----

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|  UNITED STATES                                                     |
|-------------------------------------------------------------------------|
| SECURITIES AND EXCHANGE COMMISSION                                      |
| Washington, D.C.                                                        |
|                                                                    |
| FORM 10-K                                                               |
|                                                                    |
| x                                                        | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE |
|                                                                    | ACT OF 1934 |
|                                                                    |
| For the fiscal year ended December 31, 2009                             |
|                                                                    |
| OR                                                                      |
|                                                                    |
| o                                                        | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES |
|                                                                    | EXCHANGE ACT OF 1934 |
|                                                                    |
| For the transition period from ____________ to ____________        |
|                                                                    |
| Commission File number 1-10352                                          |
|                                                                    |
| COLUMBIA LABORATORIES, INC.                                             |
| (Exact name of registrant as specified in its charter)                  |
|                                                                    |
| Delaware                                                                | 59-2758596 |
| (State or other jurisdiction of                                         | (I.R.S. Employer |
| incorporation or organization)                                          | Identification No.) |
|                                                                    |
| 354 Eisenhower Parkway                                                  |   |
| Livingston, New Jersey                                                  | 07039 |
| (Address of principal executive offices)                                | (Zip Code) |
| Registrant’s telephone number, including area code:(973) 994-3999 |   |
|                                                                    |
|                                                               | Securities registered pursuant to Section 12(b) of the Act: None |
|                                                                    |
|                                                                    | Securities registered pursuant to Section 12(g) of the Act: |
|                                                                    |
| Common Stock, $.01 par value                                            | NASDAQ Global Market |
| (Title of each class)                                                   | (Name of exchange on which |
|                                                                    | registered) |

| Large accelerated filer | o      |   | Accelerated filer         | x      |   |   |   |
|-------------------------|--------|--------|---------------------------|--------|--------|--------|--------|
|                    |   |   |                      |   |   |   |   |
| Non-accelerated filer   | o      |   | Smaller reporting company | o      |   |   |   |

----

|     |                                                                                                                               | Page   |   |
|----------|------------------------------------------------------------------------------------------------------------------------------------|--------|--------|
| Part I   |                                                                                                                               |   |   |   |
| Item 1   | Business                                                                                                                           |   | 1      |   |
| Item 1A  | Risk Factors                                                                                                                       |   | 19     |   |
| Item 1B  | Unresolved Staff Comments                                                                                                          |   | 27     |   |
| Item 2   | Properties                                                                                                                         |   | 27     |   |
| Item 3   | Legal Proceedings                                                                                                                  |   | 27     |   |
| Item 4   | (Removed and Reserved)                                                                                                             |   | 27     |   |
|     |                                                                                                                               |   |   |   |
|     |                                                                                                                               |
| Part II  |                                                                                                                               |
| Item 5   | Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities             |   | 28     |   |
| Item 6   | Selected Financial Data                                                                                                            |   | 34     |   |
| Item 7   | Management’s Discussion and Analysis of Financial Condition and Results of Operations                                        |   | 35     |   |
| Item 7A  | Quantitative and Qualitative Disclosures about Market Risks                                                                        |   | 46     |   |
| Item 8   | Financial Statements and Supplementary Data                                                                                        |   | 46     |   |
| Item 9   | Changes in and Disagreements with Accountants on Accounting and Financial Disclosures                                              |   | 46     |   |
| Item 9A  | Controls and Procedures                                                                                                            |   | 46     |   |
| Item 9B  | Other Information                                                                                                                  |   | 48     |   |
|     |                                                                                                                               |
| Part III |                                                                                                                               |
| Item 10  | Directors, Executive Officers and Corporate Governance                                                                             |   | 50     |   |
| Item 11  | Executive Compensation*                                                                                                            |   | 50     |   |
| Item 12  | Security Ownership of Certain Beneficial Owners and Management and  Related Stockholder Matters*                              |   | 50     |   |
| Item 13  | Certain Relationships, Related Transactions and Director Independence*                                                             |   | 50     |   |
| Item 14  | Principal Accountant Fees and Services *                                                                                           |   | 50     |   |
|     |                                                                                                                               |
| Part IV  |                                                                                                                               |
| Item 15  | Exhibits and Financial Statement Schedules                                                                                         |   | 51     |   |
| *        | Items 11, 12, 13, 14 and portions of Item 10  are incorporated by reference to the Company’s 2010 Proxy Statement. |

----

|                  |   | Products                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|-----------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Progesterone Products |   |  CRINONE® 8% (progesterone gel) marketed and sold by the Company in the U.S.  CRINONE® 8% sold to Merck Serono for resale outside the U.S.  PROCHIEVE® 8% (progesterone gel) sold by the Company in the U.S.  PROCHIEVE® 4% sold to Ascend Therapeutics, Inc., for resale in the U.S., pursuant to an agreement that will terminate on July 23, 2010. |
|                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Other Products        |   |  STRIANT® (testosterone buccal system) marketed and sold by the Company in the U.S.  STRIANT® sold to Mipharm, S.p.A. for resale in Italy.  Royalty and licensing revenues.                                                                                                                                                                                                  |

| Year Granted |   | Nature of Patent                                                                                                                                     |
|--------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------|
|         |   |                                                                                                                                                 |
| 2009         |   | Low concentration of peroxide for treating or preventing vaginal infections.                                                                         |
|         |   |                                                                                                                                                 |
| 2006         |   | Bioadhesive progressive hydration tablets using desmopressin or prostaglandin E2 as the active ingredient.                                           |
|         |   |                                                                                                                                                 |
| 2004         |   | Compositions and methods for safely preventing or treating premature labor using a beta-adrenergic agonist, such as terbutaline.                     |
|         |   |                                                                                                                                                 |
| 2004         |   | Methods of safely treating endometriosis or infertility, and for improving fertility, using a beta-adrenergic agonist.                               |
|         |   |                                                                                                                                                 |
| 2003         |   | Use of progestin therapy for maintaining amenorrhea.                                                                                                 |
|         |   |                                                                                                                                                 |
| 2003         |   | Bioadhesive progressive hydration tablet.                                                                                                            |
|         |   |                                                                                                                                                 |
| 2002         |   | Use of certain polycarboxylic acid polymers for vaginal pH buffering to prevent miscarriage and premature labor associated with bacterial vaginosis. |

| Subject of patent                 |   | Year of Expiration |   | Product or Project                                                                                                                                     |
|-----------------------------------|--------|--------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------|
| Progressive hydration tablets     |   | 2019               |   | STRIANT—testosterone progressive hydration vaginal tablet—peptide delivery system—progesterone progressive hydration vaginal product |
|                              |   |               |   |                                                                                                                                                   |
|                              |   |               |   |                                                                                                                                                   |
| First Uterine Pass Effect™  |   | 2018               |   | vaginally administered lidocaine—terbutaline vaginal gel—testosterone vaginal gel                                                          |
|                              |   |               |   |                                                                                                                                                   |
|                              |   |               |   |                                                                                                                                                   |
|   Progesterone delivery |   |   2013   |   |   CRINONE /PROCHIEVE                                                                                                                         |
|                              |   |               |   |                                                                                                                                                   |
|                              |   |               |   |                                                                                                                                                   |

|                  |   | Products                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|-----------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Progesterone Products |   |  CRINONE® 8% (progesterone gel) marketed and sold by the Company in the U.S.  CRINONE® 8% sold to Merck Serono for resale outside the U.S.  PROCHIEVE® 8% (progesterone gel) sold by the Company in the U.S.  PROCHIEVE® 4% sold to Ascend Therapeutics, Inc. for resale in the U.S pursuant to an agreement that will terminate on July 23, 2010. |
|                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Other Products        |   |  STRIANT® (testosterone buccal system) marketed and sold by the Company in the U.S.  STRIANT® sold to Mipharm, S.p.A. for resale in Italy.  Royalty and licensing revenues.                                                                                                                                                                                                    |

|   | · | Perceived efficacy of our products;                                                         |
|--------|--------|---------------------------------------------------------------------------------------------|
|   |   |                                                                                        |
|   | · | Convenience and ease of administration;                                                     |
|   |   |                                                                                        |
|   | · | Prevalence and severity of adverse side effects in both clinical trials and commercial use; |
|   |   |                                                                                        |
|   | · | Availability of alternative treatments;                                                     |
|   |   |                                                                                        |
|   | · | Cost effectiveness;                                                                         |
|   |   |                                                                                        |
|   | · | The pricing of our products; and                                                            |
|   |   |                                                                                        |
|   | · | Our ability to obtain third party coverage or reimbursement for our products.               |

|   | · | The effectiveness of our production, distribution and marketing capabilities;        |
|--------|--------|--------------------------------------------------------------------------------------|
|   |   |                                                                                 |
|   | · | The successful marketing of our products by our distribution and marketing partners; |
|   |   |                                                                                 |
|   | · | The success of competing products; and                                               |
|   |   |                                                                                 |
|   | · | The availability and extent of reimbursement from third party payors.                |

|                    |   |   |   |   |   |   |
|-------------------------|--------|--------|--------|--------|--------|--------|
|                    |   |   |   |   |   |   |
|                    |   | 2009   |   | 2008   |   | 2007   |
| CRINONE®           |   | 69%    |   | 59%    |   | 64%    |
| RepHresh®          |   | 10%    |   | 9%     |   | 11%    |
| Replens®           |   | 10%    |   | 8%     |   | 8%     |
| PROCHIEVE®         |   | 5%     |   | 7%     |   | 5%     |
| STRIANT®           |   | 5%     |   | 6%     |   | 7%     |
| Royalty income          |   | 1%     |   | 9%     |   | 2%     |
| Licensing fees          |   | 0%     |   | 2%     |   | 3%     |
|    Total |   | 100%   |   | 100%   |   | 100%   |
|                    |   |   |   |   |   |   |

----

| (in millions)                  |   | 2009                                                                        |   | 2008                                                                        |   | 2007                                                                        |
|--------------------------------|--------|-----------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------|
|                           |   |                                                                        |   |                                                                        |   |                                                                        |
| Merck-Serono (formerly Serono) |   |  $         8.6            |   |  $         9.2            |   |  $         8.2            |
| Lil' Drug Store Products, Inc. |   |             6.6 |   |             6.2 |   |             6.0 |
| Cardinal Healthcare            |   |             5.7 |   |             5.6 |   |             6.0 |
| McKesson                       |   |             4.6 |   |             5.0 |   |             3.9 |
| All others (none over 5%)      |   |             6.7 |   |           10.2            |   |             5.5 |
|    Total        |   |  $       32.2                       |   |  $       36.2                       |   |  $       29.6                       |
|                           |   |                                                                        |   |                                                                        |   |                                                                        |

| (in millions)            |   | 2009                                                                        |   | 2008                                                                        |   | 2007                                                                        |
|--------------------------|--------|-----------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------|
|                     |   |                                                                        |   |                                                                        |   |                                                                        |
| United States            |   |  $       20.0                       |   |  $       18.0                       |   |  $       15.2                       |
|                     |   |                                                                        |   |                                                                        |   |                                                                        |
| Switzerland              |   |             8.6 |   |             9.2 |   |             8.1 |
| Other European Countries |   |             3.6 |   |             9.0 |   |             6.3 |
| Subtotal International   |   |           12.2            |   |           18.2            |   |           14.4            |
|                     |   |                                                                        |   |                                                                        |   |                                                                        |
|    Total  |   |  $       32.2                       |   |  $       36.2                       |   |  $       29.6                       |
|                     |   |                                                                        |   |                                                                        |   |                                                                        |

|   | · | Clinical trials may show our product candidates to be ineffective for the indications studied or to have harmful side effects;                           |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                     |
|   | · | Product candidates may fail to receive regulatory approvals required to bring the products to market;                                                    |
|   |   |                                                                                                                                                     |
|   | · | Manufacturing costs or other factors may make our product candidates uneconomical; and                                                                   |
|   |   |                                                                                                                                                     |
|   | · | The proprietary rights of others and their competing products and technologies may prevent our product candidates from being effectively commercialized. |

|   | · | The rate of patient enrollment which is a function of factors including the size of the patient population, the proximity of patients to clinical sites, the eligibility criteria for the study, and the nature of the study protocol; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                   |
|   | · | Institutional review board, or IRB, approval of the study protocol and the informed consent form;                                                                                                                                      |
|   |   |                                                                                                                                                                                                                                   |
|   | · | Prior regulatory agency review and approval;                                                                                                                                                                                           |
|   |   |                                                                                                                                                                                                                                   |
|   | · | Analysis of data obtained from clinical activities, which are susceptible to varying interpretations and which interpretations could delay, limit or prevent regulatory approval;                                                      |
|   |   |                                                                                                                                                                                                                                   |
|   | · | Changes in the policies of regulatory authorities for drug approval during the period of product development; and                                                                                                                      |
|   |   |                                                                                                                                                                                                                                   |
|   | · | The availability of skilled and experienced staff to conduct and monitor clinical studies and to prepare the appropriate regulatory applications.                                                                                      |

|   | · | Our ability to raise any additional funds that we need to complete our trials;                                                                        |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                  |
|   | · | The number and outcome of clinical trials conducted by us and/or our collaborators;                                                                   |
|   |   |                                                                                                                                                  |
|   | · | The number of products we may have in clinical development;                                                                                           |
|   |   |                                                                                                                                                  |
|   | · | In licensing or other partnership activities, including the timing and amount of related development funding, license fees or milestone payments; and |
|   |   |                                                                                                                                                  |
|   | · | Future levels of our revenue.                                                                                                                         |

|   | · | A product candidate may not be deemed to be safe or effective;                                                          |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                    |
|   | · | The manufacturing processes or facilities we have selected may not meet the applicable requirements; and                |
|   |   |                                                                                                                    |
|   | · | Changes in their approval policies or adoption of new regulations may require additional clinical trials or other data. |

| Location       |   | Use    |                      | Square feet |   | Expiration |   | Annual Rent |            |
|----------------|--------|--------|---------------------------|-------------|--------|------------|--------|-------------|-----------------|
| Livingston, NJ |   |   | Corporate office          |        |   | 9,450      |   |        | October, 2013   |   | $ | 217,350 |   |
| Paris, France  |   |   | European logistics office |        |   | 150        |   |        | 3 months notice |   | $ | 19,529 |   |

