EXHIBIT 4.7


THESE SECURITIES HAVE BEEN ISSUED PURSUANT TO EXEMPTIONS FOR NONPUBLIC OFFERINGS
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OF 1933, AS AMENDED,
AND APPLICABLE STATE SECURITIES LAWS, AND, ACCORDINGLY, THESE SECURITIES MAY NOT
BE RESOLD OR OTHERWISE DISPOSED OF UNLESS, IN THE OPINION OF COUNSEL FOR OR
SATISFACTORY TO THE ISSUER, REGISTRATION UNDER THE APPLICABLE FEDERAL OR STATE
SECURITIES LAWS IS NOT REQUIRED OR COMPLIANCE IS MADE WITH SUCH REGISTRATION
REQUIREMENTS. THIS LEGEND SHALL BE ENDORSED UPON ANY WARRANT ISSUED IN EXCHANGE
FOR THIS WARRANT.


           Void after 5:00 p.m. New York Time, on September 23, 2004.
               Warrant to Purchase 75,000 Shares of Common Stock.


                WARRANT TO PURCHASE 75,000 SHARES OF COMMON STOCK


                        WARRANT TO PURCHASE COMMON STOCK

                                       OF

                           COLUMBIA LABORATORIES, INC.

                  This is to certify that, FOR VALUE RECEIVED, James Apostolakis
or registered assigns ("Holder"), is entitled to purchase, subject to the
provisions of this Warrant, from COLUMBIA LABORATORIES, INC., a Delaware
corporation ("Company"), 75,000 fully paid, validly issued and nonassessable
shares of Common Stock, par value $.01 per share, of the Company ("Common
Stock") exercisable at $7.50 per share. The number of shares of Common Stock to
be received upon the exercise of this Warrant and the price to be paid for each
share of Common Stock may be adjusted from time to time as hereinafter set
forth. The shares of Common Stock deliverable upon such exercise, and as
adjusted from time to time, are hereinafter sometimes referred to as "Warrant
Shares," and the exercise price of a share of Common Stock as adjusted from time
to time is hereinafter sometimes referred to as the "Exercise Price."
<PAGE>

                  (a) EXERCISE OF WARRANT. This Warrant may be exercised as to a
minimum of 5,000 Warrant Shares at any time or from time to time until 5:00 P.M.
New York time on September 23, 2004, provided, however, that if such day is a
day on which banking institutions in the State of New York are authorized by law
to close, then on the next succeeding day which shall not be such a day. This
Warrant may be exercised by presentation and surrender hereof to the Company at
its principal office, or at the office of its stock transfer agent, if any, with
the Purchase Form annexed hereto duly executed and accompanied by payment of the
Exercise Price for the number of Warrant Shares specified in such form. As soon
as practicable after each such exercise of the Warrants, but not later than
seven (7) business days from the date of such exercise, the Company shall issue
and deliver to the Holder a certificate or certificates for the Warrant Shares
issuable upon such exercise, registered in the name of the Holder or the
Holder's designee. If this Warrant should be exercised in part only, the Company
shall, upon surrender of this Warrant for cancellation, execute and deliver a
new Warrant evidencing the rights of the Holder thereof to purchase the balance
of the Warrant Shares purchasable thereunder. Upon receipt by the Company of
this Warrant at its office, or by the stock transfer agent of the Company at its
office, in proper form for exercise, together with the exercise price thereof in
cash or certified or bank check and the investment letter described below, the
Holder shall be deemed to be the holder of record of the shares of Common Stock
issuable upon such exercise, notwithstanding that the stock transfer books of
the Company shall then be closed or that certificates representing such shares
of Common Stock shall not then be physically delivered to the Holder. It shall
be a condition of the exercise of this Warrant that the Holder shall deliver to
the Company an investment letter in the form as customarily used by the Company
from time to time in connection with the exercise of non-registered options and
warrants which are issued by the Company. It is further understood that
certificates for the Warrant Shares to be issued upon exercise of this Warrant
shall contain a restrictive legend to the effect that such Warrant Shares are
restricted securities as such term is defined in Rule 144 promulgated under the
Securities Act of 1933, as amended (the "Act") and cannot be sold except in
compliance with the Act and the rules and regulations promulgated thereunder.

                  (b) RESERVATION OF SHARES. The Company shall at all times
reserve for issuance and/or delivery upon exercise of this Warrant such number
of shares of its Common Stock as shall be required for issuance and delivery
upon exercise of the Warrants. If the Common Stock is listed on any national
securities exchange, the Company shall also list such shares on such exchange
subject to notice of issuance.

