<PAGE>

                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549


                                  FORM 10 - Q



[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934

                 For the quarterly period ended March 31, 2002

                                      OR

[_]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

        For the transition period from ______________ to ______________


                        Commission File Number 1-10352


                          COLUMBIA LABORATORIES, INC.
              (Exact name of Company as specified in its charter)


           Delaware                                           59-2758596
(State or other jurisdiction of                            (I.R.S. Employer
incorporation or organization)                            Identification No.)


220 South Orange Avenue, 2/nd/ Floor
Livingston, New Jersey                                        07039
(Address of principal executive offices)                    (Zip Code)


Company's telephone number, including area code: (973) 994-3999


          Indicate by check mark whether the Company (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the Company
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes  X    No
                                       ---

          Number of shares of the Common Stock of Columbia Laboratories, Inc.
issued and outstanding as of May 1, 2002: 33,877,567
<PAGE>

                 COLUMBIA LABORATORIES, INC. AND SUBSIDIARIES
                 --------------------------------------------

                        PART 1 - FINANCIAL INFORMATION
                        ------------------------------


Item 1.  Financial Statements
-------  --------------------

         The following unaudited, condensed consolidated financial statements of
the Company have been prepared in accordance with the instructions to Form 10-Q
and, therefore, omit or condense certain footnotes and other information
normally included in financial statements prepared in accordance with generally
accepted accounting principles. In the opinion of management, all adjustments
(consisting only of normal recurring accruals) necessary for a fair presentation
of the financial information for the interim periods reported have been made.
Results of operations for the three months ended March 31, 2002 are not
necessarily indicative of the results for the year ending December 31, 2002.

         Except for historical information contained herein, the matters
discussed in this document are forward looking statements made pursuant to the
safe harbor provisions of the Securities Litigation Reform Act of 1995. Such
statements involve risks and uncertainties, including but not limited to
economic, competitive, governmental and technological factors affecting the
Company's operations, markets, products and prices, and other factors discussed
elsewhere in this report.

                                 Page 2 of 15
<PAGE>

                 COLUMBIA LABORATORIES, INC. AND SUBSIDIARIES
                 --------------------------------------------

                     CONDENSED CONSOLIDATED BALANCE SHEETS
                     -------------------------------------

<TABLE>
<CAPTION>
                                                                               March 31,           December 31,
                                                                                 2002                  2001
                                                                           ---------------       -----------------
                                                                             (Unaudited)
<S>                                                                        <C>                   <C>
ASSETS
      Current assets-
          Cash and cash equivalents                                        $     3,687,936       $       4,060,836
          Accounts receivable, net                                                 971,832                 811,648
          Inventories                                                            1,050,957                 992,453
          Prepaid expenses                                                       1,099,353                 538,262
          Loans receivable, related parties                                        202,845                 200,087
                                                                           ---------------       -----------------
            Total current assets                                                 7,012,923               6,603,286

      Property and equipment, net                                                  415,837                 356,634
      Intangible assets, net                                                     1,386,121               1,453,281
      Other assets                                                                 135,062                 146,823
                                                                           ---------------       -----------------
            TOTAL ASSETS                                                   $     8,949,943       $       8,560,024
                                                                           ===============       =================


LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)
      Current liabilities-
          Accounts payable                                                 $     1,356,494       $         630,468
          Accrued expenses                                                       1,469,186               1,350,735
                                                                           ---------------       -----------------
            Total current liabilities                                            2,825,680               1,981,203
      Convertible subordinated note payable                                     10,000,000              10,000,000
                                                                           ---------------       -----------------
            TOTAL LIABILITIES                                                   12,825,680              11,981,203
                                                                           ---------------       -----------------
Stockholders' equity (deficiency)-
      Preferred stock, $.01 par value; 1,000,000 shares authorized:
          Series B Convertible Preferred Stock, 1,630
            shares issued and outstanding in 2002 and 2001                              16                      16
          Series C Convertible Preferred Stock, 3,750
            shares issued and outstanding in 2002 and 2001                              38                      38
      Common stock, $.01 par value; 100,000,000 authorized
          33,530,203 and 32,752,425 shares issued and outstanding
          in 2002 and 2001, respectively                                           335,302                 327,524
      Capital in excess of par value                                           117,847,763             114,917,247
      Accumulated deficit                                                     (122,028,349)           (118,647,406)
      Accumulated other comprehensive income (loss)                                (30,507)                (18,598)
                                                                           ---------------       -----------------
          TOTAL STOCKHOLDERS' EQUITY (DEFICIENCY)                               (3,875,737)             (3,421,179)
                                                                           ---------------       -----------------
          TOTAL LIABILITIES AND STOCKHOLDERS'
            EQUITY (DEFICIENCY)                                            $     8,949,943       $       8,560,024
                                                                           ===============       =================
</TABLE>

           See notes to condensed consolidated financial statements

                                 Page 3 of 15
<PAGE>

                 COLUMBIA LABORATORIES, INC. AND SUBSIDIARIES
                 --------------------------------------------

                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                -----------------------------------------------
                                  (Unaudited)
                                  -----------

<TABLE>
<CAPTION>
                                                                                   Three Months Ended
                                                                                       March 31,
                                                                               2002                2001
                                                                         ---------------     ---------------
<S>                                                                     <C>                  <C>
NET SALES                                                                $       492,392     $       847,815

