement with Watson Pharmaceuticals, Inc., and certain other matters, Columbia has filed with the SEC a preliminary proxy statement and intends to mail to its security holders a definitive proxy statement and other materials. THE PROXY STATEMENT WILL BE SENT TO COLUMBIA SECURITY HOLDERS AND WILL CONTAIN IMPORTANT INFORMATION ABOUT COLUMBIA, WATSON, THE SALE OF THE ASSETS PURSUANT TO THE AGREEMENT WITH WATSON PHARMACEUTICALS, INC., AND RELATED MATTERS. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY WHEN THEY ARE AVAILABLE B EFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE PROPOSED SALE OF THE ASSETS AND THE OTHER MATTERS DESCRIBED THEREIN. Free copies of the proxy statement and other documents filed with the SEC by Columbia, when they become available, can be obtained through the website maintained by the SEC at www.sec.gov. In addition, free copies of the proxy statement will be available from Columbia by contacting Lawrence A. Gyenes at (973) 486-8860 or lgyenes@columbialabs.com, or on Columbia's investor relations website at www.cbrxir.com.
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