----

|                                |   | High                                                                                                 |   | Low                                                                                                        |
|-------------------------------------|--------|------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------|
| Fiscal Year Ended December 31, 2008 |   |                                                                                                 |   |                                                                                                       |
|    First Quarter     |   |  $             2.51            |   |  $               1.89      |
|    Second Quarter    |   |                 4.29 |   |                  2.13 |
|    Third Quarter     |   |                 4.47 |   |                  2.15 |
|    Fourth Quarter    |   |                 2.76 |   |                  0.92 |
|                                |   |                                                                                                 |   |                                                                                                       |
| Fiscal Year Ended December 31, 2009 |   |                                                                                                 |   |                                                                                                       |
|    First Quarter     |   |  $             1.74            |   |  $               1.09      |
|    Second Quarter    |   |                 1.70 |   |                  1.06 |
|    Third Quarter     |   |                 1.59 |   |                  1.08 |
|    Fourth Quarter    |   |                 1.51 |   |                  0.65 |

|                                                       |   |                                                                                                                                                                                        |   |                                                                                                                                                                                                                                                                                                                                                                                                  |   | Number of securities                                                                                                                                                                                                                                    |
|------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                       |   |                                                                                                                                                                                        |   |                                                                                                                                                                                                                                                                                                                                                                                                  |   | remaining available for                                                                                                                                                                                                                                 |
|                                                       |   | Number of securities to be                                                                                                                                                                  |   | Weighted average                                                                                                                                                                                                                                                                                                                                                                                      |   | future issuance under                                                                                                                                                                                                                                   |
|                                                       |   | issued upon exercise of                                                                                                                                                                     |   | exercise price of                                                                                                                                                                                                                                                                                                                                                                                     |   | equity compensation plans                                                                                                                                                                                                                               |
|                                                       |   | outstanding options,                                                                                                                                                                        |   | outstanding options,                                                                                                                                                                                                                                                                                                                                                                                  |   | [excluding securities reflected                                                                                                                                                                                                                         |
| Plan Category                                              |   | warrants and rights                                                                                                                                                                         |   | warrants and rights                                                                                                                                                                                                                                                                                                                                                                                   |   | in column (a)]                                                                                                                                                                                                                                          |
|                                                       |   | (a)                                                                                                                                                                                         |   | (b)                                                                                                                                                                                                                                                                                                                                                                                                   |   | (c)                                                                                                                                                                                                                                                     |
| Equity compensation plans approved by security holders     |   |                            5,960,304                 |   |  $                                                               2.20      |   |                                6,071,254                                                     |
| Equity compensation plans not approved by security holders |   |                               450,000 |   |  $                                                               7.79 |   |                                          - |
|    Total                                    |   |                            6,410,304                 |   |  $                                                               2.59      |   |                                6,071,254                                                     |

|   Comparison of Five-Year Cumulative Total Return*                                 |
|-----------------------------------------------------------------------------------------|
|   Columbia Laboratories, Inc., Russell 2000 Index, Value Line Drug, And Peer Group |
|                                                                                    |

| * Assumes $100 invested at the close of trading on December 31, 2004 in Columbia Laboratories, Inc. Common Stock, Russell 2000 Index, Value Line Drug, and Peer Group. |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                   |
|  Source: Value Line, Inc.                                                                                                                                         |
|                                                                                                                                                                   |   |   |   |   |   |   |
| Factual material is obtained from sources believed to be reliable, but the publisher is not responsible for any errors or omissions contained herein.                  |

|                                      |   | December 31                                                                       |   |                                                                              |   |                                                               |   |                                                               |   |                                                                                        |
|-------------------------------------------|--------|-----------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------|--------|--------------------------------------------------------------------|--------|--------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------|
|                                      |   | 2009                                                                              |   | 2008                                                                              |   | 2007                                                               |   | 2006                                                               |   | 2005                                                                                        |
| Statement of Operations Data:             |   |                                                                              |   |                                                                              |   |                                                               |   |                                                               |   |                                                                                        |
| (000's except per share data)             |   |                                                                              |   |                                                                              |   |                                                               |   |                                                               |   |                                                                                        |
|                                      |   |                                                                              |   |                                                                              |   |                                                               |   |                                                               |   |                                                                                        |
| Net revenues                              |   |  $      32,196                                 |   |  $      36,229                                 |   |  $      29,627                  |   |  $      17,393                  |   |  $      22,041                                           |
| Gross profit                              |   |         23,002                            |   |         25,294                            |   |         20,613             |   |           9,573  |   |         13,929                                      |
| Operating expenses                        |   |         36,165                            |   |         32,552                            |   |         28,721             |   |         20,733             |   |         21,160                                      |
| Interest expense                          |   |           8,851                 |   |           7,882                 |   |           7,946  |   |           2,670  |   |           3,491                           |
| Net loss                                  |   |        (21,870)                                |   |        (14,077)                                |   |        (14,292)                 |   |        (12,485)                 |   |        (10,104)                                          |
| Loss per common share                     |   |           (0.39)                |   |           (0.27)                |   |           (0.28) |   |           (0.26) |   |           (0.25)                          |
| Weighted average number of common shares  |   |                                                                              |   |                                                                              |   |                                                               |   |                                                               |   |                                                                                        |
|   outstanding-basic and diluted |   |         56,359                            |   |         52,439                            |   |         51,124             |   |         48,089             |   |         41,752                                      |
|                                      |   |                                                                              |   |                                                                              |   |                                                               |   |                                                               |   |                                                                                        |
|                                      |   |                                                                              |   |                                                                              |   |                                                               |   |                                                               |   |                                                                                        |
| Balance Sheet Data:                       |   |                                                                              |   |                                                                              |   |                                                               |   |                                                               |   |                                                                                        |
| (000's)                                   |   |                                                                              |   |                                                                              |   |                                                               |   |                                                               |   |                                                                                        |
|                                      |   |                                                                              |   |                                                                              |   |                                                               |   |                                                               |   |                                                                                        |
| Working capital (deficiency)              |   |  $      14,256                                 |   |  $      12,305                                 |   |  $      14,461                  |   |  $      23,410                  |   |  $      (3,471)                                          |
| Total assets                              |   |         43,757                            |   |         45,622                            |   |         56,589             |   |         65,839             |   |         14,732                                      |
| Notes payable                             |   |         32,966                            |   |         30,075                            |   |         27,536             |   |         25,299             |   |                - |
| Long-term portion of financing agreements |   |         15,234                            |   |         13,126                            |   |         11,426             |   |         13,277             |   |         10,921                                      |
| Redeemable preferred series C stock       |   |              600 |   |              775 |   |           1,125  |   |           3,200  |   |           3,250                           |
| Shareholders' equity (deficiency)         |   |        (13,766)                                |   |          (5,893)                     |   |           2,015  |   |         12,616             |   |        (20,573)                                          |

| ·   | Continued very strong presence at the annual meeting of the American Society of Reproductive Medicine in 2009. After three years of our strong presence at ASRM, we are receiving recognition as a major player in the market for infertility treatments. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Emphasis in our marketing materials to four new clinical trials added to our previous 16 clinical trials that have been conducted to compare CRINONE to other forms of progesterone, which provide us with a compelling case for the efficacy of CRINONE. We believe that this data shows that CRINONE is as effective as, and in some cases numerically more effective, than other delivery systems for progesterone. Of particular note is the completion of the well powered, prospective randomized, Harvard-affiliated, Brigham & Women’s study which concluded that CRINONE’s efficacy is statistically equivalent to painful IM therapy, with significant patient preference. This is consistent with the other six clinical trials that included an arm evaluating patient preference. Patients statistically preferred CRINONE over the competing product in all seven clinical trials. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Meetings of our Infertility Advisory Committee of respected reproductive endocrinologists from around the U.S. who provide us with insight on how to best communicate to physicians and patients all the clinical information that is available for CRINONE. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Numerous Speaker Programs where key opinion leaders and a number of reproductive endocrinologists speak on behalf of CRINONE. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------|

|  Progesterone Products | · | CRINONE 8% progesterone gel marketed and sold by us in the U.S.                                                                |
|-----------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------|
|                        |   |                                                                                                                           |
|                        | · | CRINONE 8% sold by us to Merck Serono for resale outside the U.S.                                                              |
|                        |   |                                                                                                                           |
|                        | · | PROCHIEVE 8% progesterone gel sold by us in the U.S.                                                                           |
|                        |   |                                                                                                                           |
|                        | · | PROCHIEVE 4% progesterone gel sold to Ascend for sale in the U.Spursuant to an agreement that will terminate on July 23, 2010. |
|                        |   |                                                                                                                           |
|  Other Products        | · | STRIANT testosterone buccal system marketed and sold by us in the U.S.                                                         |
|                        |   |                                                                                                                           |
|                        | · | STRIANT sold to MiPharm for resale in Italy.                                                                                   |
|                        |   |                                                                                                                           |
|                        | · | Replens® Vaginal Moisturizer sold to Lil’ Drug Store for resale outside the U.S.                                    |
|                        |   |                                                                                                                           |
|                        | · | RepHresh® Vaginal Gel sold to Lil’ Drug Store for resale on a worldwide basis.                                      |
|                        |   |                                                                                                                           |
|                        | · | Royalty and licensing revenues.                                                                                                |

|                  |    |       |    |       |    |
|-----------------------|---------|------------|---------|------------|---------|
| (In thousands, except |    | Percentage |    | Percentage |    |
| percentages)          |    | from prior |    | from prior |    |
|                  | 2009    | year       | 2008    | year       | 2007    |
|                  |    |       |    |       |    |
| Net revenues          | $32,196 | (11%)      | $36,229 | 22%        | $29,628 |
|                  |    |       |    |       |    |

|                       |    |       |    |       |    |
|----------------------------|---------|------------|---------|------------|---------|
| (In thousands, except      |    | Percentage |    | Percentage |    |
| percentages)               |    | from prior |    | from prior |    |
|                       | 2009    | year       | 2008    | year       | 2007    |
|                       |    |       |    |       |    |
| Selling and distribution   | $11,982 | (6%)       | $12,685 | 25%        | $10,112 |
| As a percentage of revenue | 37%     | 2pp        | 35%     | 1pp        | 34%     |
|                       |    |       |    |       |    |

|                       |    |       |   |       |   |
|----------------------------|---------|------------|--------|------------|--------|
| (In thousands, except      |    | Percentage |   | Percentage |   |
| percentages)               |    | from prior |   | from prior |   |
|                       | 2009    | year       | 2008   | year       | 2007   |
|                       |    |       |   |       |   |
| General and administrative | $10,559 | 23%        | $8,615 | 10%        | $7,825 |
| As a percentage of revenue | 33%     | 8pp        | 25%    | (1)pp      | 26%    |

|                       |   |       |   |       |   |
|----------------------------|--------|------------|--------|------------|--------|
| (In thousands, except      |   | Percentage |   | Percentage |   |
| percentages)               |   | from prior |   | from prior |   |
|                       | 2009   | year       | 2008   | year       | 2007   |
|                       |   |       |   |       |   |
| Research and development   | $8,579 | 38%        | $6,206 | 7%         | $5,779 |
| As a percentage of revenue | 27%    | 10pp       | 17%    | (3)pp      | 20%    |

|                                      |   | For the Fiscal Years Ended December 31,                               |   |                                                                  |   |                                                                                        |   |                                                          |
|-------------------------------------------|--------|-----------------------------------------------------------------------|--------|-----------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------|
|                                      |   | Total                                                                 |   | 2010                                                                  |   | 2011                                                                                        |   | 2012                                                          |   | 2013 |   | Beyond |
|                                      |   |                                                                  |   |                                                                  |   |                                                                                        |   |                                                          |   |   |   |   |
| $40 million convertible notes             |   |  $    40,000                                 |   |  $          -  |   |  $      40,000                                           |   |  $       -            |   |  $       - |   |  $       - |
| Interest on $40 million convertible notes |   |         7,200                 |   |         3,200                 |   |           4,000                           |   |           - |   |           - |   |           - |
| PharmaBio Striant®                   |   |                                                                  |   |                                                                  |   |                                                                                        |   |                                                          |   |   |   |   |
|    finance agreement       |   |       16,526                            |   |            145 |   |         16,381                                      |   |           - |   |           - |   |           - |
| Operating lease obligations               |   |            936 |   |            271 |   |              245           |   |         233           |   |         187 |   |           - |
| Executive agreements                      |   |         1,961                 |   |         1,961                 |   |                - |   |           - |   |           - |   |           - |
|    Total                   |   |  $    66,623                                 |   |  $     5,577                            |   |  $      60,626                                           |   |  $     233                      |   |  $     187 |   |  $       - |
|                                      |   |                                                                  |   |                                                                  |   |                                                                                        |   |                                                          |   |   |   |   |

|                 | 2009                                               |   | 2008                                                                            |   | 2007                                                                                   |
|----------------------|----------------------------------------------------|--------|---------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------|
| Cash flows:          |                                               |   |                                                                            |   |                                                                                   |
|                 |                                               |   |                                                                            |   |                                                                                   |
| Operating activities |  $(9,055,667)                                 |   |  $     (5,136,488)                                |   |  $      (7,914,299)                                 |
|                 |                                               |   |                                                                            |   |                                                                                   |
| Investing activities |        (49,853) |   |           (375,926)           |   |            (102,021)            |
|                 |                                               |   |                                                                            |   |                                                                                   |
| Financing activities |    11,332,531                       |   |             959,191 |   |              (40,803) |

----

----

| Name                           |   | Age            |   | Position with the Company                                    |
|--------------------------------|--------|----------------|--------|--------------------------------------------------------------|
| Frank C. Condella              |   | 55             |   | Interim Chief Executive Officer, Director                    |
| Robert S. Mills                |   | 57             |   | President & Chief Operating Officer, Director            |
| Michael McGrane                |   | 60             |   | Senior Vice President, General Counsel and Secretary         |
| Lawrence A. Gyenes             |   | 59             |   | Senior Vice President, Chief Financial Officer and Treasurer |
| Stephen G. Kasnet              |   | 63             |   | Chairman of the Board                                        |
| Edward A. Blechschmidt         |   | 57             |   | Vice Chairman of the Board                                   |
| Valerie L. Andrews             |   | 50             |   | Director                                                     |
| Anthony R. Campbell            |   | 62             |   | Director                                                     |
| James S. Crofton               |   | 57             |   | Director                                                     |
| Selwyn P. Oskowitz, M.D.  |   | 64   |   | Director                                                |

