UNITED STATES

                       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) April 27, 2004
                                                          --------------


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


   Delaware                              0-28308                52-1758016
- ------------------------------------------------------------------------------
(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
                ------------------------------------------------
                 (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 April 27, 2004, CollaGenex Pharmaceuticals, Inc., a Delaware corporation
(the  "Company"),  issued a press  release  to report  the  Company's  financial
results for the quarter ended March 31, 2004. The full text of the press release
is attached to this Current Report on Form 8-K as Exhibit 99.1.

     The information in this Form 8-K and the Exhibit  attached hereto shall not
be deemed "filed" for purposes of Section 18 of the  Securities  Exchange Act of
1934, as amended (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, as amended,  or the Exchange Act,  except as
expressly set forth by specific reference in such a filing.





                                   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:  April 27, 2004









                                  EXHIBIT INDEX

Exhibit No.        Description
- ----------         ------------
99.1               Press release of CollaGenex Pharmaceuticals, Inc., dated
                   April 27, 2004.