|   |                                                                                      |        |
|---|--------------------------------------------------------------------------------------|--------|
| x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |   |

|               |                                                                                          |        |
|---------------|------------------------------------------------------------------------------------------|--------|
| o   | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |   |

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

|                              |                                        |
|------------------------------|----------------------------------------|
| 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                                                                                                                     | 4      |
| Item 1A  | Risk Factors                                                                                                                 | 20     |
| 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                                                                                                      | 33     |
| Item 7   | Management’s Discussion and Analysis of Financial Condition and Results of Operations                                  | 34     |
| 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                                                                                                            | 49     |
|     |
| Part III |
| Item 10  | Directors, Executive Officers and Corporate Governance                                                                       | 49     |
| Item 11  | Executive Compensation*                                                                                                      | 51     |
| Item 12  | Security Ownership of Certain Beneficial Owners and Management and  Related Stockholder Matters*                        | 51     |
| Item 13  | Certain Relationships, Related Transactions and Director Independence*                                                       | 51     |
| Item 14  | Principal Accountant Fees and Services *                                                                                     | 51     |
|     |
| Part IV  |
| Item 15  | Exhibits and Financial Statement Schedules                                                                                   | 52     |
| *        | Items 11, 12, 13, 14 and portions of Item 10 are incorporated by reference to the Company’s 2011 Proxy Statement. |

----

|                                |                                                                                                                                                                                                                                                                                                                          |
|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| •     | Net Product Revenues (sales of Progesterone Product to wholesalers and specialty pharmacies in the U.S., Watson, Merck Serono S.A. ("Merck Serono") and sales of RePhresh® and Replens® to Lil' Drug Store Products, Inc. (“Lil' Drug Store”) and sales of STRIANT® (testosterone buccal system) |

|                                |                                                                                                 |
|--------------------------------|-------------------------------------------------------------------------------------------------|
| •     | Royalty Revenues (primarily royalty revenues from Watson on sales of CRINONE and PROCHIEVE) and |

|                                |                                                                                                    |
|--------------------------------|----------------------------------------------------------------------------------------------------|
| •     | Other Revenues, (primarily the amortization of the deferred revenue from the Watson Transactions). |

----

----

|                                |                                    |
|--------------------------------|------------------------------------|
| •     | CRINONE® 8% (progesterone gel) |

|                                 |                                       |
|---------------------------------|---------------------------------------|
| ◦     | Sold to Watson for resale in the U.S. |

|                                 |                                                  |
|---------------------------------|--------------------------------------------------|
| ◦     | Sold to Merck Serono for resale outside the U.S. |

|                                |                                    |
|--------------------------------|------------------------------------|
| •     | CRINONE® 4% (progesterone gel) |

|                                 |                                       |
|---------------------------------|---------------------------------------|
| ◦     | Sold to Watson for resale in the U.S. |

|                                |                                           |
|--------------------------------|-------------------------------------------|
| •     | STRIANT® (testosterone buccal system) |

|                                 |                                 |
|---------------------------------|---------------------------------|
| ◦     | Sold by the Company in the U.S. |

|                                 |                                                    |
|---------------------------------|----------------------------------------------------|
| ◦     | Sold to The Urology Company for resale in the U.K. |

----

----

----

----

----

----

----

----

|              |        |                                                                                                                                                      |
|--------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------|
| Year Granted |   | Nature of Patent                                                                                                                                     |
| 2011         |   | Progesterone for the treatment or prevention of spontaneous pre-term birth*                                                                          |
|         |   |                                                                                                                                                 |
| 2010         |   | 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                   |
| Progesterone to prevent or treat preterm birth*                              |   | 2028               |   | PROCHIEVE 8%                         |
| Low concentration of peroxide for treating or preventing vaginal infections. |   | 2023               |   | COL-2401                             |
| Progressive hydration tablets                                                |   | 2019               |   | COL-1777—STRIANT—   |
| First Uterine Pass EffectTM                                             |   | 2018               |   | COL-1077—COL-1777—  |
| Progesterone delivery*                                                       |   | 2013               |   | CRINONE /PROCHIEVE                   |

----

|                       |                                                                                                                                     |                                                                                                                             |
|-----------------------|-------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------|
|                  |                                                                                                                                | Products                                                                                                                    |
|                  |                                                                                                                                |                                                                                                                        |
| Progesterone Products |  ®                                                                                                                         | CRINONE® 8% (progesterone gel) formerly marketed and sold by the Company, and now sold to Watson for resale in the U.S. |
|  ®           | CRINONE® 4% (progesterone gel) sold to Watson for resale in the U.S.                                                            |
|  ®           | CRINONE® 8% sold to Merck Serono for resale outside the U.S.                                                                    |
|  ®           | PROCHIEVE® 8% (progesterone gel) formerly 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 terminated on July 23, 2010 |
|                  |                                                                                                                                |                                                                                                                        |
| Other Products        |  ®                                                                                                                         | STRIANT® (testosterone buccal system) marketed and sold by the Company in the U.S.                                      |
|  ®           | STRIANT® sold to The Urology Company, Ltd. for resale in the U.K.                                                               |

|                                |                                     |
|--------------------------------|-------------------------------------|
| •     | 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 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. |

----

----

|        |                                                      |         |        |        |         |      |        |         |   |
|--------|------------------------------------------------------|---------|--------|--------|---------|------|--------|---------|---|
|   |                                                 | 2010    |   | 2009   |    | 2008 |
|   | CRINONE®                                         | 47      | %      |   | 69      | %    |   | 59      | % |
|   | Watson Transaction Revenue Recognition and Royalties | 40      | %      |   | — | %    |   | — | % |
|   | RepHresh®                                        | 4       | %      |   | 10      | %    |   | 9       | % |
|   | Replens®                                         | 4       | %      |   | 10      | %    |   | 8       | % |
|   | STRIANT®                                         | 3       | %      |   | 5       | %    |   | 6       | % |
|   | PROCHIEVE®                                       | 2       | %      |   | 5       | %    |   | 7       | % |
|   | Other                                                | — | %      |   | 1       | %    |   | 11      | % |
|   | Total                                                | 100     | %      |   | 100     | %    |   | 100     | % |

|        |                                |      |        |        |        |        |         |        |        |   |         |        |
|--------|--------------------------------|------|--------|--------|--------|--------|---------|--------|--------|---|---------|--------|
|   | (in millions)                  | 2010 |   | 2009   |   | 2008   |
|   | Watson                         | $    | 20.1   |   |   | $      | — |   |   | $ | — |   |
|   | Merck Serono                   | 10.4 |   |   | 8.6    |   |    | 9.2    |   |
|   | Lil' Drug Store Products, Inc. | 3.8  |   |   | 6.6    |   |    | 6.2    |   |
|   | Cardinal Healthcare            | 3.7  |   |   | 5.7    |   |    | 5.6    |   |
|   | McKesson                       | 3.1  |   |   | 4.6    |   |    | 5.0    |   |
|   | All others (none over 5%)      | 4.6  |   |   | 6.7    |   |    | 10.2   |   |
|   | Total                          | $    | 45.7   |   |   | $      | 32.2    |   |   | $ | 36.2    |   |

|        |                          |      |        |        |        |        |        |        |        |   |      |        |
|--------|--------------------------|------|--------|--------|--------|--------|--------|--------|--------|---|------|--------|
|   | (in millions)            | 2010 |   | 2009   |   | 2008   |
|   | United States            | $    | 33.3   |   |   | $      | 20.0   |   |   | $ | 18.0 |   |
|   | Switzerland              | 10.4 |   |   | 8.6    |   |   | 9.2    |   |
|   | Other European Countries | 2.0  |   |   | 3.6    |   |   | 9.0    |   |
|   | Subtotal International   | 12.4 |   |   | 12.2   |   |   | 18.2   |   |
|   | Total                    | $    | 45.7   |   |   | $      | 32.2   |   |   | $ | 36.2 |   |

----

----

----

|                                |                                                                                                                                |
|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------|
| •     | 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, if needed, 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   |        | $ | 220,303 |   |
| Paris, France  |   | European logistics office |   | 150         |   |       | 3 months notice |        | $ | 18,239  |   |

----

|        |                                     |        |        |        |        |       |        |
|--------|-------------------------------------|--------|--------|--------|--------|-------|--------|
|   |                                |   | High   |   | Low    |
|   | Fiscal Year Ended December 31, 2009 |   |   |   |   |
|   | First Quarter                       |   | $1.74  |   |   | $1.09 |   |
|   | Second Quarter                      |   | 1.70   |   |   | 1.05  |   |
|   | Third Quarter                       |   | 1.59   |   |   | 1.08  |   |
|   | Fourth Quarter                      |   | 1.51   |   |   | 0.65  |   |
|   | Fiscal Year Ended December 31, 2010 |   |   |   |   |
|   | First Quarter                       |   | $1.44  |   |   | $0.93 |   |
|   | Second Quarter                      |   | 1.30   |   |   | 0.96  |   |
|   | Third Quarter                       |   | 1.13   |   |   | 0.88  |   |
|   | Fourth Quarter                      |   | 2.43   |   |   | 1.07  |   |

----

|                                                            |        |                                                                                             |        |                                                                             |        |                                                                                                                                             |      |        |        |           |        |        |
|------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------|------|--------|--------|-----------|--------|--------|
| Plan Category                                              |   | Number of securities to be issued upon exercise of outstanding options, warrants and rights |   | Weighted average exercise price of outstanding options, warrants and rights |   | Number of securities remaining available for future issuance under equity compensation plans [excluding securities reflected in column (a)] |
|                                                       |   | (a)                                                                                         |   | (b)                                                                         |   | (c)                                                                                                                                         |
| Equity compensation plans approved by security holders     |   | 6,334,029                                                                                   |   |                                                                        |   | $                                                                                                                                           | 2.37 |   |   | 3,333,100 |   |   |
| Equity compensation plans not approved by security holders |   | 450,000                                                                                     |   |                                                                        |   | $                                                                                                                                           | 7.79 |   |   | —   |   |   |
| Total                                                      |   | 6,784,029                                                                                   |   |                                                                        |   | $                                                                                                                                           | 2.73 |   |   | 3,333,100 |   |   |

----

----

|                                  |                                     |        |                                            |              |                                           |        |        |              |        |              |        |        |       |        |              |        |
|----------------------------------|-------------------------------------|--------|--------------------------------------------|--------------|-------------------------------------------|--------|--------|--------------|--------|--------------|--------|--------|-------|--------|--------------|--------|
|                             |                                |   |                                       |         |                                      |   |   |         |   |         |   |   |
| Period                           | Total Numberof SharesPurchased |   | Average PricePaid per Share |    | Total Value of  sharesPurchased |   |
| August 1 to August 31, 2010 |                                | 3,333  |                                       |         |                                      | $      | 0.90   |         |   |    |   | $      | 3,000 |   |    |   |
|                             |                                |   |                                       |         |                                      |   |   |    |   |         |   |   |
| Total                            |                                | 3,333  |                                       |         |                                      | $      | 0.90   |         |   |    |   | $      | 3,000 |   |    |   |