                  (c) FRACTIONAL SHARES. No fractional shares or script
representing fractional shares shall be issued upon the exercise of this
Warrant. With respect to any fraction of a share called for upon any exercise
hereof, the Company shall pay to the Holder an amount in cash equal to such
fraction multiplied by the current market value of a share, determined as
follows:
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                           (1) If the Common Stock is listed on a national
                           securities exchange or admitted to unlisted trading
                           privileges on such exchange or listed for trading on
                           the NASDAQ system, the current market value shall be
                           the last reported sale price of the Common Stock on
                           such exchange or system on the last business day
                           prior to the date of exercise of this Warrant or if
                           no such sale is made on such day, the average closing
                           bid and asked prices for such day on such exchange or
                           system; or

                           (2) If the Common Stock is not so listed or admitted
                           to unlisted trading privileges, the current market
                           value shall be the mean of the last reported bid and
                           asked prices reported by the National Quotation
                           Bureau, Inc., on the last business day prior to the
                           date of the exercise of this Warrant; or

                           (3) If the Common Stock is not so listed or admitted
                           to unlisted trading privileges and bid and asked
                           prices are not so reported, the current market value
                           shall be an amount, not less than the book value
                           thereof as at the end of the most recent fiscal year
                           of the Company ending prior to the date of the
                           exercise of the Warrant, determined in such
                           reasonable manner as may be prescribed by the Board
                           of Directors of the Company.

                  (d) EXCHANGE, TRANSFER, ASSIGNMENT OR LOSS OF WARRANT. This
Warrant is exchangeable, without expense, at the option of the Holder, upon
presentation and surrender hereof to the Company or at the office of its stock
transfer agent, if any, for other Warrants of different denominations entitling
the holder thereof to purchase in the aggregate the same number of shares of
Common Stock purchasable hereunder. Upon surrender of this Warrant to the
Company at its principal office or at the office of its stock transfer agent, if
any, with the Assignment Form annexed hereto duly executed and funds sufficient
to pay any transfer tax, the Company shall, without charge, execute and deliver
a new Warrant in the name of the assignee named in such instrument of assignment
and this Warrant shall promptly be canceled. This Warrant may be divided or
combined with other Warrants which carry the same rights upon presentation
hereof at the principal office of the Company or at the office of its stock
transfer agent, if any, together with a written notice specifying the names and
denominations in which new Warrants are to be issued and signed by the Holder
hereof. The term "Warrant" as used herein includes any Warrants into which this
Warrant may be divided or exchanged. Upon receipt by the Company of evidence
satisfactory to it of the loss, theft, destruction or mutilation of this
Warrant, and in the case of loss, theft or destruction of reasonable
satisfactory indemnification, and upon surrender and cancellation of this
Warrant, if mutilated, the Company will execute and deliver a new Warrant of
like tenor and date. Any such new Warrant executed and delivered shall
constitute an additional contractual obligation on the

<PAGE>

part of the Company, whether or not this Warrant so lost, stolen, destroyed, or
mutilated shall be at any time enforceable by anyone.

                  (e) RIGHTS OF THE HOLDER. The Holder shall not, by virtue
hereof, be entitled to any rights of a shareholder in the Company, either at law
or equity, and the rights of the Holder are limited to those expressed in the
Warrant and are not enforceable against the Company except to the extent set
forth herein.

                  (f) ANTI-DILUTION PROVISIONS. The Exercise Price in effect at
any time and the number and kind of securities purchasable upon the exercise of
the Warrants shall be subject to adjustment from time to time upon the happening
of certain events as follows:

                           (1) In case the Company shall (i) declare a dividend
                           or make a distribution on its outstanding shares of
                           Common Stock in shares of Common Stock, (ii)
                           subdivide or reclassify its outstanding shares of
                           Common Stock into a greater number of shares, or
                           (iii) combine or reclassify its outstanding shares of
                           Common Stock into a smaller number of shares, the
                           Exercise Price in effect at the time of the record
                           date for such dividend or distribution or of the
                           effective date of such subdivision, combination or
                           reclassification shall be proportionately adjusted as
                           of the effective date of such event by multiplying
                           such Exercise Price by a fraction, the denominator of
                           which shall be the number of shares of Common Stock
                           outstanding immediately following such event and the
                           numerator of which shall be the number of shares of
                           Common Stock outstanding immediately prior thereto.
                           For example, if the Company declares a 2 for 1 stock
                           distribution and the Exercise Price immediately prior
                           to such event was $1.00 per share, the adjusted
                           Exercise Price immediately after such event would be
                           $.50 per share. Such adjustment shall be made
                           successively whenever any event listed above shall
                           occur.

