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LIVINGSTON, N.J.--([ BUSINESS WIRE ])--Columbia Laboratories Inc. (Nasdaq: CBRX) has engaged Cowen and Company, LLC (aCowena) as its independent financial advisor to assist the Company with its stated goal to evaluate possible strategic transactions.

aGiven 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 forthe Company and its stockholders. We are pleased to have the support of Cowen'sexperienced health care banking team as we explorepotential strategic transactions,a 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.

About Columbia Laboratories

Columbia Laboratories, Inc. is a publicly traded specialty pharmaceutical company with a successful history of developing proprietary, vaginally administered products for womenas health indications. The Company receives sales and royalty revenues from CRINONE 8% (progesterone gel), which is marketed by Watson Pharmaceuticals, Inc. in the United States and by Merck Serono S.A. in over 60 foreign countries. Watson is pursuing FDA approval in the U.S. of progesterone gel to reduce the risk of preterm birth in women with premature cervical shortening, and Columbia maintains its financial interest in the product and its role in the companiesa Joint Development Committee.

Columbia's press releases and other company information are available online at [ www.columbialabs.com ].

About Cowen and Company

Cowen and Company offers industry focused investment banking for growth-oriented companies, domain knowledge-driven research and a sales and trading platform for institutional investors. Founded in 1918, the firm is headquartered in New York and has offices located in major financial centers around the world.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: This communication contains forward-looking statements, which statements are indicated by the words amay,a awill,a aplans,a abelieves,a aexpects,a aanticipates,a apotential,a and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those projected in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Factors that might cause future results to differ include, but are not limited to, the following:Watson's and Merck Serono's continued desire to develop progesterone vaginal gel 8% for the preterm birth indication in the U.S. and rest of the world, respectively; Columbia's ability to timely regain compliance with the Nasdaq minimum closing bid price rule; Watson's success in obtaining timely approval, if any, of a new drug application (NDA) by the U.S. Food and Drug Administration (FDA) for progesterone vaginal gel 8% for the preterm birth indication; Merck Serono's success in obtaining timely marketing approvals, if any, of progesterone vaginal gel 8% for the preterm birth indication in countries outside the U.S.; the timing and level of success of a future product launch for the preterm birth indication, if any; successful development of a next-generation vaginal progesterone product; difficulties or delays in manufacturing; the availability and pricing of third-party sourced products and materials; successful compliance with FDA and other governmental regulations applicable to manufacturing facilities, products and/or businesses; changes in the laws and regulations, including Medicaid; the ability to obtain and enforce patents and other intellectual property rights; the impact of competitive products and pricing; the evaluation of potential strategic transactions; the strength of the United States dollar relative to international currencies, particularly the euro; competitive economic and regulatory factors in the pharmaceutical and healthcare industry; general economic conditions; and other risks and uncertainties that may be detailed, from time-to-time, in Columbia's reports filed with the SEC, including, but not limited to, its Annual Report on Form 10-K for the year ended December 31, 2011. Columbia does not undertake any responsibility to revise or update any forward-looking statements contained herein, except as expressly required by law.

CRINONE is a registered trademark of Watson Pharmaceuticals, Inc.