----

----

|                                                      |             |        |        |         |        |        |         |        |        |         |        |        |         |        |        |        |   |        |        |        |
|------------------------------------------------------|-------------|--------|--------|---------|--------|--------|---------|--------|--------|---------|--------|--------|---------|--------|--------|--------|---|--------|--------|--------|
|                                                 | December 31 |   |
|                                                 | 2010        |   | 2009   |    | 2008   |   | 2007    |   | 2006   |    |
| Statement of Operations Data:                        |        |   |   |    |   |   |    |   |   |    |
| (000's except per share data)                        |        |   |   |    |   |   |    |   |   |    |
|                                                 |        |   |   |    |   |   |    |   |   |    |
| Net revenues                                         | $           | 45,676 |   |    | $      | 32,196 |    |   | $      | 36,229  |   |   | $       | 29,627 |   |   | $ | 17,393 |   |   |
| Gross profit                                         | 36,655      |   |   | 23,002  |   |   | 25,294  |   |   | 20,613  |   |   | 9,573   |   |   |
| Operating expenses                                   | 35,482      |   |   | 36,165  |   |   | 32,552  |   |   | 28,721  |   |   | 20,733  |   |   |
| Interest expense                                     | 4,838       |   |   | 8,851   |   |   | 7,882   |   |   | 7,946   |   |   | 2,670   |   |   |
| Net loss                                             | (21,831     | )      |   | (21,870 | )      |   | (14,077 | )      |   | (14,292 | )      |   | (12,485 | )      |   |
| Loss per common share-basic and diluted              |        |   |   |    |   |   |    |   |   |    |
|  -basic and diluted                             | $           | (0.30  | )      |    | $      | (0.39  | )       |   | $      | (0.27   | )      |   | $       | (0.28  | )      |   | $ | (0.26  | )      |   |
| Weighted average number of common shares outstanding |        |   |   |    |   |   |    |   |   |    |
|  -basic and diluted                             | 73,463      |   |   | 56,359  |   |   | 52,439  |   |   | 51,124  |   |   | 48,089  |   |   |
|                                                 |        |   |   |    |   |   |    |   |   |    |
| Balance Sheet Data:                                  |        |   |   |    |   |   |    |   |   |    |
| (000's)                                              |        |   |   |    |   |   |    |   |   |    |
|                                                 |        |   |   |    |   |   |    |   |   |    |
| Working capital                                      | $           | 1,997  |   |    | $      | 14,256 |    |   | $      | 12,305  |   |   | $       | 14,461 |   |   | $ | 23,410 |   |   |
| Total assets                                         | 29,859      |   |   | 43,757  |   |   | 45,622  |   |   | 56,589  |   |   | 65,839  |   |   |
| Notes payable                                        | —     |   |   | 32,966  |   |   | 30,075  |   |   | 27,536  |   |   | 25,299  |   |   |
| Long-term portion of financing agreements            | —     |   |   | 15,234  |   |   | 13,126  |   |   | 11,426  |   |   | 13,277  |   |   |
| Redeemable preferred series C stock                  | 600         |   |   | 600     |   |   | 775     |   |   | 1,125   |   |   | 3,200   |   |   |
| Shareholders' equity (deficiency)                    | (20,514     | )      |   | (17,824 | )      |   | (5,893  | )      |   | 2,015   |   |   | 12,616  |   |   |

----

|                       |                                                                                                                                     |                                                                                                                             |
|-----------------------|-------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------|
|                  |                                                                                                                                | Products                                                                                                                    |
|                  |                                                                                                                                |                                                                                                                        |
| Progesterone Products |  ®                                                                                                                         | CRINONE® 8% (progesterone gel) formerly marketed and sold by the Company, and now sold to Watson for resale in the U.S. |
|  ®           | CRINONE® 4% (progesterone gel) sold to Watson for resale in the U.S.                                                            |
|  ®           | CRINONE® 8% sold to Merck Serono for resale outside the U.S.                                                                    |
|  ®           | PROCHIEVE® 8% (progesterone gel) formerly 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 terminated on July 23, 2010 |
|                  |                                                                                                                                |                                                                                                                        |
| Other Products        |  ®                                                                                                                         | STRIANT® (testosterone buccal system) marketed and sold by the Company in the U.S.                                      |
|  ®           | STRIANT® sold to The Urology Company for resale in the U.K.                                                                     |

----

----

----

|                      |        |            |            |                                    |        |         |         |                                    |        |            |        |         |        |           |        |        |            |        |        |
|----------------------|--------|------------|------------|------------------------------------|--------|---------|---------|------------------------------------|--------|------------|--------|---------|--------|-----------|--------|--------|------------|--------|--------|
|                 |   |       |       | PercentageInc./Dec. fromprior year |   |    |    | PercentageInc./Dec. fromprior year |   | 2008       |   |
|                 | 2010   |       |       | 2009                               |   |    |    |
| Net Product Revenues |   | $          | 27,046,730 |                               |   | (15     | )%      |                               | $      | 31,762,796 |   |    | (2     | )%        |   | $      | 32,522,279 |   |   |
| Royalties            |   | 1,252,382  |       |                               | 236    |  % |    | 373,180                            |   |       | (90    | )%      |   | 3,653,636 |   |   |
| Other Revenues       |   | 17,377,185 |       |                               | N/A    |    |    | 60,405                             |   |       | 14     |  % |   | 53,199    |   |   |
| Net revenues         |   | $          | 45,676,297 |                               |   | 42      |  % |                               | $      | 32,196,381 |   |    | (11    | )%        |   | $      | 36,229,114 |   |   |

----

|                          |        |        |           |                                    |        |        |        |                                     |        |            |        |        |    |    |        |   |            |        |
|--------------------------|--------|--------|-----------|------------------------------------|--------|--------|--------|-------------------------------------|--------|------------|--------|--------|----|----|--------|---|------------|--------|
|                     |   |   |      | PercentageInc./Dec. fromprior year |   |   |   | Percentage Inc./Dec.from prior year |   |       |
|                     |   | 2010   |      |                               | 2009   |   |   | 2008                                |
| Selling and distribution |   | $      | 9,661,026 |                               |   | (19    | )%     |                                | $      | 11,982,229 |   |   | (6 | )% |   | $ | 12,685,618 |   |

|                            |        |        |            |                                    |        |        |        |                                     |        |            |        |        |    |   |        |   |           |        |
|----------------------------|--------|--------|------------|------------------------------------|--------|--------|--------|-------------------------------------|--------|------------|--------|--------|----|---|--------|---|-----------|--------|
|                       |   |   |       | PercentageInc./Dec. fromprior year |   |   |   | Percentage Inc./Dec.from prior year |   |       |
|                       |   | 2010   |       |                               | 2009   |   |   | 2008                                |
| General and administrative |   | $      | 14,716,339 |                               |   | 39     | %      |                                | $      | 10,559,298 |   |   | 23 | % |   | $ | 8,615,381 |   |

----

|                          |        |        |           |                                    |        |        |        |                                     |        |           |        |        |    |   |        |   |           |        |
|--------------------------|--------|--------|-----------|------------------------------------|--------|--------|--------|-------------------------------------|--------|-----------|--------|--------|----|---|--------|---|-----------|--------|
|                     |   |   |      | PercentageInc./Dec. fromprior year |   |   |   | Percentage Inc./Dec.from prior year |   |      |
|                     |   | 2010   |      |                               | 2009   |   |   | 2008                                |
| Research and development |   | $      | 8,581,874 |                               |   | 0      | %      |                                | $      | 8,579,035 |   |   | 38 | % |   | $ | 6,206,157 |   |

----

|                                 |                                         |        |        |        |        |        |         |        |        |         |        |        |         |        |        |         |        |         |        |        |   |         |        |
|---------------------------------|-----------------------------------------|--------|--------|--------|--------|--------|---------|--------|--------|---------|--------|--------|---------|--------|--------|---------|--------|---------|--------|--------|---|---------|--------|
| In $000                         | For the Fiscal Years Ended December 31, |
|                            | Total                                   |   | 2011   |   | 2012   |   | 2013    |   | 2014   |    | Beyond |
| Operating lease obligations     | $                                       | 665    |   |   | $      | 245    |    |   | $      | 233     |   |   | $       | 187    |   |    | $      | — |   |   | $ | — |   |
| Executive employment agreements | 1,356                                   |   |   | 1,356  |   |   | — |   |   | — |   |   | — |   |   | — |   |
| Total                           | $                                       | 2,021  |   |   | $      | 1,601  |    |   | $      | 233     |   |   | $       | 187    |   |    | $      | — |   |   | $ | — |   |

----

|                      |             |            |        |            |        |            |          |        |   |            |   |
|----------------------|-------------|------------|--------|------------|--------|------------|----------|--------|---|------------|---|
|                 | 2010        |       | 2009   |       | 2008   |
| Cash flows:          |        |       |   |       |   |
| Operating activities | $           | (9,723,628 | )      |       | $      | (9,055,667 | )        |   | $ | (5,136,488 | ) |
| Investing activities | 35,197,607  |       |   | (49,853    | )      |       | (375,926 | )      |
| Financing activities | (18,585,134 | )          |   | 11,332,531 |   |       | 959,191  |   |

----

----

----

----

----

----

----

----

|                        |        |     |        |                                                              |
|------------------------|--------|-----|--------|--------------------------------------------------------------|
| Name                   |   | Age |   | Position with the Company                                    |
| Frank C. Condella, Jr. |   | 56  |   | President, Chief Executive Officer, Director                 |
| Lawrence A. Gyenes     |   | 60  |   | Senior Vice President, Chief Financial Officer and Treasurer |
| Michael McGrane        |   | 61  |   | Senior Vice President, General Counsel and Secretary         |
| Stephen G. Kasnet      |   | 65  |   | Chairman of the Board                                        |
| Edward A. Blechschmidt |   | 58  |   | Director                                                     |
| Valerie L. Andrews     |   | 51  |   | Director                                                     |
| Cristina Csimma        |   | 52  |   | Director                                                     |
| G. Frederick Wilkinson |   | 54  |   | Director                                                     |

----

----

----

|           |                                                                                                                                                                    |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ExhibitNo | Description                                                                                                                                                        |
| 2.1       | Purchase and Collaboration Agreement by and between Columbia Laboratories, Inc. and Coventry Acquisition, Inc. dated March 3, 2010 (33)                            |
|      |                                                                                                                                                               |
| 3.1       | Restated Certificate of Incorporation of the Company, as amended (13)                                                                                              |
|      |                                                                                                                                                               |
| 3.2       | Amended and Restated By-laws of Company (3)                                                                                                                        |
|      |                                                                                                                                                               |
| 3.3       | Certificate of Amendment of Restated Certificate of Incorporation of the Company (36)                                                                              |
|      |                                                                                                                                                               |
| 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       | Certificate of Designations of Series E Convertible Preferred Stock, filed May 10, 2005 with the Delaware Secretary of State (12)                                  |
|      |                                                                                                                                                               |
| 4.6       | Preferred Stock Purchase Agreement, dated as of May 10, 2005, among Columbia Laboratories, Inc., Perry Partners L.P. and Perry Partners International, Inc. (12)   |
|      |                                                                                                                                                               |
| 4.7       | Securities Purchase Agreement, dated March 10, 2006, by and between Columbia Laboratories, Inc. and the Purchasers listed on Exhibit A thereto (14)                |
|      |                                                                                                                                                               |
| 4.8*      | Form of Restricted Stock Agreement (16)                                                                                                                            |
|      |                                                                                                                                                               |
| 4.9*      | Form of Option Agreement (23)                                                                                                                                      |
|      |                                                                                                                                                               |
| 4.10      | Securities Purchase Agreement, dated December 21, 2006, by and between Columbia Laboratories, Inc. and the Purchasers listed on Exhibit A thereto (18)   |
|      |                                                                                                                                                               |
| 4.11      | Form of Warrant (36)                                                                                                                                               |
|      |                                                                                                                                                               |
| 4.12      | Amended and Restated Rights Agreement by and between Columbia Laboratories, Inc. and American Stock Transfer & Trust Company, LLC dated November 29, 2010 (39) |
|      |                                                                                                                                                               |
| 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)                               |
|      |                                                                                                                                                               |

----

|               |                                                                                                                                                                                                    |
|---------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ExhibitNo     | Description                                                                                                                                                                                        |
| 10.3          | Settlement Agreement and Release dated as of March 16, 2000 between Columbia Laboratories (Bermuda) Ltd. and Lake Consumer Products, Inc. (5)                                                      |
|          |                                                                                                                                                                                               |
| 10.4          | License Agreement dated April 18, 2000, between the Company and Lil’ Drug Store Products, Inc. (6)                                                                                           |
|          |                                                                                                                                                                                               |
| 10.5†  | Semi-Exclusive Supply Agreement dated May 7, 2002 between the Company and Mipharm S.p.A. (7)                                                                                                       |
|          |                                                                                                                                                                                               |
| 10.6†  | Investment and Royalty Agreement dated March 5, 2003 between the Company and PharmaBio Development Inc. (8)                                                                                        |
|          |                                                                                                                                                                                               |
| 10.7†  | License and Supply Agreement Dated May 27, 2003 between the Company and Mipharm S.p.A. (9)                                                                                                         |
|          |                                                                                                                                                                                               |
| 10.8*         | Form of Indemnification Agreement for Officers and Directors (10)                                                                                                                                  |
|          |                                                                                                                                                                                               |
| 10.9†  | Asset Purchase Agreement Dated June 29, 2004, between the Company and Lil’ Drug Store Products, Inc. (11)                                                                                    |
|          |                                                                                                                                                                                               |
| 10.10† | Supply Agreement dated June 29, 2004, between the Company and Lil’ Drug Store Products, Inc.(11)                                                                                             |
|          |                                                                                                                                                                                               |
| 10.11         | Letter Agreement Supplement to STRIANT Investment and Royalty Agreement dated April 14, 2006 (15)                                                                                                  |
|          |                                                                                                                                                                                               |
| 10.12*        | Separation Agreement by and between Columbia Laboratories, Inc. and David L. Weinberg effective as of December 12, 2006 (16)                                                                       |
|          |                                                                                                                                                                                               |
| 10.13† | 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 (18)                      |
|          |                                                                                                                                                                                               |
| 10.14         | 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. (18) |
|          |                                                                                                                                                                                               |
| 10.15         | Lease Agreement between Allwood Associates I and Columbia Laboratories, Inc., dated July 6, 2007 (19)                                                                                              |
|          |                                                                                                                                                                                               |
| 10.16† | License and Supply Agreement between Columbia Laboratories, Inc. and Ascend Therapeutics, Inc., dated September 27, 2007 (20)                                                                      |
|          |                                                                                                                                                                                               |
| 10.17         | Supply Agreement between Columbia Laboratories (Bermuda) Limited and Fleet Laboratories Limited, dated July 12, 1996 (21)                                                                          |
|          |                                                                                                                                                                                               |
| 10.18         | Packaging Agreement between Columbia Laboratories (Ireland) Ltd. and Maropack AG, dated October 28, 1993 (21)                                                                                      |
|          |                                                                                                                                                                                               |
| 10.19*        | Columbia Laboratories, Inc., 2008 Long-Term Incentive Plan (22)                                                                                                                                    |
|          |                                                                                                                                                                                               |
| 10.20*        | Columbia Laboratories, Inc., Amended and Restated Incentive Plan (23)                                                                                                                              |
|          |                                                                                                                                                                                               |
| 10.21*        | Form of Executive Change of Control Severance Agreement (23)                                                                                                                                       |
|          |                                                                                                                                                                                               |
| 10.22         | Stock Purchase Agreement, by and between the Company and Numoda Corporation, dated January 6, 2009 (24)                                                                                            |
|          |                                                                                                                                                                                               |