                           (2) Whenever the Exercise Price payable upon exercise
                           of each Warrant is adjusted pursuant to Subsection
                           (1) above, the number of Shares purchasable upon
                           exercise of this Warrant shall simultaneously be
                           adjusted by multiplying the number of Shares
                           initially issuable upon exercise of this Warrant by
                           the Exercise Price in effect on the date hereof and
                           dividing the product so obtained by the Exercise
                           Price, as adjusted.

                           (3) No adjustment in the Exercise Price shall be
                           required unless such adjustment would require an
                           increase or decrease of at least twenty-five cents
                           ($.25) in such price; provided, however,

<PAGE>

                           that any adjustments which by reason of this
                           Subsection (3) are not required to be made shall be
                           carried forward and taken into account in any
                           subsequent adjustment required to be made hereunder.
                           All calculations under this Section (f) shall be made
                           to the nearest cent or to the nearest one-hundredth
                           of a Share, as the case may be.

                           (4) Whenever the Exercise Price is adjusted, as
                           herein provided, the Company shall promptly cause a
                           notice setting forth the adjusted Exercise Price and
                           adjusted number of Shares issuable upon exercise of
                           each Warrant to be mailed to the Holders, at their
                           last addresses appearing in the Warrant Register, and
                           shall cause a certified copy thereof to be mailed to
                           its transfer agent, if any. The Company may retain a
                           firm of independent certified public accountants
                           selected by its Board of Directors (who may be the
                           regular accountants employed by the Company) to make
                           any computation required by this Section (f), and a
                           certificate signed by such firm shall be conclusive
                           evidence of the correctness of such adjustment.

                           (5) In the event that at any time, as a result of an
                           adjustment made pursuant to Subsection (1) above, the
                           Holder of this Warrant thereafter shall become
                           entitled to receive any shares of the Company, other
                           than Common Stock, thereafter the number of such
                           other shares so receivable upon exercise of this
                           Warrant shall be subject to adjustment from time to
                           time in a manner and on terms as nearly equivalent as
                           practicable to the provisions with respect to the
                           Common Stock contained in Subsections (1) to (3),
                           inclusive above.

                           (6) Irrespective of any adjustments in the Exercise
                           Price or the number or kind of shares purchasable
                           upon exercise of this Warrant, Warrants theretofore
                           or thereafter issued may continue to express the same
                           price and number and kind of shares as are stated in
                           the similar Warrants initially issuable pursuant to
                           this Agreement.

                           (g) OFFICER'S CERTIFICATE. Whenever the Exercise
Price shall be adjusted as required by the provisions of the foregoing Section,
the Company shall forthwith file in the custody of its Secretary or an Assistant
Secretary at its principal office and with its stock transfer agent, if any, an
officer's certificate showing the adjusted Exercise Price determined as herein
provided, setting forth in reasonable detail the facts requiring such
adjustment, including a statement of the number of additional shares of Common
Stock, if any, and such other facts as shall be necessary to show the reason for

<PAGE>

and the manner of computing such adjustment. Each such officer's certificate
shall be made available at all reasonable times for inspection by the Holder or
any holder of a Warrant executed and delivered pursuant to Section (a), and the
Company shall, forthwith after each such adjustment, mail a copy by certified
mail of such certificate to the Holder or any such holder.

                           (h) NOTICES TO WARRANT HOLDERS. So long as this
Warrant shall be outstanding, (i) if the Company shall pay any dividend or make
any distribution upon the Common Stock, or (ii) if the Company shall offer to
the holders of Common Stock for subscription or purchase by them any share of
any class or any other rights, or (iii) if any capital reorganization of the
Company, reclassification of the capital stock of the Company, consolidation or
merger of the Company with or into another corporation, sale, lease or transfer
of all or substantially all of the property and assets of the Company to another
corporation, or voluntary or involuntary dissolution, liquidation or winding up
of the Company shall be effected, then in any such case, the Company shall cause
to be mailed by certified mail to the Holder, at least 15 days prior the date
specified in (x) or (y) below, as the case may be, a notice containing a brief
description of the proposed action and stating the date on which (x) a record is
to be taken for the purpose of such dividend, distribution or rights, or (y)
such reclassification, reorganization, consolidation, merger, conveyance, lease,
dissolution, liquidation or winding up is to take place and the date, if any is
to be fixed, as of which the holders of Common Stock or other securities shall
receive cash or other property deliverable upon such reclassification,
reorganization, consolidation, merger, conveyance, dissolution, liquidation or
winding up.