----

|   |   |
|--------|--------|

----

| Exhibit No |  Description                                                                                                                                                                                  |   |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| 3.1             | Restated Certificate of Incorporation of the Company, as amended (14)                                                                                                                              |   |
|            |                                                                                                                                                                                               |   |
| 3.2             | Amended and Restated By-laws of Company (3)                                                                                                                                                        |   |
|            |                                                                                                                                                                                               |   |
| 4.1             | Certificate of Designations, Preferences and Rights of Series C Convertible Preferred Stock of the Company, dated as of January 7, 1999 (3)                                                        |   |
|            |                                                                                                                                                                                               |   |
| 4.2             | Securities Purchase Agreement, dated as of January 7, 1999, between the Company and each of the purchasers named on the signature pages thereto (3)                                                |   |
|            |                                                                                                                                                                                               |   |
| 4.3             | Securities Purchase Agreement, dated as of January 19, 1999, among the Company, David M. Knott and Knott Partners, L.P. (3)                                                                        |   |
|            |                                                                                                                                                                                               |   |
| 4.4             | Form of Warrant to Purchase Common Stock (3)                                                                                                                                                       |   |
|            |                                                                                                                                                                                               |   |
| 4.5             | Warrant to Purchase Common Stock granted to James J. Apostolakis on September 23, 1999 (5)                                                                                                         |   |
|            |                                                                                                                                                                                               |   |
| 4.6             | Certificate of Designations of Series E Convertible Preferred Stock, filed May 10, 2005 with the Delaware Secretary of State (13)                                                                  |   |
|            |                                                                                                                                                                                               |   |
| 4.7             | Preferred Stock Purchase Agreement, dated as of May 10, 2005, among Columbia Laboratories, Inc., Perry Partners L.P. and Perry Partners International, Inc. (13)                                   |   |
|            |                                                                                                                                                                                               |   |
| 4.8             | Securities Purchase Agreement, dated March 10, 2006, by and between Columbia Laboratories, Inc. and the Purchasers listed on Exhibit A thereto (15)                                                |   |
|            |                                                                                                                                                                                               |   |
| 4.9*            | Form of Restricted Stock Agreement (17)                                                                                                                                                            |   |
|            |                                                                                                                                                                                               |   |
| 4.10*           | Form of Option Agreement (24)                                                                                                                                                                      |   |
|            |                                                                                                                                                                                               |   |
| 4.11            | Securities Purchase Agreement, dated December 21, 2006, by and between Columbia Laboratories, Inc. and the Purchasers listed on Exhibit A thereto (19)                                   |   |
|            |                                                                                                                                                                                               |   |
| 10.1            | 1996 Long-term Performance Plan, as amended, of the Company (2)                                                                                                                                    |   |
|            |                                                                                                                                                                                               |   |
| 10.2            | Asset Purchase, License and Option Agreement between Bio-Mimetics, Inc. and Columbia Laboratories, Inc., dated November 22, 1989 (1)                                                               |   |
|            |                                                                                                                                                                                               |   |
| 10.4            | Settlement Agreement and Release dated as of March 16, 2000 between Columbia Laboratories (Bermuda) Ltd. and Lake Consumer Products, Inc. (5)                                                      |   |
|            |                                                                                                                                                                                               |   |
| 10.5            | License Agreement dated April 18, 2000, between the Company and Lil’ Drug Store Products, Inc. (6)                                                                                           |   |
|            |                                                                                                                                                                                               |   |
| 10.6            | Rights Agreement dated as of March 13, 2002, by and between Columbia Laboratories, Inc. and First Union National Bank, as Rights Agent (7)                                                         |   |
|            |                                                                                                                                                                                               |   |
| 10.7†     | Semi-Exclusive Supply Agreement dated May 7, 2002 between the Company and Mipharm S.p.A. (8)                                                                                                       |   |
|            |                                                                                                                                                                                               |   |
| 10.8†     | Amended and Restated License and Supply Agreement dated June 4, 2002 between the Company and Ares Trading S.A.(8)                                                                             |   |
|            |                                                                                                                                                                                               |   |
| 10.9†     | Investment and Royalty Agreement dated March 5, 2003 between the Company and PharmaBio Development Inc. (9)                                                                                        |   |
|            |                                                                                                                                                                                               |   |
| 10.10†    | License and Supply Agreement Dated May 27, 2003 between the Company and Mipharm S.p.A. (10)                                                                                                        |   |
|            |                                                                                                                                                                                               |   |
| 10.11*          | Form of Indemnification Agreement for Officers and Directors (11)                                                                                                                                  |   |
|            |                                                                                                                                                                                               |   |
| 10.12†    | Asset Purchase Agreement Dated June 29, 2004, between the Company and Lil’ Drug Store Products, Inc. (12)                                                                                    |   |
|            |                                                                                                                                                                                               |   |
| 10.13†    | Supply Agreement dated June 29, 2004, between the Company and Lil’ Drug Store Products, Inc.(12)                                                                                             |   |
|            |                                                                                                                                                                                               |   |
| 10.14           | Letter Agreement Supplement to STRIANT Investment and Royalty Agreement dated April 14, 2006 (16)                                                                                                  |   |
|            |                                                                                                                                                                                               |   |
| 10.15*          | Separation Agreement by and between Columbia Laboratories, Inc. and David L. Weinberg effective as of December 12, 2006 (18)                                                                       |   |
|            |                                                                                                                                                                                               |   |
| 10.16†    | Agreement, dated December 21, 2006, by and among Ares Trading S.A., Serono, Inc., the Company and its wholly-owned subsidiary, Columbia Laboratories (Bermuda), Ltd (19)                      |   |
|            |                                                                                                                                                                                               |   |
| 10.17           | Amendment No. 1 to the Amended and Restated License and Supply Agreement, entered into December 21, 2006, by and between Ares Trading S.A and Columbia Laboratories (Bermuda), Ltd. (19) |   |
|            |                                                                                                                                                                                               |   |
| 10.18           | Description of the Registrant’s Compensation and Reimbursement Practices for Non-employee Directors. (20)                                                                                    |   |
|            |                                                                                                                                                                                               |   |
| 10.19           | Lease Agreement between Allwood Associates I and Columbia Laboratories, Inc., dated July 6, 2007 (20)                                                                                              |   |
|            |                                                                                                                                                                                               |   |
| 10.20†    | License and Supply Agreement between Columbia Laboratories, Inc. and Ascend Therapeutics, Inc., dated September 27, 2007 (21)                                                                      |   |
|            |                                                                                                                                                                                               |   |
| 10.21           | Supply Agreement between Columbia Laboratories (Bermuda) Limited and Fleet Laboratories Limited, dated July 12, 1996 (22)                                                                          |   |
|            |                                                                                                                                                                                               |   |
| 10.22           | Packaging Agreement between Columbia Laboratories (Ireland) Ltd. and Maropack AG, dated October 28, 1993 (22)                                                                                      |   |
|            |                                                                                                                                                                                               |   |
| 10.23*          | Columbia Laboratories, Inc., 2008 Long-Term Incentive Plan (23)                                                                                                                                    |   |
|            |                                                                                                                                                                                               |   |
| 10.24*          | Columbia Laboratories, Inc., Amended and Restated Incentive Plan (24)                                                                                                                              |   |
|            |                                                                                                                                                                                               |   |
| 10.25*          | Form of Executive Change of Control Severance Agreement (24)                                                                                                                                       |   |
|            |                                                                                                                                                                                               |   |
| 10.26           | Stock Purchase Agreement, by and between the Company and Numoda Corporation, dated January 6, 2009 (25)                                                                                            |   |
|            |                                                                                                                                                                                               |   |
| 10.27*          | Amended and Restated Employment Agreement by and between Columbia Laboratories, Inc. and Robert S. Mills dated March 11, 2009 (24)                                                                 |   |
|            |                                                                                                                                                                                               |   |
| 10.28*          | Amended and Restated Employment Agreement by and between Columbia Laboratories, Inc. and Michael McGrane dated March 11, 2009 (29)                                                                 |   |
|            |                                                                                                                                                                                               |   |
| 10.29*          | Amended and Restated Employment Agreement by and between Columbia Laboratories, Inc. and James A Meer  dated March 11, 2009 (26)                                                         |   |
|            |                                                                                                                                                                                               |   |
|            |                                                                                                                                                                                               |   |
| 10.30*          | Separation and Release Agreement by and between Columbia Laboratories, Inc. and James A. Meer effective as of May 18, 2009 (26)                                                                    |   |
|            |                                                                                                                                                                                               |   |
| 10.31*          | Employment Agreement by and between Columbia Laboratories, Inc. and Lawrence Gyenes dated July 15, 2009 (27).                                                                                 |   |
|            |                                                                                                                                                                                               |   |
| 10.32           | Second Amendment to Investment and Royalty Agreement, by and between the Company and PharmaBio Development, Inc., July 22, 2009 (28)                                                               |   |
|            |                                                                                                                                                                                               |   |
| 10.33           | Placement Agent Agreement, by and among the Company, Oppenheimer & Co., Inc. and The Benchmark Company, LLC, dated October 22, 2009 (30)                                                       |   |
|            |                                                                                                                                                                                               |   |
| 10.34           | Form of Subscription Agreement (30)                                                                                                                                                                |   |
|            |                                                                                                                                                                                               |   |
| 10.35           | Form of Warrant to Purchase Common Stock (30)                                                                                                                                                      |   |
|            |                                                                                                                                                                                               |   |
| 10.36*          | Columbia Laboratories Stock Ownership Guidelines for Officers and Directors (31)                                                                                                                   |   |
|            |                                                                                                                                                                                               |   |
| 10.37           | Manufacturing and Supply Agreement between Fleet Laboratories and Columbia Laboratories (Bermuda), Ltd., dated December 8, 2009 (32)                                                               |   |
|            |                                                                                                                                                                                               |   |
| 10.38*          | Employment Agreement by and between Columbia Laboratories, Inc. and Frank C. Condella, Jr., dated December 11, 2009 (33)                                                                      |   |
|            |                                                                                                                                                                                               |   |
| 10.39*          | Addendum to Amended and Restated Employment Agreement by and between Columbia Laboratories, Inc. and Robert S. Mills dated December 11, 2009 (33)                                                  |   |
|            |                                                                                                                                                                                               |   |
| 10.40*          | Addendum to Executive Change in Control Severance Agreement by and between Columbia Laboratories, Inc. and Robert S. Mills dated December 11, 2009 (33).                                           |   |
|            |                                                                                                                                                                                               |   |
| 14              | Code of Ethics of the Company (11)                                                                                                                                                                 |   |
|            |                                                                                                                                                                                               |   |
| 21              | Subsidiaries of the Company (34)                                                                                                                                                                   |   |
|            |                                                                                                                                                                                               |   |
| 23.1            | Consent of McGladrey & Pullen, LLP (34)                                                                                                                                                   |   |
|            |                                                                                                                                                                                               |   |
| 23.2            | Consent of BDO Seidman, LLP (34)                                                                                                                                                                   |   |
|            |                                                                                                                                                                                               |   |
| 31(i).1         | Certification of Chief Executive Officer of the Company (34)                                                                                                                                       |   |
|            |                                                                                                                                                                                               |   |
| 31(i).2         | Certification of Chief Financial Officer of the Company (34)                                                                                                                                       |   |
|            |                                                                                                                                                                                               |   |
| 32.1            | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (34)                                             |   |
|            |                                                                                                                                                                                               |   |
| 32.2            | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (34)                                            |   |
|            |                                                                                                                                                                                               |
| †         | Confidential treatment has been requested with respect to certain portions of this exhibit. Omitted portions have been filed separately with the SEC.                                              |
|            |                                                                                                                                                                                               |
| *               | Management contract or compensatory plans or arrangements                                                                                                                                          |

----

| 1/     | Incorporated by reference to the Registrant's Registration Statement on Form S-1 (File No. 33-31962) declared effective on May 14, 1990 |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                    |
| 2/     | Incorporated by reference to the Registrant's Proxy Statement dated May 10, 2000                                                        |
|   |                                                                                                                                    |
| 3/     | Incorporated by reference to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 1998                     |
|   |                                                                                                                                    |
| 4/     | Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 1999                  |
|   |                                                                                                                                    |
| 5/     | Incorporated by reference to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 1999                     |
|   |                                                                                                                                    |
| 6/     | Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2000                  |
|   |                                                                                                                                    |
| 7/     | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated March 12, 2002                                    |
|   |                                                                                                                                    |
| 8/     | Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q dated August 14, 2002                                 |
|   |                                                                                                                                    |
| 9/     | Incorporated by reference to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2002                     |
|   |                                                                                                                                    |
| 10/    | Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q dated August 14, 2003                                 |
|   |                                                                                                                                    |
| 11/    | Incorporated by reference to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2003                     |
|   |                                                                                                                                    |
| 12/    | Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q dated August 4, 2004                                  |
|   |                                                                                                                                    |
| 13/    | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated May 12, 2005                                      |
|   |                                                                                                                                    |
| 14/    | Incorporated by reference to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2005                     |
|   |                                                                                                                                    |
| 15/    | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated March 16, 2006                                    |
|   |                                                                                                                                    |
| 16/    | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated April 17, 2006                                    |
|   |                                                                                                                                    |
| 17/    | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated May 17, 2006                                      |
|   |                                                                                                                                    |
| 18/    | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated December 15, 2006                                 |
|   |                                                                                                                                    |
| 19/    | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated December 26, 2006                                 |
|   |                                                                                                                                    |
| 20/    | Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q, dated August 8, 2007                                 |
|   |                                                                                                                                    |
| 21/    | Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q, dated November 8, 2007                               |
|   |                                                                                                                                    |
| 22/    | Incorporated by reference to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2007                     |
|   |                                                                                                                                    |
| 23/    | Incorporated by reference to the Registrant’s Proxy Statement dated April 8, 2008                                                 |
|   |                                                                                                                                    |
| 24/    | Incorporated by reference to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008                     |
|   |                                                                                                                                    |
| 25/    | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated January 8, 2009                                   |
|   |                                                                                                                                    |
| 26/    | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated May 12, 2009                                      |
|   |                                                                                                                                    |
| 27/    | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated July 15, 2009                                     |
|   |                                                                                                                                    |
| 28/    | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated July 24, 2009                                     |
|   |                                                                                                                                    |
| 29/    | Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q dated August 6, 2009                                  |
|   |                                                                                                                                    |
| 30/    | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated October 23, 2009                                  |
|   |                                                                                                                                    |
| 31/    | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated November 17, 2009                                 |
|   |                                                                                                                                    |
| 32/    | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated December 8, 2009                                  |
|   |                                                                                                                                    |
| 33/    | Incorporated by reference to the Registrant’s Current Report Form 8-K, dated December 14, 2009                                    |
|   |                                                                                                                                    |
| 34/    | Filed herewith                                                                                                                          |