----

|               |                                                                                                                                                                                                          |
|---------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ExhibitNo     | Description                                                                                                                                                                                              |
| 10.23*        | Amended and Restated Employment Agreement by and between Columbia Laboratories, Inc. and Robert S. Mills dated March 11, 2009 (23)                                                                       |
|          |                                                                                                                                                                                                     |
| 10.24*        | Amended and Restated Employment Agreement by and between Columbia Laboratories, Inc. and Michael McGrane dated March 11, 2009 (28)                                                                       |
|          |                                                                                                                                                                                                     |
| 10.25*        | Amended and Restated Employment Agreement by and between Columbia Laboratories, Inc. and James A Meer  dated March 11, 2009 (25)                                                               |
|          |                                                                                                                                                                                                     |
| 10.26*        | Separation and Release Agreement by and between Columbia Laboratories, Inc. and James A. Meer effective as of May 18, 2009 (25)                                                                          |
|          |                                                                                                                                                                                                     |
| 10.27*        | Employment Agreement by and between Columbia Laboratories, Inc. and Lawrence Gyenes dated July 15, 2009 (26).                                                                                       |
|          |                                                                                                                                                                                                     |
| 10.28         | Second Amendment to Investment and Royalty Agreement, by and between the Company and PharmaBio Development, Inc., July 22, 2009 (27)                                                                     |
|          |                                                                                                                                                                                                     |
| 10.29         | Placement Agent Agreement, by and among the Company, Oppenheimer & Co., Inc. and The Benchmark Company, LLC, dated October 22, 2009 (29)                                                             |
|          |                                                                                                                                                                                                     |
| 10.30         | Form of Subscription Agreement (29)                                                                                                                                                                      |
|          |                                                                                                                                                                                                     |
| 10.31         | Form of Warrant to Purchase Common Stock (29)                                                                                                                                                            |
|          |                                                                                                                                                                                                     |
| 10.32*        | Columbia Laboratories Stock Ownership Guidelines for Officers and Directors (30)                                                                                                                         |
|          |                                                                                                                                                                                                     |
| 10.33         | Manufacturing and Supply Agreement between Fleet Laboratories and Columbia Laboratories (Bermuda), Ltd., dated December 8, 2009 (31)                                                                     |
|          |                                                                                                                                                                                                     |
| 10.34*        | Addendum to Amended and Restated Employment Agreement by and between Columbia Laboratories, Inc. and Robert S. Mills dated December 11, 2009 (32)                                                        |
|          |                                                                                                                                                                                                     |
| 10.35*        | Addendum to Executive Change in Control Severance Agreement by and between Columbia Laboratories, Inc. and Robert S. Mills dated December 11, 2009 (32).                                                 |
|          |                                                                                                                                                                                                     |
| 10.36         | Note Purchase and Amendment Agreement by and between Columbia Laboratories, Inc. and holders listed on Schedule I thereto dated March 3, 2010 (33).                                                      |
|          |                                                                                                                                                                                                     |
| 10.37         | Contingent Agreement on Final Payment and Termination of the Striant Investment and Royalty Agreement by and between Columbia Laboratories, Inc. and PharmaBio Development Inc. dated March 3, 2010 (33) |
|          |                                                                                                                                                                                                     |
| 10.38*        | Amended and Restated Employment Agreement by and between Columbia Laboratories, Inc. and Frank C. Condella, Jr., dated May 4, 2010 (34)                                                             |
|          |                                                                                                                                                                                                     |
| 10.39† | Second Amended and Restated License and Supply Agreement dated May 14, 2010 between the Company and Ares Trading S.A.(35)                                                                           |
|          |                                                                                                                                                                                                     |
| 10.40         | Investor’s Rights Agreement by and between Columbia Laboratories, Inc. and Coventry Acquisition, Inc. dated July 2, 2010 (36)                                                                      |
|          |                                                                                                                                                                                                     |
| 10.41         | Supply Agreement by and between Columbia Laboratories, Inc. and Coventry Acquisition, Inc. dated July 2, 2010 (36)                                                                                       |
|          |                                                                                                                                                                                                     |
| 10.42         | License Agreement by and between Columbia Laboratories, Inc. and Coventry Acquisition, Inc. dated July 2, 2010 (36)                                                                                      |
|          |                                                                                                                                                                                                     |

----

|           |                                                                                                                                                         |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------|
| ExhibitNo | Description                                                                                                                                             |
| 10.43     | Securities Purchase Agreement by and between Columbia Laboratories, Inc. and holders listed on Schedule I thereto dated August 9, 2010 (37)             |
|      |                                                                                                                                                    |
| 10.44     | Description of the Registrant’s Compensation and Reimbursement Practices for Non-employee Directors. (38)                                         |
|      |                                                                                                                                                    |
| 10.45     | Settlement Agreement and Release by and between Bio-Mimetics, Inc. and Columbia Laboratories, Inc. dated December 3, 2010 (40)                          |
|      |                                                                                                                                                    |
| 10.46*    | Addendum to Amended and Restated Employment Agreement by and between Columbia Laboratories, Inc., and Frank C. Condella, Jr., dated March 1, 2011 (41)  |
|      |                                                                                                                                                    |
| 14        | Code of Ethics of the Company (10)                                                                                                                      |
|      |                                                                                                                                                    |
| 21        | Subsidiaries of the Company (41)                                                                                                                        |
|      |                                                                                                                                                    |
| 23.1      | Consent of BDO USA, LLP                                                                                                                                 |
|      |                                                                                                                                                    |
| 31(i).1   | Certification of Chief Executive Officer of the Company (41)                                                                                            |
|      |                                                                                                                                                    |
| 31(i).2   | Certification of Chief Financial Officer of the Company (41)                                                                                            |
|      |                                                                                                                                                    |
| 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 (41)  |
|      |                                                                                                                                                    |
| 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. (41) |
|      |                                                                                                                                                    |
| †  | 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 Quarterly Report on Form 10-Q dated August 14, 2002                                                 |
|      |                                                                                                                                                    |
| 8/        | Incorporated by reference to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2002                                     |
|      |                                                                                                                                                    |
| 9/        | Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q dated August 14, 2003                                                 |

----

|           |                                                                                                                     |
|-----------|---------------------------------------------------------------------------------------------------------------------|
| ExhibitNo | Description                                                                                                         |
|      |                                                                                                                |
| 10/       | Incorporated by reference to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2003 |
|      |                                                                                                                |
| 11/       | Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q dated August 4, 2004              |
|      |                                                                                                                |
| 12/       | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated May 12, 2005                  |
|      |                                                                                                                |
| 13/       | Incorporated by reference to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2005 |
|      |                                                                                                                |
| 14/       | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated March 16, 2006                |
|      |                                                                                                                |
| 15/       | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated April 17, 2006                |
|      |                                                                                                                |
| 16/       | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated May 17, 2006                  |
|      |                                                                                                                |
| 17/       | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated December 15, 2006             |
|      |                                                                                                                |
| 18/       | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated December 26, 2006             |
|      |                                                                                                                |
| 19/       | Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q, dated August 8, 2007             |
|      |                                                                                                                |
| 20/       | Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q, dated November 8, 2007           |
|      |                                                                                                                |
| 21/       | Incorporated by reference to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2007 |
|      |                                                                                                                |
| 22/       | Incorporated by reference to the Registrant’s Proxy Statement dated April 8, 2008                             |
|      |                                                                                                                |
| 23/       | Incorporated by reference to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008 |
|      |                                                                                                                |
| 24/       | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated January 8, 2009               |
|      |                                                                                                                |
| 25/       | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated May 12, 2009                  |
|      |                                                                                                                |
| 26/       | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated July 15, 2009                 |
|      |                                                                                                                |
| 27/       | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated July 24, 2009                 |
|      |                                                                                                                |
| 28/       | Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q dated August 6, 2009              |
|      |                                                                                                                |
| 29/       | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated October 23, 2009              |
|      |                                                                                                                |
| 30/       | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated November 17, 2009             |
|      |                                                                                                                |
| 31/       | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated December 8, 2009              |

----

|           |                                                                                                          |
|-----------|----------------------------------------------------------------------------------------------------------|
| ExhibitNo | Description                                                                                              |
|      |                                                                                                     |
| 32/       | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated December 14, 2009  |
|      |                                                                                                     |
|  33/ | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated March 4, 2010      |
|      |                                                                                                     |
|  34/ | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated May 5, 2010        |
|      |                                                                                                     |
|  35/ | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated May 18, 2010       |
|      |                                                                                                     |
|  36/ | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated July 6, 2010       |
|      |                                                                                                     |
|  37/ | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated August 10, 2010    |
|      |                                                                                                     |
|  38/ | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated September 15, 2010 |
|      |                                                                                                     |
|  39/ | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated November 30, 2010  |
|      |                                                                                                     |
|  40/ | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated December 6, 2010   |
|      |                                                                                                     |
| 41/       | Filed herewith                                                                                           |
|      |                                                                                                     |

----

|        |                     |                             |                                                                                  |                    |
|--------|---------------------|-----------------------------|----------------------------------------------------------------------------------|--------------------|
|   |                |                        |                                                                             |               |
|   |                | COLUMBIA LABORATORIES, INC. |
|   |                |                        |                                                                             |               |
| Date:  | March 10, 2011 | By:                         | /s/                                                          | Lawrence A. Gyenes |
|   |                |                        | Lawrence A. Gyenes, Senior Vice President, Chief Financial Officer and Treasurer |

|        |                        |        |                                                                                                          |        |                     |
|--------|------------------------|--------|----------------------------------------------------------------------------------------------------------|--------|---------------------|
| /s/    | Frank C. Condella, Jr. |   |                                                                                                     |   | March 10, 2011 |
|   | Frank C. Condella, Jr. |   | President, Chief Executive Officerand Director (Principal Executive Officer)                             |   |                |
|   |                   |   |                                                                                                     |   |                |
| /s/    | Lawrence A. Gyenes     |   |                                                                                                     |   | March 10, 2011 |
|   | Lawrence A. Gyenes     |   | Senior Vice President, Chief Financial Officer and Treasurer(Principal Financial and Accounting Officer) |   |                |
|   |                   |   |                                                                                                     |   |
| /s/    | Valerie L. Andrews     |   |                                                                                                     |   | March 10, 2011 |
|   | Valerie L. Andrews     |   | Director                                                                                                 |   |                |
|   |                   |   |                                                                                                     |   |                |
| /s/    | Edward A. Blechschmidt |   |                                                                                                     |   | March 10, 2011 |
|   | Edward A. Blechschmidt |   | Director                                                                                                 |   |                |
|   |                   |   |                                                                                                     |   |                |
| /s/    | Cristina Csimma        |   |                                                                                                     |   | March 10, 2011 |
|   | Cristina Csimma        |   | Director                                                                                                 |   |                |
|   |                   |   |                                                                                                     |   |                |
| /s/    | Stephen G. Kasnet      |   |                                                                                                     |   | March 10, 2011 |
|   | Stephen G. Kasnet      |   | Chairman of the Board of Directors                                                                       |   |                |