                           (i) RECLASSIFICATION, REORGANIZATION OR MERGER. In
case of any reclassification, capital reorganization or other change of
outstanding shares of Common Stock of the Company, or in case of any
consolidation or merger of the Company with or into another corporation (other
than a merger with a subsidiary in which merger the Company is the continuing
corporation and which does not result in any reclassification, capital
reorganization or other change of outstanding shares of Common Stock of the
class issuable upon exercise of this Warrant) or in case of any sale, lease or
conveyance to another corporation of the property of the Company as an entirety,
the Company shall, as a condition precedent to such transaction, cause effective
provisions to be made so that the Holder shall have the right thereafter by
exercising this Warrant at any time prior to the expiration of the Warrant, to
purchase the kind and amount of shares of stock and other securities and
property receivable upon such reclassification, capital reorganization and other
change, consolidation, merger, sale or conveyance. Any such provision shall
include provision for adjustments which shall be as nearly equivalent as may be
practicable to the adjustments provided for in this Warrant. The foregoing
provisions of this Section (i) shall similarly apply to successive
reclassifications, capital reorganizations and changes of shares of Common Stock
and to successive consolidations, mergers, sales or conveyances. In the event
that in connection with any such capital reorganization or reclassification,
consolidation, merger, sale or conveyance, additional shares of Common Stock
shall be issued in exchange, conversion, substitution or payment,

<PAGE>

in whole or in part, for a security of the Company other than Common Stock, any
such issue shall be treated as an issue of Common Stock covered by the
provisions of Subsection (1) of Section (f) hereof.

                           (j) REGISTRATION UNDER THE SECURITIES ACT OF 1933

                           (1) No later than two (2) years from the date hereof,
                           the Company shall, if permitted by applicable
                           regulation or any contractual provisions include in
                           the filing of any new registration statement (other
                           than a registration statement on Forms S-8, S-14,
                           S-15 or any other Form not generally available for
                           sale of securities to the public) ("Registration
                           Statement") under the Act covering securities of the
                           Company such information as may be required to permit
                           a public offering of the Warrant Shares. The Company
                           shall supply prospectuses and other documents in
                           order to facilitate the public sale or other
                           disposition of the Warrant Shares. The Company shall
                           file any necessary post-effective amendments to such
                           Registration Statement and use its best efforts to
                           maintain the effectiveness thereof for a period of 36
                           months from the date of issuance of the Warrant
                           Shares. The Company shall bear the entire cost and
                           expense of a registration of securities initiated by
                           it, under this Paragraph (1). The Holder shall,
                           however, bear the fees of his own counsel and any
                           transfer taxes or underwriting discounts or
                           commissions applicable to the Warrant Shares sold by
                           him. The Company may include other securities in any
                           such registration statement. The Company shall do any
                           and all other acts and things which may be necessary
                           or desirable to enable the Holder to consummate the
                           public sale or other disposition of the Warrant
                           Shares, and furnish indemnification in the manner as
                           set forth in Paragraph (2) (a) of this Section (j).
                           The Holder shall furnish information and
                           indemnification as set forth in Paragraph (2) (b) of
                           this Section (j).

                                            Notwithstanding the foregoing, in
                           the event that there is an underwritten offering of
                           the Company's securities offered pursuant to said
                           registration statement pursuant to the immediately
                           preceding paragraph j(1), the underwriter shall have
                           the right to refuse to permit any Warrant Shares, or
                           to limit the amount of Warrant Shares, to be sold by
                           the Holder to such underwriter(s) as such
                           underwriter(s) may determine in its discretion, and
                           the Holder shall refrain from selling such remainder
                           of its Warrant Shares covered by such registration

<PAGE>

                           statement for the period of forty five (45) days
                           following the effective date.

                           (2) (a) Whenever pursuant to this Section (j) a
                           registration statement relating to the Warrant Shares
                           is filed under the Act, amended or supplemented, the
                           Company will indemnify and hold harmless each holder
                           of the securities covered by such registration
                           statement, amendment or supplement (such holder being
                           hereinafter called the "Distributing Holder"), and
                           each person, if any who controls (within the meaning
                           of the Act) the Distributing Holder, against any
                           losses, claims, damages or liabilities, joint or
                           several, to which the Distributing Holder or any such
                           controlling person may become subject, under the Act
                           or otherwise, insofar as such losses, claims, damages
                           or liabilities (or actions in respect thereof) arise
                           out of or are based upon any untrue statement or
                           alleged untrue statement of any material fact
                           contained in any such registration statement or any
                           preliminary prospectus or final prospectus
                           constituting a part thereof or any amendment or
                           supplement thereto, or arise out of or are based upon
                           the omission to state therein a material fact
                           required to be stated therein or necessary to make
                           the statements therein not misleading; and will
                           reimburse the Distributing Holder and each such
                           controlling person for any legal or other expenses
                           reasonable incurred by the Distributing Holder and
                           each controlling person for any legal or other
                           expenses reasonable incurred by the Distributing
                           Holder or such controlling person or underwriter in
                           connection with investigating or defending any such
                           loss, claim damage, liability or action; provided,
                           however, that the Company will not be liable in any
                           such case to the extent that any such loss, claim,
                           damage or liability arises out of or is based upon an
                           untrue statement or alleged untrue statement or
                           omission or alleged omission made in said
                           registration statement, said preliminary prospectus,
                           said final prospectus or said amendment or supplement
                           in reliance upon and in conformity with written
                           information furnished by such Distributing Holder for
                           use in the preparation thereof.