----

|                 |                                                                                                                                       |                                                                      |
|----------------------|--------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------|
|                 | COLUMBIA LABORATORIES, INC.                                                                                                                |
|                 |                                                                                                                                       |                                                                      |
| Date: March 12, 2010 | By:                                                                                                                                        | /s/        Mr. Lawrence A. Gyenes |
|                 |                  Lawrence A. Gyenes, Senior Vice President |
|                 |                                                                                                                                       |

|  /s/ | Frank C. Condella, Jr. |   |                                                                                                     |   | March 11, 2010 |
|-----------|------------------------|--------|----------------------------------------------------------------------------------------------------------|--------|----------------|
|      | Frank C. Condella, Jr. |   | Interim Chief Executive Officer(Principal Executive Officer)                                             |   |           |
|      |                   |   |                                                                                                     |   |           |
| /s/       | Robert S. Mills        |   |                                                                                                     |   | March 11, 2010 |
|      | Robert S. Mills        |   | President and Chief Operating Officer                                                                    |   |           |
|      |                   |   |                                                                                                     |   |
| /s/       | Mr. Lawrence A. Gyenes |   |                                                                                                     |   | March 11, 2010 |
|      | Mr. Lawrence A. Gyenes |   | Senior Vice President, Chief Financial Officer and Treasurer(Principal Financial and Accounting Officer) |   |           |
|      |                   |   |                                                                                                     |   |
| /s/       | Valerie L. Andrews     |   |                                                                                                     |   | March 11, 2010 |
|      | Valerie L. Andrews     |   | Director                                                                                                 |   |           |
|      |                   |   |                                                                                                     |   |           |
| /s/       | Edward A. Blechschmidt |   |                                                                                                     |   | March 11, 2010 |
|      | Edward A. Blechschmidt |   | Vice Chairman of the Board of Directors                                                                  |   |           |
|      |                   |   |                                                                                                     |   |           |
| /s/       | Anthony R. Campbell    |   |                                                                                                     |   | March 11, 2010 |
|      | Anthony R. Campbell    |   | Director                                                                                                 |   |           |
|      |                   |   |                                                                                                     |   |           |
| /s/       | James S. Crofton       |   |                                                                                                     |   | March 11, 2010 |
|      | James S. Crofton       |   | Director                                                                                                 |   |           |
|      |                   |   |                                                                                                     |   |           |
| /s/       | Stephen G. Kasnet      |   |                                                                                                     |   | March 11, 2010 |
|      | Stephen G. Kasnet      |   | Chairman of the Board of Directors                                                                       |   |           |
|      |                   |   |                                                                                                     |   |           |
| /s/       | Selwyn P. Oskowitz     |   |                                                                                                     |   | March 11, 2010 |
|      | Selwyn P. Oskowitz     |   | Director                                                                                                 |   |           |

----

|                                                                                                                    | Page             |
|-------------------------------------------------------------------------------------------------------------------------|------------------|
|                                                                                                                    |             |
| Reports of Independent Registered Public Accounting Firms                                                               | F-2– F-3   |
|                                                                                                                    |             |
| Consolidated Balance Sheets as of December 31, 2009 and 2008                                                            | F-4 – F-5  |
|                                                                                                                    |             |
| Consolidated Statements of Operations for the Three Years Ended December 31, 2009, 2008 and 2007                        | F-6              |
|                                                                                                                    |             |
| Consolidated Statements of Comprehensive Operations for the Three Years Ended December 31, 2009, 2008 and 2007          | F-7              |
|                                                                                                                    |             |
| Consolidated Statements of Shareholders' Equity (Deficiency) for the Three Years Ended December 31, 2009, 2008 and 2007 | F-8              |
|                                                                                                                    |             |
| Consolidated Statements of Cash Flows for the Three Years Ended December 31, 2009, 2008 and 2007                        | F-9 – F-10 |
|                                                                                                                    |             |
| Notes to Consolidated Financial Statements                                                                              | F-11             |

----

----

----

|                    |                                               |                                                          | 2009                                                          |                                                          | 2008                                                          |
|-------------------------|----------------------------------------------------|---------------------------------------------------------------|---------------------------------------------------------------|---------------------------------------------------------------|---------------------------------------------------------------|
|                    |                                               |                                                          |                                                          |                                                          |                                                          |
| CURRENT ASSETS          |                                               |                                                          |                                                          |
|                    | Cash and cash equivalents of which $12,225,732 and |  $  14,757,615                                 |                                                          |  $  12,497,382                                 |
|                    |                                               | $12,099,318 is interest bearing                               |                                                          |                                                          |                                                          |
|                    | Accounts receivable, net of allowances for         |       4,262,851                 |                                                          |       3,562,277                 |
|                    |                                               | doubtful accounts of $100,000 and $100,000                    |                                                          |                                                          |                                                          |
|                    | Inventories                                        |       2,532,722                 |                                                          |       2,377,139                 |
|                    | Prepaid expenses and other current assets          |       1,097,525                 |                                                          |       1,102,525                 |
|                    |                                               | Total current assets                                          |      22,650,713                      |                                                          |      19,539,323                      |
|                    |                                               |                                                          |                                                          |                                                          |                                                          |
|                    |                                               |                                                          |                                                          |                                                          |                                                          |
| PROPERTY AND EQUIPMENT  |                                               |                                                          |                                                          |
|                    | Machinery and equipment                            |       2,547,460                 |                                                          |       2,479,602                 |
|                    | Computer software                                  |          545,616 |                                                          |          534,302 |
|                    | Office equipment and furniture and fixtures        |          669,599 |                                                          |          698,920 |
|                    |                                               |                                                          |       3,762,675                 |                                                          |       3,712,824                 |
|                    |                                               | Less-accumulated depreciation and amortization                |      (3,071,196)                     |                                                          |      (2,890,967)                     |
|                    |                                               |                                                          |          691,479 |                                                          |          821,857 |
| INTANGIBLE ASSETS - NET |      18,770,332           |                                                          |      23,815,060                      |
| OTHER ASSETS            |       1,644,695      |                                                          |       1,446,249                 |
|                    |                                               |                                                          |                                                          |                                                          |                                                          |
| TOTAL ASSETS            |  $  43,757,219                      |                                                          |  $  45,622,489                                 |
|                    |                                               |                                                          |                                                          |                                                          |                                                          |

----

|                                            |                                                                      |                                                           |                                                                      | 2009                                                                                                                      |                                                                      | 2008                                                                                                                      |
|-------------------------------------------------|---------------------------------------------------------------------------|----------------------------------------------------------------|---------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------|
|                                            |                                                                      |                                                           |                                                                      |                                                                                                                      |                                                                      |                                                                                                                      |
| CURRENT LIABILITIES:                            |                                                                      |                                                           |                                                                      |
|                                            |                                                                      |                                                           |                                                                      |                                                                                                                      |                                                                      |                                                                                                                      |
|                                            | Current portion of financing agreements                                   |  $        144,897 |                                                                      |  $        168,034                                                            |
|                                            | Accounts payable                                                          |         3,662,091      |                                                                      |         2,085,463                                                                 |
|                                            | Accrued expenses                                                          |         4,588,088      |                                                                      |         4,980,643                                                                 |
|                                            |                                                                      | Total current liabilities                                      |         8,395,076                 |                                                                                                                      |         7,234,140                 |
| NOTES PAYABLE                                   |        32,965,863                      |                                                           |        30,074,966                      |
| DEFERRED REVENUE                                |            328,367 |                                                           |            305,433 |
| LONG-TERM PORTION OF FINANCING AGREEMENTS       |        15,234,406                      |                                                           |        13,126,210                      |
| TOTAL LIABILITIES                               |        56,923,712                      |                                                           |        50,740,749                      |
|                                            |                                                                      |                                                           |                                                                      |                                                                                                                      |                                                                      |                                                                                                                      |
| COMMITMENTS AND CONTINGENCIES                   |                                                                      |                                                           |                                                                      |
|                                            |                                                                      |                                                           |                                                                      |                                                                                                                      |                                                                      |                                                                                                                      |
|                                            |                                                                      | Contingently redeemable series C preferred stock               |            600,000 |                                                                                                                      |            775,000 |
|                                            |                                                                      |                                                           | 600 and 775 shares issued and outstanding in 2009 and                     |                                                                                                                      |                                                                      |                                                                                                                      |
|                                            |                                                                      |                                                           | 2008, respectively (liquidation preference of $600,000 and                |                                                                                                                      |                                                                      |                                                                                                                      |
|                                            |                                                                      |                                                           | $775,000)                                                                 |                                                                                                                      |                                                                      |                                                                                                                      |
|                                            |                                                                      |                                                           |                                                                      |                                                                                                                      |                                                                      |                                                                                                                      |
| SHAREHOLDERS' DEFICIENCY:                       |                                                                      |                                                           |                                                                      |
|                                            | Preferred stock, $.01 par value; 1,000,000 shares authorized              |                                                           |                                                                      |                                                                                                                      |
|                                            |                                                                      | Series B convertible preferred stock, 130 shares issued        |                                                                      |                                                                                                                      |                                                                      |
|                                            |                                                                      |                                                           | and outstanding                                                           |                                                                                                                      |                                                                      |                                                                                                                      |
|                                            |                                                                      |                                                           | (liquidation preference of $13,000)                                       |                     1 |                                                                      |                     1 |
|                                            |                                                                      | Series E convertible preferred stock 59,000 shares             |                                                                      |                                                                                                                      |                                                                      |
|                                            |                                                                      |                                                           | issued and outstanding                                                    |                                                                                                                      |                                                                      |                                                                                                                      |
|                                            |                                                                      |                                                           | (liquidation preference of $5,900,000)                                    |                  590                 |                                                                      |                  590                 |
| Common Stock $.01 par value; 100,000,000 shares |                                                                      |                                                           |                                                                      |
|                                            |                                                                      |                                                           | authorized; 65,761,986 and 54,007,579 shares issued                       |            657,619                                                 |                                                                      |            540,076                                                 |
| Capital in excess of par value                  |      242,637,646                                 |                                                           |      228,686,942                                 |
| Less cost of 131,935 and 63,644 treasury shares |          (280,813)           |                                                           |          (189,229)           |
| Accumulated deficit                             |    (256,979,263)                                           |                                                           |    (235,109,705)                                           |
| Accumulated other comprehensive income          |            197,727 |                                                           |            178,065 |
| Shareholders' deficiency                        |      (13,766,493)                                |                                                           |        (5,893,260)                     |
| TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIENCY  |  $    43,757,219                                 |                                                           |  $    45,622,489                                 |
|                                            |                                                                      |                                                           |                                                                      |                                                                                                                      |                                                                      |                                                                                                                      |
|                                            |                                                                      |                                                           |                                                                      |                                                                                                                      |                                                                      |                                                                                                                      |

----

|                         |                                                                      |                                                                     | 2009                                                                                  |                                                                      | 2008                                                                      |                                                                      | 2007                                                          |
|------------------------------|---------------------------------------------------------------------------|--------------------------------------------------------------------------|---------------------------------------------------------------------------------------|---------------------------------------------------------------------------|---------------------------------------------------------------------------|---------------------------------------------------------------------------|---------------------------------------------------------------|
|                         |                                                                      |                                                                     |                                                                                  |                                                                      |                                                                      |                                                                      |                                                          |
| NET REVENUES                 |  $  32,196,381                                             |                                                                     |  $    36,229,114                                             |                                                                      |  $  29,627,638                                             |
|                         |                                                                      |                                                                     |                                                                                  |                                                                      |                                                                      |                                                                      |                                                          |
| COST OF REVENUES             |        9,194,538                       |                                                                     |        10,934,615                                  |                                                                      |       9,014,540                             |
|                         | Gross profit                                                              |      23,001,843                                 |                                                                                  |        25,294,499                      |                                                                      |     20,613,098                                        |
|                         |                                                                      |                                                                     |                                                                                  |                                                                      |                                                                      |                                                                      |                                                          |
| OPERATING EXPENSES:          |                                                                      |                                                                     |                                                                                  |                                                                      |                                                                      |
|                         | Selling and distribution                                                  |      11,982,229                                 |                                                                                  |        12,685,618                      |                                                                      |     10,111,796                                        |
|                         | General and administrative                                                |      10,559,298                                 |                                                                                  |         8,615,381                 |                                                                      |       7,824,741                             |
|                         | Research and development                                                  |        8,579,035                      |                                                                                  |         6,206,157                 |                                                                      |       5,778,641                             |
|                         | Amortization of licensing right                                           |        5,044,728                      |                                                                                  |         5,044,728                 |                                                                      |       5,005,768                             |
|                         |                                                                      | Total operating expenses                                                 |      36,165,290                                              |                                                                      |        32,551,884                      |                                                                      |     28,720,946                            |
|                         |                                                                      |                                                                     |                                                                                  |                                                                      |                                                                      |                                                                      |                                                          |
|                         |                                                                      | Loss from operations                                                     |    (13,163,447)                                                        |                                                                      |        (7,257,385)                     |                                                                      |      (8,107,848)                     |
|                         |                                                                      |                                                                     |                                                                                  |                                                                      |                                                                      |                                                                      |                                                          |
| OTHER INCOME (EXPENSE):      |                                                                      |                                                                     |                                                                                  |                                                                      |                                                                      |
|                         | Interest income                                                           |            33,830 |                                                                                  |            299,805 |                                                                      |          979,953             |
|                         | Interest expense                                                          |      (8,851,253)                                |                                                                                  |        (7,882,183)                     |                                                                      |      (7,946,048)                                 |
|                         | Other, net                                                                |         (243,720)                |                                                                                  |          (100,516)           |                                                                      |            (5,440) |
|                         |                                                                      |                                                                     |      (9,061,143)                                             |                                                                      |        (7,682,894)                     |                                                                      |      (6,971,535)                     |
|                         |                                                                      |                                                                     |                                                                                  |                                                                      |                                                                      |                                                                      |                                                          |
|                         |                                                                      | Net loss before taxes                                                    |    (22,224,590)                                                        |                                                                      |      (14,940,279)                                |                                                                      |    (15,079,383)                                |
|                         |                                                                      | State income tax benefits                                                |          355,032                         |                                                                      |            863,770 |                                                                      |          787,593 |
|                         |                                                                      | Net loss                                                                 |  $ (21,869,558)                                                                  |                                                                      |  $  (14,076,509)                                           |                                                                      |  $(14,291,790)                                           |
|                         |                                                                      |                                                                     |                                                                                  |                                                                      |                                                                      |                                                                      |                                                          |
|                         |                                                                      |                                                                     |                                                                                  |                                                                      |                                                                      |                                                                      |                                                          |
| LOSS PER COMMON              |                                                                      |                                                                     |                                                                                  |                                                                      |                                                                      |
| SHARE - BASIC AND DILUTED    |  $          (0.39) |                                                                     |  $            (0.27) |                                                                      |  $         (0.28)       |
|                         |                                                                      |                                                                     |                                                                                  |                                                                      |                                                                      |                                                                      |                                                          |
| WEIGHTED - AVERAGE NUMBER OF |                                                                      |                                                                     |                                                                                  |                                                                      |                                                                      |
| COMMON SHARES OUTSTANDING    |                                                                      |                                                                     |                                                                                  |                                                                      |                                                                      |
|                         | BASIC AND DILUTED                                                         |      56,358,843                                 |                                                                                  |        52,439,327                      |                                                                      |     51,124,266                                        |
|                         |                                                                      |                                                                     |                                                                                  |                                                                      |                                                                      |                                                                      |                                                          |
|                         |                                                                      |                                                                     |                                                                                  |                                                                      |                                                                      |                                                                      |                                                          |