----

|                                                                                                                   |        |
|-------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                              | Page   |
|                                                                                                              |   |
| Report of Independent Registered Public Accounting Firm                                                           | F- 2   |
|                                                                                                              |   |
| Consolidated Balance Sheets as of December 31, 2010 and 2009                                                      | F- 3   |
|                                                                                                              |   |
| Consolidated Statements of Operations for the Years Ended December 31, 2010, 2009 and 2008                        | F- 5   |
|                                                                                                              |   |
| Consolidated Statements of Comprehensive Operations for the Years Ended December 31, 2010, 2009 and 2008          | F- 6   |
|                                                                                                              |   |
| Consolidated Statements of Shareholders' Equity (Deficiency) for the Years Ended December 31, 2010, 2009 and 2008 | F- 7   |
|                                                                                                              |   |
| Consolidated Statements of Cash Flows for the Years Ended December 31, 2010, 2009 and 2008                        | F- 8   |
|                                                                                                              |   |
| Notes to Consolidated Financial Statements                                                                        | F- 10  |

----

----

|                                                                                                                                                                                                                |        |            |            |        |            |        |            |        |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------|------------|--------|------------|--------|------------|--------|
|                                                                                                                                                                                                           |   |       |
|                                                                                                                                                                                                           |   | 2010       |       | 2009   |
| CURRENT ASSETS                                                                                                                                                                                                 |   |       |       |   |
| Cash and cash equivalents of which $8,245,818 in 2010    and $12,225,732 in 2009 is interest bearing                                                                                       |   | $          | 21,630,979 |   |       | $      | 14,757,615 |   |
| Accounts receivable, net of allowances for doubtful    accounts of $100,000 in 2010 and 2009 (including    amounts from related parties: 2010 - $2,101,161; 2009 - $0) |   | 4,141,026  |       |   | 4,262,851  |   |
| Inventories                                                                                                                                                                                                    |   | 2,586,207  |       |   | 2,532,722  |   |
| Prepaid expenses and other current assets                                                                                                                                                                      |   | 497,947    |       |   | 1,097,525  |   |
| Total current assets                                                                                                                                                                                           |   | 28,856,159 |       |   | 22,650,713 |   |
|                                                                                                                                                                                                           |   |       |       |   |
| PROPERTY AND EQUIPMENT                                                                                                                                                                                         |   |       |       |   |
| Machinery and equipment                                                                                                                                                                                        |   | 2,547,206  |       |   | 2,547,460  |   |
| Computer software                                                                                                                                                                                              |   | 552,674    |       |   | 545,616    |   |
| Office equipment and furniture and fixtures                                                                                                                                                                    |   | 705,188    |       |   | 669,599    |   |
|                                                                                                                                                                                                           |   | 3,805,068  |       |   | 3,762,675  |   |
| Less-accumulated depreciation and amortization                                                                                                                                                                 |   | (3,286,526 | )          |   | (3,071,196 | )      |
|                                                                                                                                                                                                           |   | 518,542    |       |   | 691,479    |   |
| INTANGIBLE ASSETS - NET OF ACCUMULATED    AMORTIZATION OF $15,229,668 IN 2009                                                                                                              |   | —    |       |   | 18,770,332 |   |
| OTHER ASSETS                                                                                                                                                                                                   |   | 484,141    |       |   | 1,644,695  |   |
|                                                                                                                                                                                                           |   |       |       |   |
| TOTAL ASSETS                                                                                                                                                                                                   |   | $          | 29,858,842 |   |       | $      | 43,757,219 |   |

----

|                                                                                                                                                                                                                                      |        |              |            |        |              |        |            |        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|------------|--------|--------------|--------|------------|--------|
|                                                                                                                                                                                                                                 |   | 2010         |       | 2009   |
| CURRENT LIABILITIES:                                                                                                                                                                                                                 |   |         |       |   |
| Current portion of financing agreements                                                                                                                                                                                              |   | $            | —    |   |         | $      | 144,897    |   |
| Accounts payable                                                                                                                                                                                                                     |   | 5,393,966    |       |   | 3,662,091    |   |
| Accrued expenses                                                                                                                                                                                                                     |   | 4,491,074    |       |   | 4,588,088    |   |
| Deferred revenue (including amounts from related parties:   2010 - $16,974,383; 2009 - $0)                                                                                                                            |   | 16,974,383   |       |   | —      |   |
| Total current liabilities                                                                                                                                                                                                            |   | 26,859,423   |       |   | 8,395,076    |   |
| NOTES PAYABLE                                                                                                                                                                                                                        |   | —      |       |   | 32,965,863   |   |
| DEFERRED REVENUE                                                                                                                                                                                                                     |   | 154,187      |       |   | 328,367      |   |
| REDEEMABLE WARRANTS                                                                                                                                                                                                                  |   | 13,471,832   |       |   | —      |   |
| COMMON STOCK WARRANT LIABILITY                                                                                                                                                                                                       |   | 9,286,906    |       |   | 4,057,817    |   |
| LONG-TERM PORTION OF FINANCING AGREEMENTS                                                                                                                                                                                            |   | —      |       |   | 15,234,406   |   |
| TOTAL LIABILITIES                                                                                                                                                                                                                    |   | 49,772,348   |       |   | 60,981,529   |   |
|                                                                                                                                                                                                                                 |   |         |       |   |
| COMMITMENTS AND CONTINGENCIES                                                                                                                                                                                                        |   |         |       |   |
|                                                                                                                                                                                                                                 |   |         |       |   |
| Contingently redeemable series C preferred stock 600 shares   issued and outstanding (liquidation preference of $600,000)                                                                                             |   | 600,000      |       |   | 600,000      |   |
|                                                                                                                                                                                                                                 |   |         |       |   |
| 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; 150,000,000 shares and   100,000,000 authorized in 2010 and 2009, respectively;   84,434,611 and 65,761,986 shares issued in 2010 and 2009,   respectively |   | 844,345      |       |   | 657,619      |   |
| Capital in excess of par value                                                                                                                                                                                                       |   | 260,600,989  |       |   | 238,579,829  |   |
| Less cost of 3,462,124 and 131,935 treasury shares in 2010   and 2009, respectively                                                                                                                                   |   | (3,346,090   | )          |   | (280,813     | )      |
| Accumulated deficit                                                                                                                                                                                                                  |   | (278,809,945 | )          |   | (256,979,263 | )      |
| Accumulated other comprehensive income                                                                                                                                                                                               |   | 196,604      |       |   | 197,727      |   |
| Shareholders' deficiency                                                                                                                                                                                                             |   | (20,513,506  | )          |   | (17,824,310  | )      |
| TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIENCY                                                                                                                                                                                       |   | $            | 29,858,842 |   |         | $      | 43,757,219 |   |

----

|                                                          |        |             |             |        |             |        |             |             |        |   |             |        |
|----------------------------------------------------------|--------|-------------|-------------|--------|-------------|--------|-------------|-------------|--------|---|-------------|--------|
|                                                     |   | 2010        |        | 2009   |        | 2008   |
| Net product revenues (including amounts from             |   |        |        |   |        |   |
| related parties: 2010 - $2,015,584; 2009 and 2008 - $0)  |   | $           | 27,046,730  |   |        | $      | 31,762,796  |        |   | $ | 32,522,279  |   |
| Royalties (including amounts from                        |   |        |        |   |        |   |
| related parties: 2010 - $1,051,184; 2009 and 2008 - $0)  |   | 1,252,382   |        |   | 373,180     |   |        | 3,653,636   |   |
| Other revenues (including amounts from                   |   |        |        |   |        |   |
| related parties: 2010 - $17,067,649; 2009 and 2008 - $0) |   | 17,377,185  |        |   | 60,405      |   |        | 53,199      |   |
| NET REVENUES                                             |   | 45,676,297  |        |   | 32,196,381  |   |        | 36,229,114  |   |
|                                                     |   |        |        |   |        |   |
| COST OF REVENUES (including amounts from                 |   |        |        |   |        |   |
| related parties: 2010 - $1,357,098; 2009 and 2008 - $0)  |   | 9,020,901   |        |   | 9,194,538   |   |        | 10,934,615  |   |
| Gross profit                                             |   | 36,655,396  |        |   | 23,001,843  |   |        | 25,294,499  |   |
|                                                     |   |        |        |   |        |   |
| OPERATING EXPENSES:                                      |   |        |        |   |        |   |
| Selling and distribution                                 |   | 9,661,026   |        |   | 11,982,229  |   |        | 12,685,618  |   |
| General and administrative                               |   | 14,716,339  |        |   | 10,559,298  |   |        | 8,615,381   |   |
| Research and development                                 |   | 8,581,874   |        |   | 8,579,035   |   |        | 6,206,157   |   |
| Amortization of licensing right                          |   | 2,522,364   |        |   | 5,044,728   |   |        | 5,044,728   |   |
| Total operating expenses                                 |   | 35,481,603  |        |   | 36,165,290  |   |        | 32,551,884  |   |
|                                                     |   |        |        |   |        |   |
| Income (loss) from operations                            |   | 1,173,793   |        |   | (13,163,447 | )      |        | (7,257,385  | )      |
|                                                     |   |        |        |   |        |   |
| OTHER INCOME (EXPENSE):                                  |   |        |        |   |        |   |
| Interest income                                          |   | 28,843      |        |   | 33,830      |   |        | 299,805     |   |
| Interest expense                                         |   | (4,837,688  | )           |   | (8,851,253  | )      |        | (7,882,183  | )      |
| Loss on debt extinguishment                              |   | (5,156,775  | )           |   | —     |   |        | —     |   |
| Change in fair value of redeemable warrants              |   | (7,961,939  | )           |   | —     |   |        | —     |   |
| Change in fair value of stock warrants                   |   | (5,229,089  | )           |   | —     |   |        | —     |   |
| Other, net                                               |   | (323,242    | )           |   | (243,720    | )      |        | (100,516    | )      |
|                                                     |   | (23,479,890 | )           |   | (9,061,143  | )      |        | (7,682,894  | )      |
| Loss before taxes                                        |   | (22,306,097 | )           |   | (22,224,590 | )      |        | (14,940,279 | )      |
| State income tax benefits                                |   | 475,415     |        |   | 355,032     |   |        | 863,770     |   |
| Net loss                                                 |   | $           | (21,830,682 | )      |        | $      | (21,869,558 | )           |   | $ | (14,076,509 | )      |
| LOSS PER COMMON SHARE                                    |   |        |        |   |        |   |
| BASIC AND DILUTED                                        |   | $           | (0.30       | )      |        | $      | (0.39       | )           |   | $ | (0.27       | )      |
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING     |   |        |        |   |        |   |
| BASIC AND DILUTED                                        |   | 73,462,937  |        |   | 56,358,843  |   |        | 52,439,327  |   |

----

|                                    |        |             |        |        |        |             |         |        |   |             |   |
|------------------------------------|--------|-------------|--------|--------|--------|-------------|---------|--------|---|-------------|---|
|                               | 2010   |        | 2009   |   | 2008   |
| NET LOSS                           | $      | (21,830,682 | )      |   | $      | (21,869,558 | )       |   | $ | (14,076,509 | ) |
|                               |   |        |   |   |   |
| Other comprehensive income (loss): |   |        |   |   |   |
| Foreign currency translation       | (1,123 | )           |   | 19,662 |   |        | (29,539 | )      |
|                               |   |        |   |   |   |
| Comprehensive loss                 | $      | (21,831,805 | )      |   | $      | (21,849,896 | )       |   | $ | (14,106,048 | ) |

