SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                         -------------------------------

                                    FORM 8-K

                                 CURRENT REPORT

                     PURSUANT TO SECTION 13 OR 15(d) OF THE

                         SECURITIES EXCHANGE ACT OF 1934


        Date of report (Date of earliest event reported) October 28, 2003
                                                         ----------------


                        CollaGenex Pharmaceuticals, Inc.
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               (Exact Name of Registrant as Specified in Charter)


        Delaware                       0-28308                  52-1758016
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(State or Other Jurisdiction   (Commission File Number)        (IRS Employer
      of Incorporation)                                     Identification No.)


41 University Drive, Newtown, Pennsylvania                         18940
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(Address of Principal Executive Offices)                         (Zip Code)


                                 (215) 579-7388
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                 (Registrant's telephone number, including area
                                      code)



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          (Former Name or Former Address, if Changed Since Last Report)





Item 12. Results of Operations and Financial Condition.

     On  October  28,  2003,  CollaGenex   Pharmaceuticals,   Inc.,  a  Delaware
corporation  (the  "Company"),  announced its financial  results for the quarter
ended  September  30,  2003.  The  full  text of the  press  release  issued  in
connection  with the  announcement  is attached as Exhibit  99.1 to this Current
Report on Form 8-K.

     The  information  in this Form 8-K shall not be deemed "filed" for purposes
of Section 18 of the  Securities  Exchange Act of 1934 (the  "Exchange  Act") or
otherwise  subject to the  liabilities  of that section,  nor shall it be deemed
incorporated  by reference in any filing under the Securities Act of 1933 or the
Exchange  Act,  except as  expressly  set forth by specific  reference in such a
filing.




                                      -2-






                                   SIGNATURES


     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, hereunto duly authorized.




                          COLLAGENEX PHARMACEUTICALS, INC.



                          By: /s/ Nancy C. Broadbent
                             ---------------------------------------------
                             Nancy C. Broadbent
                             Chief Financial Officer
                             (Principal Financial Officer)


Date:  October 28, 2003









                                  EXHIBIT INDEX

Exhibit No.           Description
- ----------            -----------

99.1                  Press release of CollaGenex Pharmaceuticals, Inc., dated
                      October 28, 2003