----

|                                           |                                                                     |                 |                                                                       |                            |                                                                          |                |   |
|------------------------------------------------|--------------------------------------------------------------------------|----------------------|----------------------------------------------------------------------------|---------------------------------|-------------------------------------------------------------------------------|---------------------|--------|
|                                           |                                                                     |                 | 2009                                                                       |                            | 2008                                                                          |                | 2007   |
| NET LOSS                                       |                                                                     |  $ (21,869,558) |                                                                       |  $  (14,076,509) |                                                                          |  $(14,291,790) |
|                                           |                                                                     |                 |                                                                       |                            |                                                                          |                |   |
| Other comprehensive income (loss):             |                                                                     |                 |                                                                       |                            |                                                                          |
|    Foreign currency translation |            19,662 |                 |            (29,539) |                            |             8,560 |
|                                           |                                                                     |                 |                                                                       |                            |                                                                          |                |   |
| Comprehensive loss                             |                                                                     |  $ (21,849,896) |                                                                       |  $  (14,106,048) |                                                                          |  $(14,283,230) |
|                                           |                                                                     |                 |                                                                       |                            |                                                                          |                |   |
|                                           |                                                                     |                 |                                                                       |                            |                                                                          |                |   |

----

|                                   |   | Series B ConvertiblePreferred Stock                             | Series E ConvertiblePreferred Stock | Common Stock                                       |                                  |                                 | Capital inExcess ofPar Value                               | TreasuryStock                            | AccumulatedDeficit                                      | Accumulated OtherComprehensiveIncome (Loss)                        | Total                                                                   |
|----------------------------------------|--------|-----------------------------------------------------------------|-------------------------------------|----------------------------------------------------|---------------------------------------|--------------------------------------|------------------------------------------------------------|------------------------------------------|---------------------------------------------------------|--------------------------------------------------------------------|-------------------------------------------------------------------------|
|                                   |   | Number ofShares                                                 | Amount                              |                                               | Number ofShares                       | Amount                               |                                                       | Number ofShares                          | Amount                                                  |                                                               |                                                                    |   |   |   |   |   |   |   |   |
|                                   |   |                                                            |                                |                                               |                                  |                                 |                                                       |                                     |                                                    |                                                               |                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Balance, December 31, 2006             |   |           130 |                                |  $       1 |                                  |      69,000 |                                                       |  $     690 |                                                    |    49,694,213                                       |                                                                    |  $    496,942 |   |  $   218,687,977 |   |  $   (26,880) |   |  $   (206,741,406) |   |  $              199,044 |   |  $       12,616,368 |
| Options exercised                      |   |                                                            |                                |                                               |                                  |                                 |                                                       |                                     |                                                    |           43,050 |                                                                    |               431 |   |                62,810 |   |   |   |   |   |   |   |                  63,241 |
| Share based compensation expense       |   |                                                            |                                |                                               |                                  |                                 |                                                       |                                     |                                                    |         155,690            |                                                                    |            1,557 |   |           1,646,365 |   |   |   |   |   |   |   |             1,647,922 |
| Conversion of Series C Preferred Stock |   |                                                            |                                |                                               |                                  |                                 |                                                       |                                     |      1,564,548                 |                                                               |          15,645            |   |           2,059,355 |   |   |   |   |   |   |   |             2,075,000 |
| Conversion of Series E Preferred Stock |   |                                                            |                                |                                               |      (5,453) |                                 |          (55) |                                     |         272,650 |                                                               |            2,727 |   |                 (2,672) |   |   |   |   |   |   |   |                           - |
| Purchase of treasury stock             |   |                                                            |                                |                                               |                                  |                                 |                                                       |                                     |                                                    |                                                               |                                                                    |   |   |   |   |       (27,150) |   |   |   |   |   |                (27,150) |
| Dividends on preferred stock           |   |                                                            |                                |                                               |                                  |                                 |                                                       |                                     |                                                    |                                                               |                                                                    |   |   |               (76,894) |   |   |   |   |   |   |   |                (76,894) |
| Translation adjustment                 |   |                                                            |                                |                                               |                                  |                                 |                                                       |                                     |                                                    |                                                               |                                                                    |   |   |   |   |   |   |   |   |                      8,560 |   |                    8,560 |
| Net loss                               |   |                                                            |                                |                                               |                                  |                                 |                                                       |                                     |                                                    |                                                               |                                                                    |   |   |   |   |   |   |         (14,291,790) |   |   |   |         (14,291,790) |
| Balance, December 31, 2007             |   |           130 |                                |  $       1 |                                  |      63,547 |                                                       |  $     635 |                                                    |    51,730,151                                       |                                                                    |  $    517,302 |   |  $   222,376,941 |   |  $   (54,030) |   |  $   (221,033,196) |   |  $              207,604 |   |  $         2,015,257 |
| Issuance of common stock               |   |                                                            |                                |                                               |                                  |                                 |                                                       |                                     |                                                    |      1,333,000                            |                                                                    |          13,330 |   |           4,082,298 |   |   |   |   |   |   |   |             4,095,628 |
| Options exercised                      |   |                                                            |                                |                                               |                                  |                                 |                                                       |                                     |                                                    |         318,149            |                                                                    |            3,182 |   |              591,673 |   |   |   |   |   |   |   |                594,855 |
| Conversion of Series C Preferred Stock |   |                                                            |                                |                                               |                                  |                                 |                                                       |                                     |         235,426 |                                                               |            2,354 |   |              347,646 |   |   |   |   |   |   |   |                350,000 |
| Conversion of Series E Preferred Stock |   |                                                            |                                |                                               |      (4,547) |                                 |          (45) |                                     |         227,350 |                                                               |            2,273 |   |                 (2,228) |   |   |   |   |   |   |   |                           - |
| Share based compensation expense       |   |                                                            |                                |                                               |                                  |                                 |                                                       |                                     |                                                    |         163,503            |                                                                    |            1,635 |   |           1,345,756 |   |   |   |   |   |   |   |             1,347,391 |
| Purchase of treasury stock             |   |                                                            |                                |                                               |                                  |                                 |                                                       |                                     |                                                    |                                                               |                                                                    |   |   |   |   |     (135,199) |   |   |   |   |   |              (135,199) |
| Dividends on preferred stock           |   |                                                            |                                |                                               |                                  |                                 |                                                       |                                     |                                                    |                                                               |                                                                    |   |   |               (55,144) |   |   |   |   |   |   |   |                (55,144) |
| Translation adjustment                 |   |                                                            |                                |                                               |                                  |                                 |                                                       |                                     |                                                    |                                                               |                                                                    |   |   |   |   |   |   |   |   |                  (29,539) |   |                (29,539) |
| Net loss                               |   |                                                            |                                |                                               |                                  |                                 |                                                       |                                     |                                                    |                                                               |                                                                    |   |   |   |   |   |   |         (14,076,509) |   |   |   |         (14,076,509) |
| Balance, December 31, 2008             |   |           130 |                                |  $       1 |                                  |      59,000 |                                                       |  $     590 |                                                    |    54,007,579                                       |                                                                    |  $    540,076 |   |  $   228,686,942 |   |  $ (189,229) |   |  $   (235,109,705) |   |  $              178,065 |   |  $       (5,893,260) |
| Issuance of common stock               |   |                                                            |                                |                                               |                                  |                                 |                                                       |                                     |                                                    |    11,351,807                                       |                                                                    |        113,517 |   |         11,342,786 |   |   |   |   |   |   |   |           11,456,303 |
| Issuance of warrants                   |   |                                                            |                                |                                               |                                  |                                 |                                                       |                                     |                                                    |                                                               |                                                                    |   |   |              719,904 |   |   |   |   |   |   |   |                719,904 |
| Conversion of Series C Preferred Stock |   |                                                            |                                |                                               |                                  |                                 |                                                       |                                     |         117,449 |                                                               |            1,174 |   |              173,826 |   |   |   |   |   |   |   |                175,000 |
| Share based compensation expense       |   |                                                            |                                |                                               |                                  |                                 |                                                       |                                     |                                                    |         285,151            |                                                                    |            2,852 |   |           1,746,376 |   |   |   |   |   |   |   |             1,749,228 |
| Purchase of treasury stock             |   |                                                            |                                |                                               |                                  |                                 |                                                       |                                     |                                                    |                                                               |                                                                    |   |   |   |   |       (91,584) |   |   |   |   |   |                (91,584) |
| Dividends on preferred stock           |   |                                                            |                                |                                               |                                  |                                 |                                                       |                                     |                                                    |                                                               |                                                                    |   |   |               (32,188) |   |   |   |   |   |   |   |                (32,188) |
| Translation adjustment                 |   |                                                            |                                |                                               |                                  |                                 |                                                       |                                     |                                                    |                                                               |                                                                    |   |   |   |   |   |   |   |   |                    19,662 |   |                  19,662 |
| Net loss                               |   |                                                            |                                |                                               |                                  |                                 |                                                       |                                     |                                                    |                                                               |                                                                    |   |   |   |   |   |   |         (21,869,558) |   |   |   |         (21,869,558) |
| Balance, December 31, 2009             |   |           130 |                                |  $       1 |                                  |      59,000 |                                                       |  $     590 |                                                    |    65,761,986                                       |                                                                    |  $    657,619 |   |  $   242,637,646 |   |  $ (280,813) |   |  $   (256,979,263) |   |  $              197,727 |   |  $     (13,766,493) |

----

|                                     |                                |                                                                 |                                                                                                          | 2009                                                      |                                                                                                | 2008                                                      |                                                                                                                | 2007                                      |
|------------------------------------------|-------------------------------------|----------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------|-----------------------------------------------------------------------------------------------------|-----------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|-------------------------------------------|
|                                     |                                |                                                                 |                                                                                                          |                                                      |                                                                                                |                                                      |                                                                                                                |                                      |
| CASH FLOWS FROM OPERATING ACTIVITIES:    |                                |                                                                 |                                                                                                          |                                                      |                                                                                                |
| Net loss                                 |  $ (21,869,558)                |                                                                 |  $ (14,076,509)                                                                                          |                                                      |  $ (14,291,790)                                                                                |
| Adjustments to reconcile net loss to net |                                |                                                                 |                                                                                                          |                                                      |                                                                                                |
|                                     | cash used in operating activities - |                                                                 |                                                                                                          |                                                      |                                                                                                |                                                      |
|                                     |                                | Depreciation and amortization                                        |        5,737,242                                                           |                                                      |        5,510,802                                                 |                                                      |        5,462,888                                                                 |
|                                     |                                | Amortization of beneficial conversion features                       |        1,658,981                                                           |                                                      |        1,466,591                                                 |                                                      |        1,265,496                                                                 |
|                                     |                                | Amortization of warrants                                             |        1,231,916                                                           |                                                      |        1,092,197                                                 |                                                      |          971,548                                                       |
|                                     |                                | Provision for doubtful accounts                                      |                   - |                                                      |              4,267                 |                                                      |            15,000                                            |
|                                     |                                | Provision for sales returns                                          |        1,226,357                                                           |                                                      |        1,399,991                                                 |                                                      |          992,502                                                       |
|                                     |                                | Write-down of inventories                                            |             81,718                                |                                                      |           746,905                                 |                                                      |            80,961                                            |
|                                     |                                | Share based compensation                                             |        1,749,228                                                           |                                                      |        1,347,391                                                 |                                                      |        1,647,922                                                                 |
|                                     |                                | Non-cash interest expense on financing agreements                    |        2,085,059                                                           |                                                      |        1,702,842                                                 |                                                      |        1,381,407                                                                 |
|                                     |                                | Recognition of deferred income (Ardana)                              |                   - |                                                      |       (2,891,188)                                                     |                                                      |                    - |
|                                     |                                | Loss on disposal of fixed assets                                     |                   - |                                                      |              3,048                 |                                                      |                    - |
|                                     |                                |                                                                 |                                                                                                          |                                                      |                                                                                                |                                                      |                                                                                                                |                                      |
| Changes in assets and liabilities -      |                                |                                                                 |                                                                                                          |                                                      |                                                                                                |
|                                     | (Increase) decrease in:             |                                                                 |                                                                                                          |                                                      |                                                                                                |                                                      |
|                                     |                                | Accounts receivable                                                  |         (700,574)                                                     |                                                      |           244,449                                 |                                                      |      (1,520,937)                                                                           |
|                                     |                                | Inventories                                                          |         (237,301)                                                     |                                                      |           (76,915)                                |                                                      |      (1,023,052)                                                                           |
|                                     |                                | Prepaid expenses and other current assets                            |              5,000                           |                                                      |           184,775                                 |                                                      |         (293,534)                                                           |
|                                     |                                | Other assets                                                         |              9,175                           |                                                      |                 943 |                                                      |         (418,405)                                                           |
|                                     |                                |                                                                 |                                                                                                          |                                                      |                                                                                                |                                                      |                                                                                                                |                                      |
|                                     | Increase (decrease) in:             |                                                                 |                                                                                                          |                                                      |                                                                                                |                                                      |
|                                     |                                | Accounts payable                                                     |        1,576,628                                                           |                                                      |         (130,480)                                           |                                                      |      (1,370,828)                                                                           |
|                                     |                                | Accrued expenses                                                     |       (1,632,472)                                                               |                                                      |       (1,281,338)                                                     |                                                      |         (211,709)                                                           |
|                                     |                                | Deferred revenue                                                     |             22,934                                |                                                      |         (384,259)                                           |                                                      |         (601,768)                                                           |
|                                     |                                |                                                                 | Net cash used in operating activities                                                                         |       (9,055,667)           |                                                                                                |       (5,136,488)           |                                                                                                                |      (7,914,299) |
|                                     |                                |                                                                 |                                                                                                          |                                                      |                                                                                                |                                                      |                                                                                                                |                                      |
| CASH FLOWS FROM INVESTING ACTIVITIES:    |                                |                                                                 |                                                                                                          |                                                      |                                                                                                |
|                                     |                                |                                                                 |                                                                                                          |                                                      |                                                                                                |                                                      |                                                                                                                |                                      |
|                                     | Purchase of property and equipment  |           (49,853) |                                                                                                          |         (375,926) |                                                                                                |         (102,021) |
|                                     |                                | Net cash used in investing activities                                |           (49,853)                                          |                                                      |         (375,926)                                           |                                                      |         (102,021)                                                           |