----

|                                        |        |                                     |        |                                     |         |                 |        |         |        |                              |         |               |        |                    |        |                                             |            |        |        |            |         |        |            |             |             |             |        |            |          |        |        |              |              |        |        |         |         |        |        |             |            |   |
|----------------------------------------|--------|-------------------------------------|--------|-------------------------------------|---------|-----------------|--------|---------|--------|------------------------------|---------|---------------|--------|--------------------|--------|---------------------------------------------|------------|--------|--------|------------|---------|--------|------------|-------------|-------------|-------------|--------|------------|----------|--------|--------|--------------|--------------|--------|--------|---------|---------|--------|--------|-------------|------------|---|
|                                   |   | 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, 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    |   |   | 7,284,969  |    |   | —    |        |        | —     |   |       | —  |   |   | 7,398,486    |         |
| 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    |    |   | $          | 238,579,829 |        |        | $      | (280,813   | )        |   | $      | (256,979,263 | )            |   | $      | 197,727 |    |   | $      | (17,824,310 | )          |
| Issuance of common stock               |   | —                             |   |                                | — |            |   | — |   |                         | — |          |   | 18,607,407         |   |                                        | 186,074    |   |   | 19,229,408 |    |   | —    |        |        | —     |   |       | —  |   |   | 19,415,482   |         |
| Options exercised                      |   | —                             |   |                                | — |            |   | — |   |                         | — |          |   | —            |   |                                        | —    |   |   | 22,148     |    |   | 57,000     |        |        | —     |   |       | —  |   |   | 79,148       |         |
| Share based compensation expense       |   | —                             |   |                                | — |            |   | — |   |                         | — |          |   | 65,218             |   |                                        | 652        |   |   | 2,799,604  |    |   | —    |        |        | —     |   |       | —  |   |   | 2,800,256    |         |
| Repurchase of Company Stock            |   | —                             |   |                                | — |            |   | — |   |                         | — |          |   | —            |   |                                        | —    |   |   | —    |    |   | (3,122,277 | )           |        | —     |   |       | —  |   |   | (3,122,277   | )            |
| Dividends on preferred stock           |   | —                             |   |                                | — |            |   | — |   |                         | — |          |   | —            |   |                                        | —    |   |   | (30,000    | )       |   | —    |        |        | —     |   |       | —  |   |   | (30,000      | )            |
| Translation adjustment                 |   | —                             |   |                                | — |            |   | — |   |                         | — |          |   | —            |   |                                        | —    |   |   | —    |    |   | —    |        |        | —     |   |       | (1,123   | )      |   | (1,123       | )            |
| Net loss                               |   | —                             |   |                                | — |            |   | — |   |                         | — |          |   | —            |   |                                        | —    |   |   | —    |    |   | —    |        |        | (21,830,682 | )      |       | —  |   |   | (21,830,682  | )            |
| Balance, December 31, 2010             |   | 130                                 |   |                                | $       | 1               |   |    | 59,000 |                         |    | $             | 590    |               |   | 84,434,611                                  |       |   | $      | 844,345    |    |   | $          | 260,600,989 |        |        | $      | (3,346,090 | )        |   | $      | (278,809,945 | )            |   | $      | 196,604 |    |   | $      | (20,513,506 | )          |

----

|                                                                              |        |             |             |        |            |        |             |            |        |   |             |   |
|------------------------------------------------------------------------------|--------|-------------|-------------|--------|------------|--------|-------------|------------|--------|---|-------------|---|
|                                                                         |   | 2010        |        | 2009   |       | 2008   |
| CASH FLOWS FROM OPERATING ACTIVITIES:                                        |   |        |        |   |       |   |
| Net loss                                                                     |   | $           | (21,830,682 | )      |       | $      | (21,869,558 | )          |   | $ | (14,076,509 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities - |   |        |        |   |       |   |
| Depreciation and amortization                                                |   | 3,161,090   |        |   | 5,737,242  |   |        | 5,510,802  |   |
| Amortization of beneficial conversion features                               |   | 918,710     |        |   | 1,658,981  |   |        | 1,466,591  |   |
| Amortization of warrants                                                     |   | 673,852     |        |   | 1,231,916  |   |        | 1,092,197  |   |
| Change in value of redeemable warrants                                       |   | 7,961,939   |        |   | —    |   |        | —    |   |
| Change in value of stock warrants                                            |   | 5,229,089   |        |   | —    |   |        | —    |   |
| Recognition of deferred income                                               |   | (17,366,829 | )           |   | (52,046    | )      |        | (3,275,447 | )      |
| Loss on extinguishment of debt                                               |   | 5,156,775   |        |   | —    |   |        | —    |   |
| Provision for doubtful accounts                                              |   | 59,297      |        |   | —    |   |        | 4,267      |   |
| Provision for sales returns                                                  |   | 1,781,617   |        |   | 1,226,357  |   |        | 1,399,991  |   |
| Write-down of inventories                                                    |   | 41,311      |        |   | 81,718     |   |        | 746,905    |   |
| Share based compensation                                                     |   | 2,800,256   |        |   | 1,749,228  |   |        | 1,347,391  |   |
| Non-cash interest expense on financing agreements                            |   | 1,137,222   |        |   | 2,085,059  |   |        | 1,702,842  |   |
| Loss on disposal of fixed assets                                             |   | —     |        |   | —    |   |        | 3,048      |   |
|                                                                         |   |        |        |   |       |   |
| Changes in assets and liabilities:                                           |   |        |        |   |       |   |
| Accounts receivable                                                          |   | 62,529      |        |   | (700,574   | )      |        | 244,449    |   |
| Inventories                                                                  |   | (94,796     | )           |   | (237,301   | )      |        | (76,915    | )      |
| Prepaid expenses and other current assets                                    |   | 599,578     |        |   | 5,000      |   |        | 184,775    |   |
| Other assets                                                                 |   | (995        | )           |   | 9,175      |   |        | 943        |   |
|                                                                         |   |        |        |   |       |   |
| Accounts payable                                                             |   | 1,731,875   |        |   | 1,576,628  |   |        | (130,480   | )      |
| Accrued expenses                                                             |   | (1,870,466  | )           |   | (1,632,472 | )      |        | (1,281,338 | )      |
| Deferred revenue                                                             |   | 125,000     |        |   | 74,980     |   |        | —    |   |
| Net cash used in operating activities                                        |   | (9,723,628  | )           |   | (9,055,667 | )      |        | (5,136,488 | )      |
|                                                                         |   |        |        |   |       |   |
| CASH FLOWS FROM INVESTING ACTIVITIES:                                        |   |        |        |   |       |   |
|                                                                         |   |        |        |   |       |   |
| Purchase of property and equipment                                           |   | (42,393     | )           |   | (49,853    | )      |        | (375,926   | )      |
| Proceeds from sale of assets                                                 |   | 35,240,000  |        |   | —    |   |        | —    |   |
| Net cash provided by or (used in) investing activities                       |   | 35,197,607  |        |   | (49,853    | )      |        | (375,926   | )      |

----

|                                                          |             |            |        |            |        |            |            |        |   |            |        |
|----------------------------------------------------------|-------------|------------|--------|------------|--------|------------|------------|--------|---|------------|--------|
|                                                     | 2010        |       | 2009   |       | 2008   |
| CASH FLOWS FROM FINANCING ACTIVITIES:                    |        |       |   |       |   |
| Net proceeds from issuance of common stock and warrants  | 11,643,897  |       |   | 11,456,303 |   |       | 4,095,628  |   |
| Proceeds from financing agreements - Watson Note         | 15,000,000  |       |   | —    |   |       | —    |   |
| Payment of note payable                                  | (25,999,999 | )          |   | —    |   |       | —    |   |
| Proceeds from exercise of options                        | 79,148      |       |   | —    |   |       | 594,855    |   |
| Purchase of company stock                                | (3,122,277  | )          |   | (91,584    | )      |       | —    |   |
| Payment pursuant to financing agreements                 | (16,155,903 | )          |   | —    |   |       | (3,540,949 | )      |
| Dividends paid                                           | (30,000     | )          |   | (32,188    | )      |       | (55,144    | )      |
| Net cash (used in) or provided by financing activities   | (18,585,134 | )          |   | 11,332,531 |   |       | 1,094,390  |   |
|                                                     |        |       |   |       |   |
| EFFECT OF EXCHANGE RATE CHANGES ON CASH                  | (15,481     | )          |   | 33,222     |   |       | (171,206   | )      |
|                                                     |        |       |   |       |   |
| NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS     | 6,873,364   |       |   | 2,260,233  |   |       | (4,724,429 | )      |
|                                                     |        |       |   |       |   |
| CASH AND CASH EQUIVALENTS,Beginning of year              | 14,757,615  |       |   | 12,497,382 |   |       | 17,221,811 |   |
|                                                     |        |       |   |       |   |
| CASH AND CASH EQUIVALENTS,End of year                    | $           | 21,630,979 |   |       | $      | 14,757,615 |       |   | $ | 12,497,382 |   |
|                                                     |        |       |   |       |   |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION         |        |       |   |       |   |
| Interest paid                                            | $           | 1,608,889  |   |       | $      | 3,200,000  |       |   | $ | 3,200,000  |   |
| Taxes paid                                               | $           | 77,199     |   |       | $      | 52,000     |       |   | $ | 27,403     |   |
| NON-CASH INVESTING & FINANCING ACTIVITIES            |        |       |   |       |   |
| Conversion of Series C preference shares to common stock | $           | —    |   |       | $      | 175,000    |       |   | $ | 350,000    |   |
| Issuance of Warrants for Option to Extend Pharmabio Debt | $           | —    |   |       | $      | 719,904    |       |   | $ | —    |   |
| Conversion of Series E preference shares to common stock | $           | —    |   |       | $      | —    |       |   | $ | 454,700    |   |
| Forgiveness of Watson Note                               | $           | 15,000,000 |   |       | $      | —    |       |   | $ | —    |   |
| Net Issuance of Common Stock for Debt Retirement         | $           | 7,738,883  |   |       | $      | —    |       |   | $ | —    |   |
| Issuance of Warrants for Debt Retirement                 | $           | 5,509,893  |   |       | $      | —    |       |   | $ | —    |   |
|                                                     |        |       |   |       |   |

----

|                             |               |
|-----------------------------|---------------|
| (1)     | ORGANIZATION: |

|                             |                      |
|-----------------------------|----------------------|
| (2)     | WATSON TRANSACTIONS: |

----

|                            |                                              |
|----------------------------|----------------------------------------------|
| 3.     | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES : |

----

|        |                |              |           |        |           |        |           |        |
|--------|----------------|--------------|-----------|--------|-----------|--------|-----------|--------|
|   |           | December 31, |
|   |           | 2010         |      | 2009   |
|   | Finished goods | $            | 1,491,057 |   |      | $      | 1,343,742 |   |
|   | Raw materials  | 1,095,150    |      |   | 1,188,980 |   |
|   | Total          | $            | 2,586,207 |   |      | $      | 2,532,722 |   |

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

----

|        |                           |        |           |           |        |         |        |           |        |
|--------|---------------------------|--------|-----------|-----------|--------|---------|--------|-----------|--------|
|   |                      |   | 2010      |      | 2009   |
|   | Sales returns             |   | $         | 2,663,648 |   |    | $      | 1,883,623 |   |
|   | Salaries                  |   | 1,103,112 |      |   | 939,861 |   |
|   | Interest                  |   | —   |      |   | 800,000 |   |
|   | Professional fees         |   | 457,482   |      |   | 317,801 |   |
|   | Inventory management fees |   | 43,507    |      |   | 265,012 |   |
|   | Marketing expenses        |   | 29,989    |      |   | 5,419   |   |
|   | Royalties/Other           |   | 193,336   |      |   | 376,372 |   |
|   | Total                     |   | $         | 4,491,074 |   |    | $      | 4,588,088 |   |

----

|        |                                       |        |            |           |        |            |        |           |            |        |   |           |        |
|--------|---------------------------------------|--------|------------|-----------|--------|------------|--------|-----------|------------|--------|---|-----------|--------|
|   |                                  |   | 2010       |      | 2009   |       | 2008   |
|   | Balance at beginning of year          |   | $          | 1,883,623 |   |       | $      | 1,864,316 |       |   | $ | 1,923,765 |   |
|   | Provision:                            |   |       |      |   |       |   |
|   | Related to current period sales       |   | 934,190    |      |   | 671,259    |   |      | 674,020    |   |
|   | Related to prior period sales         |   | 847,427    |      |   | 555,098    |   |      | 725,971    |   |
|   |                                  |   | 1,781,617  |      |   | 1,226,357  |   |      | 1,399,991  |   |
|   | Returns:                              |   |       |      |   |       |   |
|   | Related to current period sales       |   | (62,061    | )         |   | (28,092    | )      |      | (130,551   | )      |
|   | Related to 2006 Crinone® purchase |   | —    |      |   | (31,793    | )      |      | (300,152   | )      |
|   | Related to prior period sales         |   | (939,531   | )         |   | (1,147,165 | )      |      | (1,028,737 | )      |
|   |                                  |   | (1,001,592 | )         |   | (1,207,050 | )      |      | (1,459,440 | )      |
|   | Balance at end of period              |   | $          | 2,663,648 |   |       | $      | 1,883,623 |       |   | $ | 1,864,316 |   |