                                    (b) The Distributing Holder will indemnify
                           and hold harmless the Company, each of its directors,
                           each of its officers who have signed said
                           registration statement and such amendments and
                           supplements thereto, each person, if any, who
                           controls the Company (within the meaning of the Act)
                           against any losses, claims, damages or liabilities to
                           which the Company or any such director, officer or
                           controlling person may become subject, under

<PAGE>

                           the Act or otherwise, insofar as such losses, claims,
                           damages or liabilities arise out of or are based upon
                           any untrue or alleged untrue statement of any
                           material fact contained in said registration
                           statement, said preliminary prospectus, said final
                           prospectus, or said amendment or supplement, or arise
                           out of or are based upon the omission or the alleged
                           omission to state therein a material fact required to
                           be stated therein or necessary to make the statements
                           therein no misleading, in each case to the extent,
                           but only to the extent that such untrue statement or
                           alleged untrue statement or omission or alleged
                           omission was made in said registration statement,
                           said preliminary prospectus, said final prospectus or
                           said amendment or supplement in reliance upon and in
                           conformity with written information furnished by such
                           distributing Holder for use in the preparation
                           thereof; and will reimburse the Company or any such
                           director, officer or controlling person for any legal
                           or other expenses reasonably incurred by them in
                           connection with investigating or defending any such
                           loss, claim, damage, liability or action.

                                    (c) Promptly after receipt by an indemnified
                           party under this Paragraph 2 of notice of the
                           commencement of any action, such indemnified party
                           will, if a claim in respect thereof is to be made
                           against any indemnifying party, give the indemnifying
                           party notice of the commencement thereof; but the
                           omission so to notify the indemnifying party will not
                           relieve it from any liability which it may have to
                           any indemnified party otherwise than under this
                           Paragraph 2.

                                    (d) In case any such action is brought
                           against any indemnified party, and it notifies an
                           indemnifying party of the commencement thereof, the
                           indemnifying party will be entitled to participate
                           in, and, the extent that it may wish, jointly with
                           any other indemnifying party similarly notified to
                           assume the defense thereof, with counsel reasonably
                           satisfactory to such indemnified party, and after
                           notice from the indemnifying party to such
                           indemnified party of its election so to assume the
                           defense thereof, the indemnifying party will not be
                           liable to such indemnified party under this Paragraph
                           2 for any legal or other expenses subsequently
                           incurred by such indemnified party in connection with
                           the defense thereof other than reasonable costs of
                           investigation.
<PAGE>

                                    (e) The Company's agreements with respect to
                           Warrant Shares in this Section (j) shall continue in
                           effect regardless of the exercise or surrender of
                           this Warrant.


Issued as of September 23, 1999

                                            COLUMBIA LABORATORIES, INC.


                                            By: /s/ David L. Weinberg
                                                ----------------------------
                                                David L. Weinberg
                                                Vice President - Finance and
                                                Administration


<PAGE>



                                  PURCHASE FORM



                                                    Dated             , 19
                                                          ------------



                  The undersigned hereby irrevocably elects to exercise the
within Warrant to the extent of purchasing ____________ shares of Common Stock
of Columbia Laboratories, Inc., and hereby makes payment of ___________ in
payment of the actual exercise price thereof.





                     INSTRUCTIONS FOR REGISTRATION OF STOCK


Name _________________________________________ (Please typewrite or print in
block letters)


Address


        Signature



<PAGE>


                                 ASSIGNMENT FORM



                  FOR VALUE RECEIVED, ______________hereby sells, assigns and
transfers unto


Name ______________________________ (Please typewrite or print in block letters)

Address
the right to purchase Common Stock of Columbia Laboratories, Inc., represented
by this Warrant to the extent of    shares as to which such right is exercisable
and does hereby irrevocably constitute and appoint     Attorney, to transfer the
same on the books of the Company with full power of substitution in the
premises.


Date               , 19
     --------------


Signature