----

|                                  |                                                      |                                                                                                          | 2009                                                                                               |                                                                                                     | 2008                                                                                                     |                                                                                                          | 2007                                                                                                     |
|---------------------------------------|-----------------------------------------------------------|---------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------|
|                                  |                                                      |                                                                                                          |                                                                                               |                                                                                                     |                                                                                                     |                                                                                                          |                                                                                                     |
| CASH FLOWS FROM FINANCING ACTIVITIES: |                                                      |                                                                                                          |                                                                                               |                                                                                                     |                                                                                                     |
|                                  | Net proceeds from issuance of common stock                |     11,456,303                                                                            |                                                                                               |       4,095,628                                                            |                                                                                                     |                   - |
|                                  | Proceeds from exercise of options                         |                   - |                                                                                               |          594,855                                            |                                                                                                     |           63,241                                            |
|                                  | Payment for purchase of treasury stock                    |         (91,584)                                                      |                                                                                               |        (135,199)                                                      |                                                                                                     |          (27,150)                                                |
|                                  | Payment pursuant to financing agreements                  |                   - |                                                                                               |      (3,540,949)                                                                |                                                                                                     |                   - |
|                                  | Dividends paid                                            |         (32,188)                                                      |                                                                                               |          (55,144)                                           |                                                                                                     |          (76,894)                                                |
|                                  | Net cash or provided by or (used in) financing activities |     11,332,531                                                                            |                                                                                               |          959,191                                            |                                                                                                     |          (40,803)                                                |
|                                  |                                                      |                                                                                                          |                                                                                               |                                                                                                     |                                                                                                     |                                                                                                          |                                                                                                     |
| EFFECT OF EXCHANGE RATE CHANGES ON    |                                                      |                                                                                                          |                                                                                               |                                                                                                     |                                                                                                     |
|                                  | CASH                                                      |           33,222                                            |                                                                                               |        (171,206)                                                      |                                                                                                     |             8,557                                 |
|                                  |                                                      |                                                                                                          |                                                                                               |                                                                                                     |                                                                                                     |                                                                                                          |                                                                                                     |
| NET INCREASE/(DECREASE) IN CASH AND   |                                                      |                                                                                                          |                                                                                               |                                                                                                     |                                                                                                     |
|                                  | CASH EQUIVALENTS                                          |       2,260,233                                                                 |                                                                                               |      (4,724,429)                                                                |                                                                                                     |     (8,048,566)                                                                           |
|                                  |                                                      |                                                                                                          |                                                                                               |                                                                                                     |                                                                                                     |                                                                                                          |                                                                                                     |
| CASH AND CASH EQUIVALENTS,            |                                                      |                                                                                                          |                                                                                               |                                                                                                     |                                                                                                     |
|                                  | Beginning of year                                         |     12,497,382                                                                            |                                                                                               |      17,221,811                                                                 |                                                                                                     |     25,270,377                                                                            |
|                                  |                                                      |                                                                                                          |                                                                                               |                                                                                                     |                                                                                                     |                                                                                                          |                                                                                                     |
| CASH AND CASH EQUIVALENTS,            |                                                      |                                                                                                          |                                                                                               |                                                                                                     |                                                                                                     |
|                                  | End of year                                               |  $ 14,757,615                                                                                            |                                                                                               |  $  12,497,382                                                                            |                                                                                                     |  $ 17,221,811                                                                                            |
|                                  |                                                      |                                                                                                          |                                                                                               |                                                                                                     |                                                                                                     |                                                                                                          |                                                                                                     |
| SUPPLEMENTAL DISCLOSURE OF CASH       |                                                      |                                                                                                          |                                                                                               |                                                                                                     |                                                                                                     |
|                                  | FLOW INFORMATION                                          |                                                                                                          |                                                                                               |                                                                                                     |                                                                                                     |                                                                                                          |
|                                  | Interest paid                                             |  $   3,200,000                                                                            |                                                                                               |  $    3,200,000                                                                 |                                                                                                     |  $   2,488,889                                                                            |
|                                  | Taxes paid                                                |  $       52,000                                                       |                                                                                               |  $        27,403                                            |                                                                                                     |  $       34,759                                                       |
|                                  | Accrual of financing costs                                |  $               -            |                                                                                               |  $                - |                                                                                                     |  $       25,000                                                       |
|                                  | Increase of US Crinone License Right cost                 |  $               -            |                                                                                               |  $                - |                                                                                                     |  $   1,000,000                                                                            |
|                                  | Conversion of Series C preference shares to               |                                                                                                          |                                                                                               |                                                                                                     |                                                                                                     |                                                                                                          |
|                                  |                                                      | common stock                                                                                                  |  $     175,000                                                       |                                                                                                     |  $      350,000                                                       |                                                                                                          |  $   2,075,000                                                                       |
|                                  | Conversion of Series E preference shares to               |                                                                                                          |                                                                                               |                                                                                                     |                                                                                                     |                                                                                                          |
|                                  |                                                      | common stock                                                                                                  |  $               - |                                                                                                     |  $      454,700                                                       |                                                                                                          |  $      545,300                                                       |
|                                  | Issuance of Warrants for Option to Extend                 |                                                                                                          |                                                                                               |                                                                                                     |                                                                                                     |                                                                                                          |
|                                  |      Pharmabio Debt              | Pharmabio Debt                                                                                                |  $     719,904                                                       |                                                                                                     |  $                - |                                                                                                          |  $                - |
|                                  |                                                      |                                                                                                          |                                                                                               |                                                                                                     |                                                                                                     |                                                                                                          |                                                                                                     |

----

----

|                    | December 31,                 |   |                         |
|-------------------------|------------------------------|--------|------------------------------|
|                    | 2009                         |   | 2008                         |
| Finished goods          |  $  1,343,742 |   |  $  1,745,222 |
| Raw materials           | 1,188,980                    |   | 631,917                      |
|    Total |  $  2,532,722 |   |  $  2,377,139 |

|                    | Years  |   |
|-------------------------|--------|--------|
|                    |   |   |
| Software                |   | 3      |   |
| Machinery and equipment |   | 5-10   |   |
| Furniture and fixtures  |   | 5      |   |

----

|                           | 2009                           |   | 2008                           |
|--------------------------------|--------------------------------|--------|--------------------------------|
|  Balance at January 1     |  $  34,000,000  |   |  $  34,000,000  |
|  Accumulated amortization |    (15,229,668) |   |    (10,184,940) |
|  Balance at December 31   |  $  18,770,332  |   |  $  23,815,060  |

| Year  | Amortization                            |
|-------|-----------------------------------------|
| 2010  |  $  5,044,728            |
| 2011  |      5,044,728 |
| 2012  |      5,044,728 |
| 2013  |      3,636,148 |
| Total |  $ 18,770,332                      |

|                                  | 2009                                                                          |   | 2008                                                   |
|---------------------------------------|-------------------------------------------------------------------------------|--------|--------------------------------------------------------|
| Sales returns & price adjustments |  $   1,910,292                                            |   |  $ 2,789,316                                      |
| Salaries                              |         939,861                       |   |       332,657            |
| Interest                              |         800,000                       |   |       800,000            |
| Professional fees                     |         317,801                       |   |       483,193            |
| Inventory management fees             |         265,012                       |   |       359,376            |
| Marketing expenses                    |             5,419 |   |         34,652 |
| Royalties/Other                       |         349,703                       |   |       181,449            |
|    Total               |  $   4,588,088                                            |   |  $ 4,980,643                                      |
|                                  |                                                                          |   |                                                   |

----

|                                          |                                                                                                          |   |                                                                                              |   |                                                           |
|-----------------------------------------------|---------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------|
|                                          | 2009                                                                                                          |   | 2008                                                                                              |   | 2007                                                           |
|                                          |                                                                                                          |   |                                                                                              |   |                                                           |
| Balance at beginning of year                  |  $     1,864,316                                                                |   |  $   1,923,765                                                                |   |  $   1,240,234                             |
|   Addition related to Crinone® |                   - |   |                 - |   |       1,000,000                  |
| Adjusted balance at beginning of year         |        1,864,316                                                           |   |       1,923,765                                                     |   |       2,240,234                  |
|                                          |                                                                                                          |   |                                                                                              |   |                                                           |
| Provision:                                    |                                                                                                          |   |                                                                                              |   |                                                           |
| Related to current period sales               | 671,259                                                                                                       |   | 674,020                                                                                           |   | 527,819                                                        |
| Related to prior period sales                 |           555,098                                           |   | 725,971                                                                                           |   | 500,000                                                        |
|                                          |        1,226,357                                                           |   | 1,399,991                                                                                         |   | 1,027,819                                                      |
|                                          |                                                                                                          |   |                                                                                              |   |                                                           |
| Returns:                                      |                                                                                                          |   |                                                                                              |   |                                                           |
| Related to current period sales               |           (28,092)                                          |   |        (130,551)                                               |   |          (61,125) |
| Related to 2006 Crinone® purchase        |           (31,793)                                          |   |        (300,152)                                               |   |        (328,896)            |
| Related to prior period sales                 |       (1,147,165)                                                               |   |     (1,028,737)                                                               |   |        (954,267)            |
|                                          |       (1,207,050)                                                               |   |     (1,459,440)                                                               |   |     (1,344,288)                            |
|                                          |                                                                                                          |   |                                                                                              |   |                                                           |
| Balance at end of period                      |  $     1,883,623                                                                |   |  $   1,864,316                                                                |   |  $   1,923,765                             |
|                                          |                                                                                                          |   |                                                                                              |   |                                                           |

----

----

----

|                                      | 2009    |   | 2008    |   | 2007    |
|-------------------------------------------|---------|--------|---------|--------|---------|
| Federal income tax rate                   | (34.0%) |   | (34.0%) |   | (35.0%) |
| Statutory rate over expected future       |    |   |    |   |    |
| federal benefit                           | 0.0%    |   | 0.0%    |   | 1.0%    |
| Foreign income tax benefit/loss           | (7.7%)  |   | (18.2%) |   | (12.6%) |
| State tax net of federal benefit          | (5.2%)  |   | (11.0%) |   | (9.9%)  |
|                                      |    |   |    |   |    |
| Permanent Items:                          |    |   |    |   |    |
|    Incentive Stock Options | 1.7%    |   | 1.0%    |   | 0.0%    |
|    R&D Credit          | 0.0%    |   | 0.0%    |   | 0.0%    |
|    Other                   | 0.1%    |   | 1.0%    |   | 1.6%    |
| Effect of permanent differences           | 1.8%    |   | 2.0%    |   | 1.6%    |
|                                      |    |   |    |   |    |
| Effective income tax rate                 | (45.1%) |   | (61.2%) |   | (54.9%) |
| Increase in valuation allowance           | 43.5%   |   | 55.4%   |   | 49.7%   |
| Effective income tax rate                 | (1.6%)  |   | (5.8%)  |   | (5.2%)  |

----

| Deferred Tax Assets (Liabilities)                                    |                                                                                          |   |                                                                                                                                  |
|----------------------------------------------------------------------|-----------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------|
|                                                                 | 2009                                                                                          |   | 2008                                                                                                                                  |
|   Share Based awards compensation                          |  $      671,444                                            |   |  $         533,937                                                                  |
|   Allowance for doubtful accounts                          |           28,125                            |   |              28,125                                                  |
|   Allowance for returns                                    |          706,359                                 |   |             591,241                                                       |
|   Inventory reserve                                        |           30,083                            |   |                   163                       |
|   Book accumulated depreciation net of tax                 |          (21,484)                                |   |             (19,096)                                                      |
|   Accum amortization - CRINONE license                     |       3,138,209                                                 |   |          2,096,436                                                                       |
|   Vacation & bonus accrual                             |           24,652                            |   |              15,000                                                  |
|   Inventory capitalization                                 |           40,253                            |   |              25,604                                                  |
|   Patents                                                  |          487,688                                 |   |             112,500                                                       |
|   Long term debt (book amortization beneficial conversion) |      (1,530,254)                                                     |   |         (2,152,372)                                                                           |
|   Federal net operating loss                               |     55,055,721                                                            |   |        50,962,090                                                                                  |
|   State net operating loss                                 |       2,948,608                                                 |   |          2,573,071                                                                       |
| Unused R&D credit                                                |       1,383,187                                                 |   |          1,323,385                                                                       |
|   Contributions                                            |                488 |   |                       - |
|                                                                 |                                                                                          |   |                                                                                                                                  |
| Net Deferred Tax Assets                                              |     62,963,079                                                            |   |        56,090,084                                                                                  |
|                                                                 |                                                                                          |   |                                                                                                                                  |
| Less Valuation Allowance:                                            |                                                                                          |   |                                                                                                                                  |
|         Federal              |    (62,963,079)                                                                |   |       (56,090,084)                                                                                      |
|                                                                 |                                                                                          |   |                                                                                                                                  |
| Deferred Taxes Assets                                                |  $              -  |   |  $                 -                        |

----

----

|                    | December 31                                                                                                         |
|-------------------------|---------------------------------------------------------------------------------------------------------------------|
|                    | 2009                                                                                                                |   | 2008 |
|                    |                                                                                                                |   |   |
| STRIANT Agreement       |  $         15,379,303                                             |   |  $         13,294,244 |
| Less: current portion   |                   144,897 |   |                   168,034 |
|    Total |  $         15,234,406                                             |   |  $         13,126,210 |

----

----

| Weighted Average Exercise Price                                                                                              | Warrants |
|------------------------------------------------------------------------------------------------------------------------------|----------|
|                                                                                                                         |     |   |
|  $                  1.15      |     |          900,000 |
|                     1.52 |     |        5,450,000 |
|                     5.39 |     |        1,857,041 |
|                     5.50 |     |        2,285,714 |
|                     5.85 |     |          100,000 |
|                     8.35 |     |          350,000 |
|                                                                                                                         |     |   |
|  $                  3.24      |     |      10,942,755 |