----

|        |                                                             |             |            |              |         |        |         |        |
|--------|-------------------------------------------------------------|-------------|------------|--------------|---------|--------|---------|--------|
|   |                                                        | December 31 |       | December 31, |
|   |                                                        | 2010        |       | 2009         |
|   | Cash Proceeds from Watson Transactions and Debt Forgiveness | $           | 62,000,000 |         |    | $      | — |   |
|   | Interest on Watson Note forgiven                            | 50,000      |       |         | — |   |
|   | Fair Value of Common Stock sold to Watson                   | (11,760,000 | )          |         | — |   |
|   | Gross Proceeds less Value of Stock                          | 50,290,000  |       |         | — |   |
|   |                                                        |        |       |         |
|   | Net Book Value of Intangible Assets Sold to Watson          | (16,247,968 | )          |         | — |   |
|   | Deferred Revenue related to Watson                          | 34,042,032  |       |         | — |   |
|   |                                                        |        |       |         |
|   | Amortization of Deferred Revenue Related to Watson          | (17,067,649 | )          |         | — |   |
|   |                                                        |        |       |         |
|   | Net Deferred Revenue - Watson                               | 16,974,383  |       |         | — |   |
|   |                                                        |        |       |         |
|   | Deferred Revenue - Other                                    | 154,187     |       |         | 328,367 |   |
|   |                                                        |        |       |         |
|   | Total Deferred Revenue                                      | $           | 17,128,570 |         |    | $      | 328,367 |   |
|   |                                                        |        |       |         |

----

|                             |              |
|-----------------------------|--------------|
| (4)     | INCOME TAXES |

----

|        |                                               |        |         |        |         |         |        |         |         |
|--------|-----------------------------------------------|--------|---------|--------|---------|---------|--------|---------|---------|
|   |                                          | 2010   |    | 2009   |    | 2008    |
|   | Federal income tax rate                       | (34.0  | )%      |   | (34.0%) |    |   | (34.0%) |    |
|   |                                          |   |    |   |    |    |
|   | Foreign income tax benefit/loss               | (9.8   | )%      |   | (7.7%)  |    |   | (18.2%) |    |
|   | State tax net of federal benefit              | (1.6   | )%      |   | (5.2%)  |    |   | (11.0%) |    |
|   | Permanent Items:                              |   |    |   |    |    |
|   | Change in fair value of redeemable warrants   | 12.1   |  % |   | — |  % |   | — |  % |
|   | Change in fair market value of stock warrants | 8.0    |  % |   | — |  % |   | — |  % |
|   | Incentive stock options                       | 2.2    |  % |   | 1.7     |  % |   | 1.0     |  % |
|   | Other                                         | (1.4   | )%      |   | 0.1     |  % |   | 1.0     |  % |
|   | Effect of permanent differences               | 20.9   |  % |   | 1.8     |  % |   | 2.0     |  % |
|   |                                          |   |    |   |    |    |
|   | Effective income tax rate                     | (24.5  | )%      |   | (45.1   | )%      |   | (61.2   | )%      |
|   |                                          |   |    |   |    |    |
|   | Increase in valuation allowance               | 22.4   |  % |   | 43.5    |  % |   | 55.4    |  % |
|   | Effective income tax rate                     | (2.1   | )%      |   | (1.6    | )%      |   | (5.8    | )%      |

|        |                                                          |             |           |         |             |         |         |        |  |
|--------|----------------------------------------------------------|-------------|-----------|---------|-------------|---------|---------|--------|--|
|   | Deferred Tax Assets (Liabilities)                        |        |      |    |
|   |                                                     | 2010        |      | 2009    |
|   | Share Based awards compensation                          | $           | 1,090,139 |    |        | $       | 671,444 |   |
|   | Allowance for doubtful accounts                          | 29,135      |      |    | 28,125      |    |
|   | Allowance for returns                                    | 1,034,780   |      |    | 706,359     |    |
|   | Inventory reserve                                        | —     |      |    | 30,083      |    |
|   | Book accumulated depreciation net of tax                 | (25,332     | )         |    | (21,484     | )       |
|   | Accum amortization - CRINONE license                     | —     |      |    | 3,138,209   |    |
|   | Deferred revenue - Watson                                | 6,593,997   |      | — |        | — |    |
|   | Other deferred revenue                                   | 36,419      |      | — |        | — |    |
|   | Accrued professional fees                                | 52,443      |      |    | —     |    |
|   | Vacation & bonus accrual                             | 31,583      |      |    | 24,652      |    |
|   | Inventory capitalization                                 | 11,429      |      |    | 40,253      |    |
|   | Patents                                                  | 862,132     |      |    | 487,688     |    |
|   | Long term debt (book amortization beneficial conversion) | —     |      |    | (1,530,254  | )       |
|   | Federal net operating loss                               | 54,487,943  |      |    | 55,055,721  |    |
|   | State net operating loss                                 | 3,478,298   |      |    | 2,948,608   |    |
|   | Unused R&D credit                                    | 1,657,701   |      |    | 1,383,187   |    |
|   | Contributions                                            | 1,670       |      |    | 488         |    |
|   | Other                                                    | 10,658      |      |    | —     |    |
|   | Net Deferred Tax Assets                                  | 69,352,995  |      |    | 62,963,079  |    |
|   | Less Valuation Allowance:                                |        |      |    |
|   | Federal                                                  | (69,352,995 | )         |    | (62,963,079 | )       |
|   | Deferred Tax Assets                                      | $           | —   |    |        | $       | — |   |

----

|                             |                                |
|-----------------------------|--------------------------------|
| (5)     | STRATEGIC ALLIANCE AGREEMENTS: |

|                             |                |
|-----------------------------|----------------|
| (6)     | NOTES PAYABLE: |

----

|                             |                       |
|-----------------------------|-----------------------|
| (7)     | FINANCING AGREEMENTS: |

----

|        |                       |        |         |            |        |
|--------|-----------------------|--------|---------|------------|--------|
|   |                  |   |
|   | STRIANT Agreement     |   | $       | 15,379,303 |   |
|   | Less: current portion |   | 144,897 |       |
|   | Total                 |   | $       | 15,234,406 |   |

|                             |                      |
|-----------------------------|----------------------|
| (8)     | DEBT EXTINGUISHMENT: |

----

|        |                                                      |                  |        |             |            |        |  |
|--------|------------------------------------------------------|------------------|--------|-------------|------------|--------|--|
|   |                                                 |             |   |        |
|   |                                                 |             |   |        |
|   | Net Book Value of Long-Term Notes Payable            |             |   | $           | 34,558,425 |   |
|   | Consideration:                                       | Number of shares |   |        |
|   | Fair Value of Stock issued to Noteholders            | 7,407,407        |   |        | (7,777,777 | )      |
|   | Cash                                                 |             |   | (25,999,999 | )          |
|   | Warrants to purchase shares of Common Stock          | 7,750,000        |   |        | (5,509,893 | )      |
|   |                                                 |             |   |        |
|   | Loss on Extinguishment of Notes                      |             |   | (4,729,244  | )          |
|   |                                                 |             |   |        |
|   | Gain (Loss) on Debt Extinguishment of PharmaBio Debt |             |   | 310,622     |       |
|   | Write-off of Deferred Charges                        |             |   | (738,153    | )          |
|   | Net Loss on Debt Extinguishment                      |             |   | $           | (5,156,775 | )      |
|   |                                                 |             |   |        |

|                             |                                   |
|-----------------------------|-----------------------------------|
| (9)     | FINANCING AGREEMENTS-WATSON NOTE: |

----

|                              |                                                              |
|------------------------------|--------------------------------------------------------------|
| (10)     | CONTINGENTLY REDEEMABLE SERIES C CONVERTIBLE PREFERRED STOCK |

|                              |                            |
|------------------------------|----------------------------|
| (11)     | SHAREHOLDERS’ EQUITY |

----

----

|        |                                 |        |          |            |                 |        |            |
|--------|---------------------------------|--------|----------|------------|-----------------|--------|------------|
|   | Weighted Average Exercise Price |   | Warrants |       | Expiration Date |
|   |                            |   |     |       |            |
|   | $1.15                           |   |     | 900,000    |            |   | 7/22/2014  |
|   | 1.35                            |   |     | 7,750,000  |            |   | 7/2/2015   |
|   | 1.52                            |   |     | 5,450,000  |            |   | 4/30/2015  |
|   | 5.39                            |   |     | 1,857,041  |            |   | 3/11/2011  |
|   | 5.50                            |   |     | 2,285,714  |            |   | 11/22/2011 |
|   | 5.85                            |   |     | 100,000    |            |   | 3/12/2011  |
|   | 8.35                            |   |     | 350,000    |            |   | 3/12/2011  |
|   |                            |   |     |       |            |
|   | $2.45                           |   |     | 18,692,755 |            |   |       |

|                              |                          |
|------------------------------|--------------------------|
| (12)     | STOCK-BASED COMPENSATION |

|        |                                                                    |                     |           |        |           |        |           |           |        |   |           |        |
|--------|--------------------------------------------------------------------|---------------------|-----------|--------|-----------|--------|-----------|-----------|--------|---|-----------|--------|
|   |                                                               | Twelve Months Ended |
|   |                                                               | December 31,        |
|   |                                                               | 2010                |      | 2009   |      | 2008   |
|   | Employee stock-based compensation in:                              |                |      |   |      |   |
|   | Cost of revenue                                                    | $                   | 138,444   |   |      | $      | 73,630    |      |   | $ | 68,046    |   |
|   | Selling and distribution                                           | 1,118,221           |      |   | 450,226   |   |      | 175,375   |   |
|   | General and administrative                                         | 1,297,927           |      |   | 1,085,785 |   |      | 973,148   |   |
|   | Research and development                                           | 245,664             |      |   | 139,587   |   |      | 98,002    |   |
|   | Total employee stock-based compensation in operating expenses | 2,661,812           |      |   | 1,675,598 |   |      | 1,246,525 |   |
|   | Total employee stock-based compensation                            | $                   | 2,800,256 |   |      | $      | 1,749,228 |      |   | $ | 1,314,571 |   |

----

|        |                         |            |        |        |           |        |        |            |        |
|--------|-------------------------|------------|--------|--------|-----------|--------|--------|------------|--------|
|   |                    | 2010       |   | 2009   |      | 2008   |
|   | Risk free interest rate | 1.38       | %      |   | 1.71      | %      |   | 2.25       | %      |
|   | Expected term           | 4.75 years |   |   | 4.2 years |   |   | 4.75 years |   |
|   | Dividend yield          | —    |   |   | —   |   |   | —    |   |
|   | Expected volatility     | 92.45      | %      |   | 93.04     | %      |   | 85.49      | %      |

----

|                                  |           |        |           |        |        |           |           |        |        |         |           |        |            |        |        |       |        |
|----------------------------------|-----------|--------|-----------|--------|--------|-----------|-----------|--------|--------|---------|-----------|--------|------------|--------|--------|-------|--------|
|                             | 2010      |   | 2009      |   | 2008   |
|                             |      |   | Weighted- |   |   |      | Weighted- |   |   |    | Weighted- |
|                             |      |   | Average   |   |   |      | Average   |   |   |    | Average   |
|                             |      |   | Exercise  |   |   |      | Exercise  |   |   |    | Exercise  |
|                             | Shares    |   | Price     |   | Shares |      | Price     |   | Shares |    | Price     |
| Outstanding at beginning of year | 5,960,304 |   |      | $2.70  |   |      | 4,863,488 |   |   | $3.47   |      |   | 4,936,335  |   |   | $4.64 |   |
| Granted                          | 1,048,000 |   |      | 1.07   |   |      | 1,842,525 |   |   | 1.40    |      |   | 1,275,700  |   |   | 2.58  |   |
| Exercised                        | (59,375   | )      |      | 1.33   |   |      | —   |   |   | — |      |   | (318,149   | )      |   | 1.87  |   |
| Forfeited                        | (614,900  | )      |      | 3.37   |   |      | (745,709  | )      |   | 4.05    |      |   | (1,030,398 | )      |   | 9.10  |   |
| Outstanding at end of year       | 6,334,029 |   |      | $2.56  |   |      | 5,960,304 |   |   | $2.70   |      |   | 4,863,488  |   |   | $3.47 |   |
| Options exercisable at year end  | 5,326,029 |   |      |   |   | 3,168,023 |      |   |   |    | 2,688,841 |   |       |   |

|                                 |          |        |                 |        |        |          |                 |        |        |        |                 |        |        |       |
|---------------------------------|----------|--------|-----------------|--------|--------|----------|-----------------|--------|--------|--------|-----------------|--------|--------|-------|
|                            | 2010     |   | 2009            |   | 2008   |
|                            |     |   | 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 | 337,039  |   |            | $1.55  |   | 238,115  |            |   | $2.23  |   | 197,096         |   |   | $2.36 |
| Granted                         | 112,148  |   |            | 1.07   |   | 326,776  |            |   | 1.31   |   | 172,553         |   |   | 2.36  |
| Vested                          | (309,339 | )      |            | 1.07   |   | (186,227 | )               |   | 3.70   |   | (122,484        | )      |   | 2.94  |
| Forfeited                       | (46,930  | )      |            | 3.92   |   | (41,625  | )               |   | 1.66   |   | (9,050          | )      |   | 1.94  |
| Unvested at December 31, 2010   | 92,918   |   |            | $1.07  |   | 337,039  |            |   | $1.55  |   | 238,115         |   |   | $2.23 |