----

|                                                | Twelve Months Ended                               |   |                                                   |
|-----------------------------------------------------|---------------------------------------------------|--------|--------------------------------------------------------|
|                                                | December 31,                                      |   |                                                   |   |   |
|                                                | 2009                                              |   | 2008                                                   |   | 2007 |
| Employee stock-based compensation in:               |                                              |   |                                                   |   |   |
| Cost of revenue                                     |  $      73,630 |   |  $      68,046      |   |  $      148,589 |
|                                                |                                              |   |                                                   |   |   |
| Selling and distribution                            |        450,226 |   |        175,375      |   |          160,573 |
| General and administrative                          |     1,085,785                 |   |        973,148      |   |        1,014,702 |
| Research and development                            |        139,587 |   |         98,002 |   |          166,195 |
|   Total employee stock-based compensation |                                              |   |                                                   |   |   |
|     in operating expenses       |     1,675,598                 |   |     1,246,525                      |   |        1,341,470 |
|                                                |                                              |   |                                                   |   |   |
|   Total employee stock-based compensation |  $  1,749,228                      |   |  $ 1,314,571                                      |   |  $    1,490,059 |
|                                                |                                              |   |                                                   |   |   |

|                    | 2009      |   | 2008       |   | 2007       |
|-------------------------|-----------|--------|------------|--------|------------|
| Risk free interest rate | 1.71%     |   | 2.25%      |   | 4.53%      |
| Expected term           | 4.2 years |   | 4.75 years |   | 4.52 years |
| Dividend yield          | 0.0       |   | 0.0        |   | 0.0        |
| Expected volatility     | 93.04%    |   | 85.49%     |   | 85.68%     |

----

|                             | 2009                                                                                                    |                                                                                  |   | 2008                                                |                                                                               |   | 2007                                               |                                                                         |
|----------------------------------|---------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------|--------|-----------------------------------------------------|------------------------------------------------------------------------------------|--------|----------------------------------------------------|------------------------------------------------------------------------------|
|                             |                                                                                                    | Weighted-                                                                             |   |                                                | Weighted-                                                                          |   |                                               | Weighted-                                                                    |
|                             |                                                                                                    | Average                                                                               |   |                                                | Average                                                                            |   |                                               | Average                                                                      |
|                             |                                                                                                    | Exercise                                                                              |   |                                                | Exercise                                                                           |   |                                               | Exercise                                                                     |
|                             |                                                                                                    | Price                                                                                 |   |                                                | Price                                                                              |   | Shares                                             | Price                                                                        |
| Outstanding at beginning of year | 4,863,488                                                                                               | $3.47                                                                                 |   | 4,936,335                                           | $4.64                                                                              |   | 4,686,552                                          | $8.57                                                                        |
| Granted                          | 1,842,525                                                                                               | 1.40                                                                                  |   | 1,275,700                                           | 2.58                                                                               |   | 1,710,850                                          | 1.50                                                                         |
| Exercised                        |                  - |               - |   |        (318,149) |              1.87 |   |        (43,050) |             1.47 |
| Forfeited                        | (745,709)                                                                                               | 4.05                                                                                  |   | (1,030,398)                                         | 9.10                                                                               |   | (1,418,017)                                        | 12.84                                                                        |
| Outstanding at end of year       | 5,960,304                                                                                               | 2.70                                                                                  |   | 4,863,488                                           | 3.47                                                                               |   | 4,936,335                                          | 4.64                                                                         |
|                             |                                                                                                    |                                                                                  |   |                                                |                                                                               |   |                                               |                                                                         |
| Options exercisable at year end  | 3,168,023                                                                                               |                                                                                  |   | 2,688,841                                           |                                                                               |   | 3,196,121                                          |                                                                         |
|                             |                                                                                                    |                                                                                  |   |                                                |                                                                               |   |                                               |                                                                         |

----

|                            |   | 2009                                               |   |                                                                                                       |   | 2008                                              |   |                                                                                                       |   | 2007                                              |   |                                                                                                       |
|---------------------------------|--------|----------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------|
|                            |   |                                               |   | Weighted-                                                                                                  |   |                                              |   | Weighted-                                                                                                  |   |                                              |   | Weighted-                                                                                                  |
|                            |   |                                               |   | Average Grant                                                                                              |   |                                              |   | Average Grant                                                                                              |   |                                              |   | Average Grant                                                                                              |
|                            |   | Shares                                             |   | Date Fair Value                                                                                            |   | Shares                                            |   | Date Fair Value                                                                                            |   | Shares                                            |   | Date Fair Value                                                                                            |
| Unvested at beginning of period |   |       238,115        |   |  $              2.23            |   |      197,096             |   |  $              2.36            |   |      146,875             |   |  $              4.49            |
| Granted                         |   |       326,776        |   |                  1.31 |   |      172,553             |   |                  2.36 |   |      159,390             |   |                  1.79 |
| Vested                          |   |      (186,227)            |   |                  3.70 |   |     (122,484)                 |   |                  2.94 |   |     (105,469)                 |   |                  1.69 |
| Forfeited                       |   |        (41,625) |   |                  1.66 |   |        (9,050) |   |                  1.94 |   |        (3,700) |   |                  1.40 |
| Unvested at December 31,        |   |       337,039        |   |  $              1.55            |   |      238,115             |   |  $              2.23            |   |      197,096             |   |  $              2.36            |
|                            |   |                                               |   |                                                                                                       |   |                                              |   |                                                                                                       |   |                                              |   |                                                                                                       |

|   |   |                                                                                              |
|--------|--------|---------------------------------------------------------------------------------------------------|
| 2010   |   |  $     271,226                                                      |
| 2011   |   |         244,532                                           |
| 2012   |   |         233,066                                           |
| 2013   |   |         187,031                                           |
| Beyond |   |                 - |
| Total  |   |  $     935,855                                                      |

----

----

|                                |                    |                                                            |   | (Loss) profit from                                                                                                        | Identifiable |
|-------------------------------------|-------------------------|-----------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------|--------------|
|                                |                    | Revenues                                                        |   | Operations                                                                                                                |         | Assets |
| As of and for  the year   |                    |                                                            |   |                                                                                                                      |         |
| ended  December 31, 2009- |                    |                                                            |   |                                                                                                                      |         |
|                                |                    |                                                            |   |                                                                                                                      |         |   |
|                                | United States           |  $     19,997,178                 |   |  $   (18,771,745)                                                                                     |         |  $     37,263,748 |
|                                |                    |                                                            |   |                                                                                                                      |         |   |
|                                | Switzerland             |          8,610,429 |   |          5,608,298                                                           |         |          6,493,471 |
|                                | Other                   |          3,588,774 |   |   -                                                                                                                  |         |                     - |
|                                | Subtotal International  |         12,199,203      |   |          5,608,298                                                           |         |          6,493,471 |
|                                |                    |                                                            |   |                                                                                                                      |         |   |
|                                |    Total |  $     32,196,381                 |   |  $   (13,163,447)                                                                                     |         |  $     43,757,219 |
|                                |                    |                                                            |   |                                                                                                                      |         |   |
| As of and for  the year   |                    |                                                            |   |                                                                                                                      |         |
| ended  December 31, 2008- |                    |                                                            |   |                                                                                                                      |         |
|                                |                    |                                                            |   |                                                                                                                      |         |   |
|                                | United States           |  $     17,950,995                 |   |  $   (14,978,075)                                                                                     |         |  $     38,806,638 |
|                                |                    |                                                            |   |                                                                                                                      |         |   |
|                                | Switzerland             |          9,168,230 |   |          7,720,690                                                           |         |          6,815,851 |
|                                | Other                   |          9,109,889 |   |                     - |         |                     - |
|                                | Subtotal International  |         18,278,119      |   |          7,720,690                                                           |         |          6,815,851 |
|                                |                    |                                                            |   |                                                                                                                      |         |   |
|                                |    Total |  $     36,229,114                 |   |  $     (7,257,385)                                                                          |         |  $     45,622,489 |
|                                |                    |                                                            |   |                                                                                                                      |         |   |
| As of and for  the year   |                    |                                                            |   |                                                                                                                      |         |
| ended  December 31, 2007- |                    |                                                            |   |                                                                                                                      |         |
|                                |                    |                                                            |   |                                                                                                                      |         |   |
|                                | United States           |  $     15,257,884                 |   |  $   (14,339,632)                                                                                     |         |  $     49,253,642 |
|                                |                    |                                                            |   |                                                                                                                      |         |   |
|                                | Switzerland             |          8,101,831 |   |          6,231,784                                                           |         |          7,335,635 |
|                                | Other                   |          6,267,923 |   |                     - |         |                     - |
|                                | Subtotal International  |         14,369,754      |   |          6,231,784                                                           |         |          7,335,635 |
|                                |                    |                                                            |   |                                                                                                                      |         |   |
|                                |    Total |  $     29,627,638                 |   |  $     (8,107,848)                                                                          |         |  $     56,589,277 |

----

|                           |                                                            | 2009                                                            |                                                | 2008                                                |                                                | 2007                                                |
|--------------------------------|-----------------------------------------------------------------|-----------------------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|-----------------------------------------------------|
|                           |                                                            |                                                            |                                                |                                                |                                                |                                                |
| MerckSerono                    |                                                            |  $       8,627,333      |                                                |  $    9,168,230            |                                                |  $     8,151,292      |
| Lil' Drug Store Products, Inc. |          6,592,945 |                                                            |        6,218,949 |                                                |        5,958,925 |
| Cardinal Healthcare            |                                                            |          5,662,507 |                                                |        5,612,748 |                                                |        6,098,510 |
| McKesson                       |                                                            |          4,574,128 |                                                |        4,990,960 |                                                |        3,888,354 |
| All others (none over 5%)      |                                                            |          6,739,468 |                                                |      10,238,227            |                                                |        5,530,557 |
|    Total        |                                                            |  $     32,196,381                 |                                                |  $  36,229,114                       |                                                |  $   29,627,638                 |
|                           |                                                            |                                                            |                                                |                                                |                                                |                                                |

|                    |   | 2009                                                                        |   | 2008                                                                        |   | 2007                                                                        |
|-------------------------|--------|-----------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------|
|                    |   |                                                                        |   |                                                                        |   |                                                                        |
| CRINONE®           |   |  $       22,166,867                 |   |  $       21,439,847                 |   |  $       18,904,512                 |
| RepHresh®          |   |            3,021,944 |   |            3,316,193 |   |            3,326,927 |
| PROCHIEVE®         |   |            1,642,161 |   |            2,697,255 |   |            1,527,727 |
| Other                   |   |            5,365,409 |   |            8,775,819 |   |            5,868,472 |
|    Total |   |  $       32,196,381                 |   |  $       36,229,114                 |   |  $       29,627,638                 |

----

| 2009                                |   | FirstQuarter                                            | SecondQuarter | ThirdQuarter                                                                    | FourthQuarter | FullYear                                                |
|-------------------------------------|--------|---------------------------------------------------------|---------------|---------------------------------------------------------------------------------|---------------|---------------------------------------------------------|
|                                |   |                                                    |          |                                                                            |          |                                                    |   |   |   |   |
| Net sales                           |   |  $ 7,224,370                                       |          |  $     8,286,623                                  |          |  $ 7,807,944                                       |   |  $     8,443,644 |   |  $    31,762,581 |
| Fee income and other                |   |                                                    |          |                                                                            |          |                                                    |   |   |   |   |
|    income            |   |         96,817  |          |            137,081       |          |         95,013  |   |            104,889 |   |            433,800 |
| Gross profit                        |   |    5,541,169                             |          |         6,084,353                       |          |    5,341,397                             |   |         6,034,924 |   |        23,001,843 |
| Loss from operations                |   |   (3,247,187)                                 |          |        (3,060,393)                           |          |   (3,422,766)                                 |   |        (3,433,101) |   |       (13,163,447) |
| Net loss                            |   |   (5,333,567)                                 |          |        (5,240,661)                           |          |   (5,853,262)                                 |   |        (5,442,068) |   |       (21,869,558) |
| Basic and diluted loss              |   |                                                    |          |                                                                            |          |                                                    |   |   |   |   |
|    per common share* |   |  $       (0.10) |          |  $           (0.10) |          |  $       (0.11) |   |  $           (0.09) |   |  $            (0.39) |
|                                |   |                                                    |          |                                                                            |          |                                                    |   |   |   |   |
|                                |   |                                                    |          |                                                                            |          |                                                    |   |   |   |   |
| 2008                                |   |                                                    |          |                                                                            |          |                                                    |   |   |   |   |
| Net sales                           |   |  $ 8,606,298                                       |          |  $     8,827,369                                  |          |  $ 8,141,662                                       |   |  $     6,893,915 |   |  $    32,469,244 |
| Fee income and other                |   |                                                    |          |                                                                            |          |                                                    |   |   |   |   |
|    income            |   |       306,637             |          |            320,252       |          |    2,975,696                             |   |            157,285 |   |          3,759,870 |
| Gross profit                        |   |    5,952,838                             |          |         6,197,812                       |          |    8,257,768                             |   |         4,886,081 |   |        25,294,499 |
| Loss from operations                |   |   (2,378,635)                                 |          |        (2,399,902)                           |          |       (86,884)            |   |        (2,391,964) |   |        (7,257,385) |
| Net loss                            |   |   (4,248,795)                                 |          |        (4,326,172)                           |          |   (2,050,136)                                 |   |        (3,451,406) |   |       (14,076,509) |
| Basic and diluted loss              |   |                                                    |          |                                                                            |          |                                                    |   |   |   |   |
|    per common share* |   |  $       (0.08) |          |  $           (0.08) |          |  $       (0.04) |   |  $           (0.06) |   |  $            (0.27) |
|                                |   |                                                    |          |                                                                            |          |                                                    |   |   |   |   |

----

----

----

----

----

----

|                                                |                                                          |   |                                                                                   |   | Charged to                                                                                               |   |                                                          |   |              |
|-----------------------------------------------------|---------------------------------------------------------------|--------|----------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------|--------|-------------------|
|                                                |                                                          |   | Balance at                                                                             |   | (credited to)                                                                                            |   |                                                          |   | Balance           |
|                                                |                                                          |   | beginning                                                                              |   | costs and                                                                                                |   |                                                          |   | at  end |
|                                                | Description                                                   |   | of year                                                                                |   | expenses                                                                                                 |   | Deductions (A)                                                |   | of year           |
|                                                |                                                          |   |                                                                                   |   |                                                                                                     |   |                                                          |   |              |
| YEAR ENDED DECEMBER  31,  2009: |                                                          |   |                                                                                   |   |                                                                                                     |   |
|  Allowance for doubtful accounts               |  $      100,000            |   |  $             - |   |  $                - |   |  $      100,000            |
|                                                |                                                          |   |                                                                                   |   |                                                                                                     |   |                                                          |   |              |
| YEAR ENDED DECEMBER  31,  2008: |                                                          |   |                                                                                   |   |                                                                                                     |   |
|  Allowance for doubtful accounts               |  $        95,733 |   |  $         4,267                     |   |  $                - |   |  $      100,000            |
|                                                |                                                          |   |                                                                                   |   |                                                                                                     |   |                                                          |   |              |
| YEAR ENDED DECEMBER  31,  2007: |                                                          |   |                                                                                   |   |                                                                                                     |   |
|  Allowance for doubtful accounts               |  $      100,000            |   |  $       15,000                                |   |  $          19,267                                |   |  $        95,733 |

----

| Exhibit No |  Description                                                                                                                                                                                  |   |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| 3.1             | Restated Certificate of Incorporation of the Company, as amended (14)                                                                                                                              |   |
|            |                                                                                                                                                                                               |   |
| 3.2             | Amended and Restated By-laws of Company (3)                                                                                                                                                        |   |
|            |                                                                                                                                                                                               |   |
| 4.1             | Certificate of Designations, Preferences and Rights of Series C Convertible Preferred Stock of the Company, dated as of January 7, 1999 (3)                                                        |   |
|            |                                                                                                                                                                                               |   |
| 4.2             | Securities Purchase Agreement, dated as of January 7, 1999, between the Company and each of the purchasers named on the signature pages thereto (3)                                                |   |
|            |                                                                                                                                                                                               |   |
| 4.3             | Securities Purchase Agreement, dated as of January 19, 1999, among the Company, David M. Knott and Knott Partners, L.P. (3)                                                                        |   |
|            |                                                                                                                                                                                               |   |
| 4.4             | Form of Warrant to Purchase Common Stock (3)                                                                                                                                                       |   |
|            |                                                                                                                                                                                               |   |
| 4.5             | Warrant to Purchase Common Stock granted to James J. Apostolakis on September 23, 1999 (5)                                                                                                         |   |
|            |                                                                                                                                                                                               |   |
| 4.6             | Certificate of Designations of Series E Convertible Preferred Stock, filed May 10, 2005 with the Delaware Secretary of State (13)                                                                  |   |
|            |                                                                                                                                                                                               |   |
| 4.7             | Preferred Stock Purchase Agreement, dated as of May 10, 2005, among Columbia Laboratories, Inc., Perry Partners L.P. and Perry Partners International, Inc. (13)                                   |   |
|            |                                                                                                                                                                                               |   |
| 4.8             | Securities Purchase Agreement, dated March 10, 2006, by and between Columbia Laboratories, Inc. and the Purchasers listed on Exhibit A thereto (15)                                                |   |
|            |                                                                                                                                                                                               |   |
| 4.9*            | Form of Restricted Stock Agreement (17)                                                                                                                                                            |   |
|            |                                                                                                                                                                                               |   |
| 4.10*           | Form of Option Agreement (24)                                                                                                                                                                      |   |
|            |                                                                                                                                                                                               |   |
| 4.11            | Securities Purchase Agreement, dated December 21, 2006, by and between Columbia Laboratories, Inc. and the Purchasers listed on Exhibit A thereto (19)                                   |   |
|            |                                                                                                                                                                                               |   |
| 10.1            | 1996 Long-term Performance Plan, as amended, of the Company (2)                                                                                                                                    |   |
|            |                                                                                                                                                                                               |   |
| 10.2            | Asset Purchase, License and Option Agreement between Bio-Mimetics, Inc. and Columbia Laboratories, Inc., dated November 22, 1989 (1)                                                               |   |
|            |                                                                                                                                                                                               |   |
| 10.4            | Settlement Agreement and Release dated as of March 16, 2000 between Columbia Laboratories (Bermuda) Ltd. and Lake Consumer Products, Inc. (5)                                                      |   |
|            |                                                                                                                                                                                               |   |
| 10.5            | License Agreement dated April 18, 2000, between the Company and Lil’ Drug Store Products, Inc. (6)                                                                                           |   |
|            |                                                                                                                                                                                               |   |
| 10.6            | Rights Agreement dated as of March 13, 2002, by and between Columbia Laboratories, Inc. and First Union National Bank, as Rights Agent (7)                                                         |   |
|            |                                                                                                                                                                                               |   |
| 10.7†     | Semi-Exclusive Supply Agreement dated May 7, 2002 between the Company and Mipharm S.p.A. (8)                                                                                                       |   |
|            |                                                                                                                                                                                               |   |
| 10.8†     | Amended and Restated License and Supply Agreement dated June 4, 2002 between the Company and Ares Trading S.A.(8)                                                                             |   |
|            |                                                                                                                                                                                               |   |
| 10.9†     | Investment and Royalty Agreement dated March 5, 2003 between the Company and PharmaBio Development Inc. (9)                                                                                        |   |
|            |                                                                                                                                                                                               |   |
| 10.10†    | License and Supply Agreement Dated May 27, 2003 between the Company and Mipharm S.p.A. (10)                                                                                                        |   |
|            |                                                                                                                                                                                               |   |
| 10.11*          | Form of Indemnification Agreement for Officers and Directors (11)                                                                                                                                  |   |
|            |                                                                                                                                                                                               |   |
| 10.12†    | Asset Purchase Agreement Dated June 29, 2004, between the Company and Lil’ Drug Store Products, Inc. (12)                                                                                    |   |
|            |                                                                                                                                                                                               |   |
| 10.13†    | Supply Agreement dated June 29, 2004, between the Company and Lil’ Drug Store Products, Inc.(12)                                                                                             |   |
|            |                                                                                                                                                                                               |   |
| 10.14           | Letter Agreement Supplement to STRIANT Investment and Royalty Agreement dated April 14, 2006 (16)                                                                                                  |   |
|            |                                                                                                                                                                                               |   |
| 10.15*          | Separation Agreement by and between Columbia Laboratories, Inc. and David L. Weinberg effective as of December 12, 2006 (18)                                                                       |   |
|            |                                                                                                                                                                                               |   |
| 10.16†    | Agreement, dated December 21, 2006, by and among Ares Trading S.A., Serono, Inc., the Company and its wholly-owned subsidiary, Columbia Laboratories (Bermuda), Ltd (19)                      |   |
|            |                                                                                                                                                                                               |   |
| 10.17           | Amendment No. 1 to the Amended and Restated License and Supply Agreement, entered into December 21, 2006, by and between Ares Trading S.A and Columbia Laboratories (Bermuda), Ltd. (19) |   |
|            |                                                                                                                                                                                               |   |
| 10.18           | Description of the Registrant’s Compensation and Reimbursement Practices for Non-employee Directors. (20)                                                                                    |   |
|            |                                                                                                                                                                                               |   |
| 10.19           | Lease Agreement between Allwood Associates I and Columbia Laboratories, Inc., dated July 6, 2007 (20)                                                                                              |   |
|            |                                                                                                                                                                                               |   |
| 10.20†    | License and Supply Agreement between Columbia Laboratories, Inc. and Ascend Therapeutics, Inc., dated September 27, 2007 (21)                                                                      |   |
|            |                                                                                                                                                                                               |   |
| 10.21           | Supply Agreement between Columbia Laboratories (Bermuda) Limited and Fleet Laboratories Limited, dated July 12, 1996 (22)                                                                          |   |
|            |                                                                                                                                                                                               |   |
| 10.22           | Packaging Agreement between Columbia Laboratories (Ireland) Ltd. and Maropack AG, dated October 28, 1993 (22)                                                                                      |   |
|            |                                                                                                                                                                                               |   |
| 10.23*          | Columbia Laboratories, Inc., 2008 Long-Term Incentive Plan (23)                                                                                                                                    |   |
|            |                                                                                                                                                                                               |   |
| 10.24*          | Columbia Laboratories, Inc., Amended and Restated Incentive Plan (24)                                                                                                                              |   |
|            |                                                                                                                                                                                               |   |
| 10.25*          | Form of Executive Change of Control Severance Agreement (24)                                                                                                                                       |   |
|            |                                                                                                                                                                                               |   |
| 10.26           | Stock Purchase Agreement, by and between the Company and Numoda Corporation, dated January 6, 2009 (25)                                                                                            |   |
|            |                                                                                                                                                                                               |   |
| 10.27*          | Amended and Restated Employment Agreement by and between Columbia Laboratories, Inc. and Robert S. Mills dated March 11, 2009 (24)                                                                 |   |
|            |                                                                                                                                                                                               |   |
| 10.28*          | Amended and Restated Employment Agreement by and between Columbia Laboratories, Inc. and Michael McGrane dated March 11, 2009 (29)                                                                 |   |
|            |                                                                                                                                                                                               |   |
| 10.29*          | Amended and Restated Employment Agreement by and between Columbia Laboratories, Inc. and James A. Meer dated March 11, 2009 (26)                                                                   |   |
|            |                                                                                                                                                                                               |   |
| 10.30*          | Separation and Release Agreement by and between Columbia Laboratories, Inc. and James A. Meer effective as of May 18, 2009 (26)                                                                    |   |
|            |                                                                                                                                                                                               |   |
| 10.31*          | Employment Agreement by and between Columbia Laboratories, Inc. and Lawrence Gyenes dated July 15, 2009 (27).                                                                                 |   |
|            |                                                                                                                                                                                               |   |
| 10.32           | Second Amendment to Investment and Royalty Agreement, by and between the Company and PharmaBio Development, Inc., July 22, 2009 (28)                                                               |   |
|            |                                                                                                                                                                                               |   |
| 10.33           | Placement Agent Agreement, by and among the Company, Oppenheimer & Co., Inc. and The Benchmark Company, LLC, dated October 22, 2009 (30)                                                       |   |
|            |                                                                                                                                                                                               |   |
| 10.34           | Form of Subscription Agreement (30)                                                                                                                                                                |   |
|            |                                                                                                                                                                                               |   |
| 10.35           | Form of Warrant to Purchase Common Stock (30)                                                                                                                                                      |   |
|            |                                                                                                                                                                                               |   |
| 10.36*          | Columbia Laboratories Stock Ownership Guidelines for Officers and Directors (31)                                                                                                                   |   |
|            |                                                                                                                                                                                               |   |
| 10.37           | Manufacturing and Supply Agreement between Fleet Laboratories and Columbia Laboratories (Bermuda), Ltd., dated December 8, 2009 (32)                                                               |   |
|            |                                                                                                                                                                                               |   |
| 10.38*          | Employment Agreement by and between Columbia Laboratories, Inc. and Frank C. Condella, Jr., dated December 11, 2009 (33)                                                                      |   |
|            |                                                                                                                                                                                               |   |
| 10.39*          | Addendum to Amended and Restated Employment Agreement by and between Columbia Laboratories, Inc. and Robert S. Mills dated December 11, 2009 (33)                                                  |   |
|            |                                                                                                                                                                                               |   |
| 10.40*          | Addendum to Executive Change in Control Severance Agreement by and between Columbia Laboratories, Inc. and Robert S. Mills dated December 11, 2009 (33).                                           |   |
|            |                                                                                                                                                                                               |   |
| 14              | Code of Ethics of the Company (11)                                                                                                                                                                 |   |
|            |                                                                                                                                                                                               |   |
| 21              | Subsidiaries of the Company (34)                                                                                                                                                                   |   |
|            |                                                                                                                                                                                               |   |
| 23.1            | Consent of McGladrey & Pullen, LLP (34)                                                                                                                                                   |   |
|            |                                                                                                                                                                                               |   |
| 23.2            | Consent of BDO Seidman, LLP (34)                                                                                                                                                                   |   |
|            |                                                                                                                                                                                               |   |
| 31(i).1         | Certification of Chief Executive Officer of the Company (34)                                                                                                                                       |   |
|            |                                                                                                                                                                                               |   |
| 31(i).2         | Certification of Chief Financial Officer of the Company (34)                                                                                                                                       |   |
|            |                                                                                                                                                                                               |   |
| 32.1            | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (35)                                             |   |
|            |                                                                                                                                                                                               |   |
| 32.2            | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (35)                                            |   |
|            |                                                                                                                                                                                               |
| †         | Confidential treatment has been requested with respect to certain portions of this exhibit. Omitted portions have been filed separately with the SEC.                                              |
|            |                                                                                                                                                                                               |
| *               | Management contract or compensatory plans or arrangements                                                                                                                                          |

----

| 1/     | Incorporated by reference to the Registrant's Registration Statement on Form S-1 (File No. 33-31962) declared effective on May 14, 1990 |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                    |
| 2/     | Incorporated by reference to the Registrant's Proxy Statement dated May 10, 2000                                                        |
|   |                                                                                                                                    |
| 3/     | Incorporated by reference to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 1998                     |
|   |                                                                                                                                    |
| 4/     | Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 1999                  |
|   |                                                                                                                                    |
| 5/     | Incorporated by reference to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 1999                     |
|   |                                                                                                                                    |
| 6/     | Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2000                  |
|   |                                                                                                                                    |
| 7/     | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated March 12, 2002                                    |
|   |                                                                                                                                    |
| 8/     | Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q dated August 14, 2002                                 |
|   |                                                                                                                                    |
| 9/     | Incorporated by reference to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2002                     |
|   |                                                                                                                                    |
| 10/    | Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q dated August 14, 2003                                 |
|   |                                                                                                                                    |
| 11/    | Incorporated by reference to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2003                     |
|   |                                                                                                                                    |
| 12/    | Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q dated August 4, 2004                                  |
|   |                                                                                                                                    |
| 13/    | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated May 12, 2005                                      |
|   |                                                                                                                                    |
| 14/    | Incorporated by reference to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2005                     |
|   |                                                                                                                                    |
| 15/    | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated March 16, 2006                                    |
|   |                                                                                                                                    |
| 16/    | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated April 17, 2006                                    |
|   |                                                                                                                                    |
| 17/    | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated May 17, 2006                                      |
|   |                                                                                                                                    |
| 18/    | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated December 15, 2006                                 |
|   |                                                                                                                                    |
| 19/    | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated December 26, 2006                                 |
|   |                                                                                                                                    |
| 20/    | Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q, dated August 8, 2007                                 |
|   |                                                                                                                                    |
| 21/    | Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q, dated November 8, 2007                               |
|   |                                                                                                                                    |
| 22/    | Incorporated by reference to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2007                     |
|   |                                                                                                                                    |
| 23/    | Incorporated by reference to the Registrant’s Proxy Statement dated April 8, 2008                                                 |
|   |                                                                                                                                    |
| 24/    | Incorporated by reference to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008                     |
|   |                                                                                                                                    |
| 25/    | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated January 8, 2009                                   |
|   |                                                                                                                                    |
| 26/    | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated May 12, 2009                                      |
|   |                                                                                                                                    |
| 27/    | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated July 15, 2009                                     |
|   |                                                                                                                                    |
| 28/    | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated July 24, 2009                                     |
|   |                                                                                                                                    |
| 29/    | Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q dated August 6, 2009                                  |
|   |                                                                                                                                    |
| 30/    | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated October 23, 2009                                  |
|   |                                                                                                                                    |
| 31/    | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated November 17, 2009                                 |
|   |                                                                                                                                    |
| 32/    | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated December 8, 2009                                  |
|   |                                                                                                                                    |
| 33/    | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated December 14, 2009                                 |
|   |                                                                                                                                    |
| 34/    | Filed herewith                                                                                                                          |

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----