----

|                              |                            |
|------------------------------|----------------------------|
| (13)     | RELATED PARTY TRANSACTIONS |

|                                |        |            |        |
|--------------------------------|--------|------------|--------|
|                           |   | 2010       |
| REVENUES                       |   |       |
| Net product revenues           | $      | 2,015,584  |   |
|                           |   |       |
| Royalties                      |   | 1,051,184  |   |
|                           |   |       |
| Other revenue (amortization of |   |       |
| deferred revenue)              |   | 17,067,649 |   |
| Total net revenues             |   | 20,134,417 |   |
|                           |   |       |
| COST OF PRODUCT REVENUES       |   |       |
| Cost of product revenues       |   | 1,357,098  |   |
| Gross profit                   | $      | 18,777,319 |   |
|                           |   |       |

|                              |                                |
|------------------------------|--------------------------------|
| (14)     | COMMITMENTS AND CONTINGENCIES: |

|        |        |         |         |        |
|--------|--------|---------|---------|--------|
| 2011   |   | $       | 244,532 |   |
| 2012   |   | 233,066 |    |
| 2013   |   | 187,031 |    |
| 2014   |   | — |    |
| Beyond |   | — |    |
| Total  |   | $       | 664,629 |   |

----

|                              |                                                    |
|------------------------------|----------------------------------------------------|
| (15)     | GEOGRAPHIC INFORMATION AND CUSTOMER CONCENTRATION: |

----

|        |                                                           |            |            |                               |           |                     |             |           |        |   |            |        |
|--------|-----------------------------------------------------------|------------|------------|-------------------------------|-----------|---------------------|-------------|-----------|--------|---|------------|--------|
|   |                                                      | Revenues   |       | Profit (Loss) from Operations |      | Identifiable Assets |
|   | As of and for the year ended December 31, 2010-      |       |       |                          |      |                |
|   | United States                                             | $          | 33,281,893 |                          |      | $                   | (5,837,836  | )         |   | $ | 25,671,205 |   |
|   | Switzerland                                               | 10,353,058 |       |                          | 7,011,629 |                |        | 4,187,637 |   |
|   | Other                                                     | 2,041,346  |       |                          |      |                |        |
|   | Subtotal International                                    | 12,394,404 |       |                          | 7,011,629 |                |        | 4,187,637 |   |
|   | Total                                                     | $          | 45,676,297 |                          |      | $                   | 1,173,793   |      |   | $ | 29,858,842 |   |
|   |                                                      |       |       |                          |      |                |
|   | 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 |   |

|        |                                |            |            |           |           |        |            |            |        |   |            |        |
|--------|--------------------------------|------------|------------|-----------|-----------|--------|------------|------------|--------|---|------------|--------|
|   |                           | 2010       |       | 2009      |      | 2008   |
|   | Watson                         | $          | 20,122,930 |      |      | $      | —    |       |   | $ | —    |   |
|   | MerckSerono                    | 10,353,058 |       | 8,627,333 |      |   | 9,168,230  |       |
|   | Lil' Drug Store Products, Inc. | 3,787,133  |       |      | 6,592,945 |   |       | 6,218,949  |   |
|   | Cardinal Healthcare            | 3,729,885  |       |      | 5,662,507 |   |       | 5,612,748  |   |
|   | McKesson                       | 3,130,158  |       |      | 4,574,128 |   |       | 4,990,960  |   |
|   | All others (none over 5%)      | 4,553,133  |       |      | 6,739,468 |   |       | 10,238,227 |   |
|   | Total                          | $          | 45,676,297 |      |      | $      | 32,196,381 |       |   | $ | 36,229,114 |   |

----

|        |                                                   |            |            |        |           |        |            |           |        |   |            |        |
|--------|---------------------------------------------------|------------|------------|--------|-----------|--------|------------|-----------|--------|---|------------|--------|
|   |                                              | 2010       |       |   | 2009      |   | 2008       |
|   | CRINONE®                                      | $          | 21,249,096 |   |      | $      | 22,166,867 |      |   | $ | 21,439,847 |   |
|   | Watson Royalties and Deferred Revenue Recognition | 18,118,833 |       |   | —   |   |       | —   |   |
|   | RepHresh®                                     | 1,971,981  |       |   | 3,021,944 |   |       | 3,316,193 |   |
|   | Replens®                                      | 1,815,365  |       |   | 3,199,132 |   |       | 2,905,486 |   |
|   | STRIANT®                                      | 1,293,416  |       |   | 1,732,691 |   |       | 2,221,480 |   |
|   | PROCHIEVE®                                    | 716,872    |       |   | 1,642,161 |   |       | 2,697,255 |   |
|   | Other                                             | 510,734    |       |   | 433,586   |   |       | 3,648,853 |   |
|   | Total                                             | $          | 45,676,297 |   |      | $      | 32,196,381 |      |   | $ | 36,229,114 |   |

|                              |                                              |
|------------------------------|----------------------------------------------|
| (16)     | QUARTERLY FINANCIAL INFORMATION (UNAUDITED): |

|                                          |        |              |           |               |            |              |           |               |        |          |            |        |        |             |           |        |        |   |            |        |
|------------------------------------------|--------|--------------|-----------|---------------|------------|--------------|-----------|---------------|--------|----------|------------|--------|--------|-------------|-----------|--------|--------|---|------------|--------|
| 2010                                     |   | FirstQuarter |      | SecondQuarter |       | ThirdQuarter |      | FourthQuarter |   | FullYear |
| Net product sales                        |   | $            | 7,103,756 |          |       | $            | 9,480,911 |          |   | $        | 5,117,378  |   |   | $           | 5,344,685 |   |   | $ | 27,046,730 |   |
| Royalties                                |   | 52,356       |      |          | (48,386    | )            |      | 540,379       |   |     | 708,033    |   |   | 1,252,382   |      |
| Other revenues                           |   | 16,787       |      |          | 16,560     |         |      | 8,503,655     |   |     | 8,840,183  |   |   | 17,377,185  |      |
| Net revenues                             |   | 7,172,899    |      |          | 9,449,085  |         |      | 14,161,412    |   |     | 14,892,901 |   |   | 45,676,297  |      |
| Gross profit                             |   | 5,996,320    |      |          | 7,363,429  |         |      | 11,191,585    |   |     | 12,104,062 |   |   | 36,655,396  |      |
| Loss from operations                     |   | (4,983,317   | )         |          | (2,822,782 | )            |      | 892,645       |   |     | 8,087,247  |   |   | 1,173,793   |      |
| Net loss                                 |   | (13,245,526  | )         |          | (4,227,352 | )            |      | 257,621       |   |     | (4,615,425 | )      |   | (21,830,682 | )         |
| Basic and diluted loss per common share* |   | $            | (0.20     | )             |       | $            | (0.06     | )             |   | $        | 0.00       |   |   | $           | (0.06     | )      |   | $ | (0.30      | )      |
|                                     |   |         |      |          |       |         |      |          |   |     |
| 2009                                     |   |         |      |          |       |         |      |          |   |     |
| Net sales                                |   | $            | 7,224,370 |          |       | $            | 8,286,623 |          |   | $        | 7,807,944  |   |   | $           | 8,443,858 |   |   | $ | 31,762,795 |   |
| Royalties                                |   | 83,517       |      |          | 121,586    |         |      | 81,713        |   |     | 86,364     |   |   | 373,180     |      |
| Other revenues                           |   | 13,300       |      |          | 15,495     |         |      | 13,300        |   |     | 18,311     |   |   | 60,406      |      |
| Net Revenues                             |   | 7,321,187    |      |          | 8,423,704  |         |      | 7,902,957     |   |     | 8,548,533  |   |   | 32,196,381  |      |
| 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      | )      |

|                            |                                                                                                                                                     |
|----------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
| 1.     | The reduction in net product sales in the third and fourth quarters of 2010 reflects the transfer of domestic Progesterone Product sales to Watson. |

|                            |                                                                                                                                                             |
|----------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.     | The increase in royalties in the third and fourth quarter of 2010 primarily reflects the royalties earned on sales of Progesterone Products made by Watson. |

|                            |                                                                                                                                                                                                                                    |
|----------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.     | The increase in other revenues in the third and fourth quarter of 2010 primarily reflects the amortization of the gain from the sale of the Progesterone Products assets to Watson of $8.5 million and $8.6 million, respectively. |

|                            |                                                                                                                                                                                                                                                                                                                                                                                     |
|----------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.     | The improvement in operating results during 2010 is due to the amortization of the gain from the sale of the of Progesterone Products to Watson which commenced in the third quarter of 2010, as well as reduction in costs related to the elimination of the commercial sales organization, and amortization of intangible costs which also occurred in the third quarter of 2010. |

|                            |                                                                                                                                                                                                                                                        |
|----------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 5.     | In the third quarter of 2010, the Company established a reserve of $2.2 million for back royalties and pre-judgment interest for Bio-Mimetics, Inc.; in the fourth quarter the reserve was decreased by $0.4 million to reflect the actual settlement. |

----

----

----

|                                                     |        |                              |         |                                             |        |            |         |                        |        |   |         |        |        |   |         |        |
|-----------------------------------------------------|--------|------------------------------|---------|---------------------------------------------|--------|------------|---------|------------------------|--------|---|---------|--------|--------|---|---------|--------|
| Description                                         |   | Balance at beginning of year |    | Charged to (credited to) costs and expenses |   | Deductions |    | Balance at end of year |
|                                                |   |                         |    |                                        |   |       |    |                   |
| YEAR ENDED DECEMBER  31,  2010: |   |                         |    |                                        |   |       |    |                   |
| Allowance for doubtful accounts                     |   | $                            | 100,000 |                                        |   | $          | 59,297  |                   |   | $ | 59,297  |   |   | $ | 100,000 |   |
| 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 |   |
|                                                |   |                         |    |                                        |   |       |    |                   |
|                                                |   |                         |    |                                        |   |       |    |                   |

----

|              |                                                                                                                                                                    |
|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ExhibitNo    | Description                                                                                                                                                        |
| 2.1          | Purchase and Collaboration Agreement by and between Columbia Laboratories, Inc. and Coventry Acquisition, Inc. dated March 3, 2010 (33)                            |
|         |                                                                                                                                                               |
| 3.1          | Restated Certificate of Incorporation of the Company, as amended (13)                                                                                              |
|         |                                                                                                                                                               |
| 3.2          | Amended and Restated By-laws of Company (3)                                                                                                                        |
|         |                                                                                                                                                               |
| 3.3          | Certificate of Amendment of Restated Certificate of Incorporation of the Company (36)                                                                              |
|         |                                                                                                                                                               |
| 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          | Certificate of Designations of Series E Convertible Preferred Stock, filed May 10, 2005 with the Delaware Secretary of State (12)                                  |
|         |                                                                                                                                                               |
| 4.6          | Preferred Stock Purchase Agreement, dated as of May 10, 2005, among Columbia Laboratories, Inc., Perry Partners L.P. and Perry Partners International, Inc. (12)   |
|         |                                                                                                                                                               |
| 4.7          | Securities Purchase Agreement, dated March 10, 2006, by and between Columbia Laboratories, Inc. and the Purchasers listed on Exhibit A thereto (14)                |
|         |                                                                                                                                                               |
| 4.8*         | Form of Restricted Stock Agreement (16)                                                                                                                            |
|         |                                                                                                                                                               |
| 4.9*         | Form of Option Agreement (23)                                                                                                                                      |
|         |                                                                                                                                                               |
| 4.10         | Securities Purchase Agreement, dated December 21, 2006, by and between Columbia Laboratories, Inc. and the Purchasers listed on Exhibit A thereto (18)   |
|         |                                                                                                                                                               |
| 4.11         | Form of Warrant (36)                                                                                                                                               |
|         |                                                                                                                                                               |
| 4.12         | Amended and Restated Rights Agreement by and between Columbia Laboratories, Inc. and American Stock Transfer & Trust Company, LLC dated November 29, 2010 (39) |
|         |                                                                                                                                                               |
| 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)                               |
|         |                                                                                                                                                               |
| 10.3         | Settlement Agreement and Release dated as of March 16, 2000 between Columbia Laboratories (Bermuda) Ltd. and Lake Consumer Products, Inc. (5)                      |
|         |                                                                                                                                                               |
| 10.4         | License Agreement dated April 18, 2000, between the Company and Lil’ Drug Store Products, Inc. (6)                                                           |
|         |                                                                                                                                                               |
| 10.5† | Semi-Exclusive Supply Agreement dated May 7, 2002 between the Company and Mipharm S.p.A. (7)                                                                       |
|         |                                                                                                                                                               |

----

|               |                                                                                                                                                                                                    |
|---------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ExhibitNo     | Description                                                                                                                                                                                        |
| 10.6†  | Investment and Royalty Agreement dated March 5, 2003 between the Company and PharmaBio Development Inc. (8)                                                                                        |
|          |                                                                                                                                                                                               |
| 10.7†  | License and Supply Agreement Dated May 27, 2003 between the Company and Mipharm S.p.A. (9)                                                                                                         |
|          |                                                                                                                                                                                               |
| 10.8*         | Form of Indemnification Agreement for Officers and Directors (10)                                                                                                                                  |
|          |                                                                                                                                                                                               |
| 10.9†  | Asset Purchase Agreement Dated June 29, 2004, between the Company and Lil’ Drug Store Products, Inc. (11)                                                                                    |
|          |                                                                                                                                                                                               |
| 10.10† | Supply Agreement dated June 29, 2004, between the Company and Lil’ Drug Store Products, Inc.(11)                                                                                             |
|          |                                                                                                                                                                                               |
| 10.11         | Letter Agreement Supplement to STRIANT Investment and Royalty Agreement dated April 14, 2006 (15)                                                                                                  |
|          |                                                                                                                                                                                               |
| 10.12*        | Separation Agreement by and between Columbia Laboratories, Inc. and David L. Weinberg effective as of December 12, 2006 (16)                                                                       |
|          |                                                                                                                                                                                               |
| 10.13† | 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 (18)                      |
|          |                                                                                                                                                                                               |
| 10.14         | 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. (18) |
|          |                                                                                                                                                                                               |
| 10.15         | Lease Agreement between Allwood Associates I and Columbia Laboratories, Inc., dated July 6, 2007 (19)                                                                                              |
|          |                                                                                                                                                                                               |
| 10.16† | License and Supply Agreement between Columbia Laboratories, Inc. and Ascend Therapeutics, Inc., dated September 27, 2007 (20)                                                                      |
|          |                                                                                                                                                                                               |
| 10.17         | Supply Agreement between Columbia Laboratories (Bermuda) Limited and Fleet Laboratories Limited, dated July 12, 1996 (21)                                                                          |
|          |                                                                                                                                                                                               |
| 10.18         | Packaging Agreement between Columbia Laboratories (Ireland) Ltd. and Maropack AG, dated October 28, 1993 (21)                                                                                      |
|          |                                                                                                                                                                                               |
| 10.19*        | Columbia Laboratories, Inc., 2008 Long-Term Incentive Plan (22)                                                                                                                                    |
|          |                                                                                                                                                                                               |
| 10.20*        | Columbia Laboratories, Inc., Amended and Restated Incentive Plan (23)                                                                                                                              |
|          |                                                                                                                                                                                               |
| 10.21*        | Form of Executive Change of Control Severance Agreement (23)                                                                                                                                       |
|          |                                                                                                                                                                                               |
| 10.22         | Stock Purchase Agreement, by and between the Company and Numoda Corporation, dated January 6, 2009 (24)                                                                                            |
|          |                                                                                                                                                                                               |
| 10.23*        | Amended and Restated Employment Agreement by and between Columbia Laboratories, Inc. and Robert S. Mills dated March 11, 2009 (23)                                                                 |
|          |                                                                                                                                                                                               |
| 10.24*        | Amended and Restated Employment Agreement by and between Columbia Laboratories, Inc. and Michael McGrane dated March 11, 2009 (28)                                                                 |
|          |                                                                                                                                                                                               |
| 10.25*        | Amended and Restated Employment Agreement by and between Columbia Laboratories, Inc. and James A Meer  dated March 11, 2009 (25)                                                         |
|          |                                                                                                                                                                                               |

----

|               |                                                                                                                                                                                                          |
|---------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ExhibitNo     | Description                                                                                                                                                                                              |
| 10.26*        | Separation and Release Agreement by and between Columbia Laboratories, Inc. and James A. Meer effective as of May 18, 2009 (25)                                                                          |
|          |                                                                                                                                                                                                     |
| 10.27*        | Employment Agreement by and between Columbia Laboratories, Inc. and Lawrence Gyenes dated July 15, 2009 (26).                                                                                       |
|          |                                                                                                                                                                                                     |
| 10.28         | Second Amendment to Investment and Royalty Agreement, by and between the Company and PharmaBio Development, Inc., July 22, 2009 (27)                                                                     |
|          |                                                                                                                                                                                                     |
| 10.29         | Placement Agent Agreement, by and among the Company, Oppenheimer & Co., Inc. and The Benchmark Company, LLC, dated October 22, 2009 (29)                                                             |
|          |                                                                                                                                                                                                     |
| 10.30         | Form of Subscription Agreement (29)                                                                                                                                                                      |
|          |                                                                                                                                                                                                     |
| 10.31         | Form of Warrant to Purchase Common Stock (29)                                                                                                                                                            |
|          |                                                                                                                                                                                                     |
| 10.32*        | Columbia Laboratories Stock Ownership Guidelines for Officers and Directors (30)                                                                                                                         |
|          |                                                                                                                                                                                                     |
| 10.33         | Manufacturing and Supply Agreement between Fleet Laboratories and Columbia Laboratories (Bermuda), Ltd., dated December 8, 2009 (31)                                                                     |
|          |                                                                                                                                                                                                     |
| 10.34*        | Addendum to Amended and Restated Employment Agreement by and between Columbia Laboratories, Inc. and Robert S. Mills dated December 11, 2009 (32)                                                        |
|          |                                                                                                                                                                                                     |
| 10.35*        | Addendum to Executive Change in Control Severance Agreement by and between Columbia Laboratories, Inc. and Robert S. Mills dated December 11, 2009 (32).                                                 |
|          |                                                                                                                                                                                                     |
| 10.36         | Note Purchase and Amendment Agreement by and between Columbia Laboratories, Inc. and holders listed on Schedule I thereto dated March 3, 2010 (33).                                                      |
|          |                                                                                                                                                                                                     |
| 10.37         | Contingent Agreement on Final Payment and Termination of the Striant Investment and Royalty Agreement by and between Columbia Laboratories, Inc. and PharmaBio Development Inc. dated March 3, 2010 (33) |
|          |                                                                                                                                                                                                     |
| 10.38*        | Amended and Restated Employment Agreement by and between Columbia Laboratories, Inc. and Frank C. Condella, Jr., dated May 4, 2010 (34)                                                             |
|          |                                                                                                                                                                                                     |
| 10.39† | Second Amended and Restated License and Supply Agreement dated May 14, 2010 between the Company and Ares Trading S.A.(35)                                                                           |
|          |                                                                                                                                                                                                     |
| 10.40         | Investor’s Rights Agreement by and between Columbia Laboratories, Inc. and Coventry Acquisition, Inc. dated July 2, 2010 (36)                                                                      |
|          |                                                                                                                                                                                                     |
| 10.41         | Supply Agreement by and between Columbia Laboratories, Inc. and Coventry Acquisition, Inc. dated July 2, 2010 (36)                                                                                       |
|          |                                                                                                                                                                                                     |
| 10.42         | License Agreement by and between Columbia Laboratories, Inc. and Coventry Acquisition, Inc. dated July 2, 2010 (36)                                                                                      |
|          |                                                                                                                                                                                                     |
| 10.43         | Securities Purchase Agreement by and between Columbia Laboratories, Inc. and holders listed on Schedule I thereto dated August 9, 2010 (37)                                                              |
|          |                                                                                                                                                                                                     |
| 10.44         | Description of the Registrant’s Compensation and Reimbursement Practices for Non-employee Directors. (38)                                                                                          |
|          |                                                                                                                                                                                                     |
| 10.45         | Settlement Agreement and Release by and between Bio-Mimetics, Inc. and Columbia Laboratories, Inc. dated December 3, 2010 (40)                                                                           |
|          |                                                                                                                                                                                                     |

----

|           |                                                                                                                                                         |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------|
| ExhibitNo | Description                                                                                                                                             |
| 10.46*    | Addendum to Amended and Restated Employment Agreement by and between Columbia Laboratories, Inc., and Frank C. Condella, Jr., dated March 1, 2011 (41)  |
|      |                                                                                                                                                    |
| 14        | Code of Ethics of the Company (10)                                                                                                                      |
|      |                                                                                                                                                    |
| 21        | Subsidiaries of the Company (41)                                                                                                                        |
|      |                                                                                                                                                    |
| 23.1      | Consent of BDO USA, LLP                                                                                                                                 |
|      |                                                                                                                                                    |
| 31(i).1   | Certification of Chief Executive Officer of the Company (41)                                                                                            |
|      |                                                                                                                                                    |
| 31(i).2   | Certification of Chief Financial Officer of the Company (41)                                                                                            |
|      |                                                                                                                                                    |
| 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 (41)  |
|      |                                                                                                                                                    |
| 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. (41) |
|      |                                                                                                                                                    |
| †  | 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 Quarterly Report on Form 10-Q dated August 14, 2002                                                 |
|      |                                                                                                                                                    |
| 8/        | Incorporated by reference to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2002                                     |
|      |                                                                                                                                                    |
| 9/        | Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q dated August 14, 2003                                                 |
|      |                                                                                                                                                    |
| 10/       | Incorporated by reference to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2003                                     |
|      |                                                                                                                                                    |
| 11/       | Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q dated August 4, 2004                                                  |
|      |                                                                                                                                                    |
| 12/       | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated May 12, 2005                                                      |
|      |                                                                                                                                                    |

----

|           |                                                                                                                     |
|-----------|---------------------------------------------------------------------------------------------------------------------|
| ExhibitNo | Description                                                                                                         |
| 13/       | Incorporated by reference to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2005 |
|      |                                                                                                                |
| 14/       | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated March 16, 2006                |
|      |                                                                                                                |
| 15/       | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated April 17, 2006                |
|      |                                                                                                                |
| 16/       | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated May 17, 2006                  |
|      |                                                                                                                |
| 17/       | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated December 15, 2006             |
|      |                                                                                                                |
| 18/       | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated December 26, 2006             |
|      |                                                                                                                |
| 19/       | Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q, dated August 8, 2007             |
|      |                                                                                                                |
| 20/       | Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q, dated November 8, 2007           |
|      |                                                                                                                |
| 21/       | Incorporated by reference to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2007 |
|      |                                                                                                                |
| 22/       | Incorporated by reference to the Registrant’s Proxy Statement dated April 8, 2008                             |
|      |                                                                                                                |
| 23/       | Incorporated by reference to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008 |
|      |                                                                                                                |
| 24/       | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated January 8, 2009               |
|      |                                                                                                                |
| 25/       | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated May 12, 2009                  |
|      |                                                                                                                |
| 26/       | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated July 15, 2009                 |
|      |                                                                                                                |
| 27/       | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated July 24, 2009                 |
|      |                                                                                                                |
| 28/       | Incorporated by reference to the Registrant’s Quarterly Report on Form 10-Q dated August 6, 2009              |
|      |                                                                                                                |
| 29/       | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated October 23, 2009              |
|      |                                                                                                                |
| 30/       | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated November 17, 2009             |
|      |                                                                                                                |
| 31/       | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated December 8, 2009              |
|      |                                                                                                                |
| 32/       | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated December 14, 2009             |
|      |                                                                                                                |
|  33/ | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated March 4, 2010                 |
|      |                                                                                                                |
|  34/ | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated May 5, 2010                   |
|      |                                                                                                                |

----

|           |                                                                                                          |
|-----------|----------------------------------------------------------------------------------------------------------|
| ExhibitNo | Description                                                                                              |
|  35/ | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated May 18, 2010       |
|      |                                                                                                     |
|  36/ | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated July 6, 2010       |
|      |                                                                                                     |
|  37/ | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated August 10, 2010    |
|      |                                                                                                     |
|  38/ | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated September 15, 2010 |
|      |                                                                                                     |
|  39/ | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated November 30, 2010  |
|      |                                                                                                     |
|  40/ | Incorporated by reference to the Registrant’s Current Report on Form 8-K, dated December 6, 2010   |
|      |                                                                                                     |
| 41/       | Filed herewith                                                                                           |
|      |                                                                                                     |