COST OF GOODS SOLD                                                               866,863             465,897
                                                                         ---------------     ---------------
     Gross profit (loss)                                                        (374,471)            381,918
                                                                         ---------------     ---------------
OPERATING EXPENSES:
     Selling and distribution                                                    367,050             262,751
     General and administrative                                                1,183,930             760,760
     Research and development                                                  1,238,365           1,612,554
     Product recall costs                                                              -           1,500,000
                                                                         ---------------     ---------------
        Total operating expenses                                               2,789,345           4,136,065
                                                                         ---------------     ---------------

        Loss from operations                                                  (3,163,816)         (3,754,147)
                                                                         ---------------     ---------------
OTHER INCOME (EXPENSE):
     Interest income                                                              10,497             104,844
     Interest expense                                                           (188,839)           (188,838)
     Other, net                                                                  (38,785)             19,212
                                                                         ---------------     ---------------
                                                                                (217,127)            (64,782)
                                                                         ---------------     ---------------

        Net loss                                                         $    (3,380,943)    $    (3,818,929)
                                                                         ===============     ===============

NET LOSS PER COMMON SHARE:
     Basic and diluted                                                   $         (0.10)    $         (0.13)
                                                                         ===============     ===============
WEIGHTED AVERAGE NUMBER OF
     COMMON SHARES OUTSTANDING:
     Basic and diluted                                                        32,956,746          30,688,997
                                                                         ===============     ===============
</TABLE>

           See notes to condensed consolidated financial statements

                                 Page 4 of 15
<PAGE>

                 COLUMBIA LABORATORIES, INC. AND SUBSIDIARIES
                 --------------------------------------------

         CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE OPERATIONS
         -------------------------------------------------------------
                                  (Unaudited)
                                  -----------

<TABLE>
<CAPTION>
                                                                       Three Months Ended
                                                                           March 31,
                                                                   2002                 2001
                                                             ----------------     ----------------
<S>                                                          <C>                  <C>
NET LOSS                                                     $     (3,380,943)    $     (3,818,929)

Other comprehensive income (loss):
    Foreign currency translation, net of tax                           11,909               26,566
                                                             ----------------     ----------------

Comprehensive loss                                           $     (3,369,034)    $     (3,792,363)
                                                             ================     ================
</TABLE>

           See notes to condensed consolidated financial statements

                                 Page 5 of 15
<PAGE>

                 COLUMBIA LABORATORIES, INC. AND SUBSIDIARIES
                 --------------------------------------------

                CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                -----------------------------------------------
                                  (Unaudited)

<TABLE>
<CAPTION>
                                                                                  Three Months Ended March 31,
                                                                                 2002                       2001
                                                                          -----------------          ------------------
<S>                                                                       <C>                        <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net loss                                                               $      (3,380,943)         $       (3,818,929)
   Adjustments to reconcile net income (loss) to net
    cash used in operating activities-
     Depreciation and amortization                                                  165,333                     179,983
     Issuance of warrants for consulting services                                         -                      41,124

   Changes in assets and liabilities-
    (Increase) decrease in:
     Accounts receivable                                                           (160,184)                  2,379,616
     Inventories                                                                    (58,504)                   (139,347)
     Prepaid expenses                                                              (561,091)                   (251,875)
     Loans receivable, related parties                                               (2,758)                     (4,759)
     Other assets                                                                    11,761                      21,157

   Increase (decrease) in:
     Accounts payable                                                               726,026                      96,559
     Accrued expenses                                                               118,451                   1,002,966
                                                                          -----------------          ------------------

   Net cash used in operating activities                                         (3,141,909)                   (493,505)
                                                                          -----------------          ------------------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Purchase of property and equipment                                              (157,896)                     (6,165)
                                                                          -----------------          ------------------
     Net cash used in investing activities                                         (157,896)                     (6,165)
                                                                          -----------------          ------------------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Proceeds from issuance of common stock                                         2,985,169                   1,491,231
   Dividends paid                                                                   (46,875)                    (50,658)
                                                                          -----------------          ------------------

     Net cash provided by financing activities                                    2,938,294                   1,440,573
                                                                          -----------------          ------------------
</TABLE>

                                  (Continued)

                                 Page 6 of 15
<PAGE>

                 COLUMBIA LABORATORIES, INC. AND SUBSIDIARIES
                 --------------------------------------------

                CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                -----------------------------------------------
                                  (Unaudited)

                                  (Continued)

<TABLE>
<CAPTION>
                                                             Three Months Ended March 31,
                                                            2002                     2001
                                                      ---------------          ----------------
<S>                                                   <C>                      <C>
EFFECT OF EXCHANGE RATE CHANGES ON CASH                       (11,389)                  (19,680)
                                                      ---------------          ----------------

NET INCREASE (DECREASE) IN CASH
    AND CASH EQUIVALENTS                                     (372,900)                  921,223

CASH AND CASH EQUIVALENTS,
    Beginning of period                                     4,060,836                 7,594,707
                                                      ---------------          ----------------

CASH AND CASH EQUIVALENTS,
    End of period                                     $     3,687,936          $      8,515,930
                                                      ===============          ================
</TABLE>


           See notes to condensed consolidated financial statements

                                 Page 7 of 15
<PAGE>

                 COLUMBIA LABORATORIES, INC. AND SUBSIDIARIES
                 --------------------------------------------

             NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
             ----------------------------------------------------
                                  (Unaudited)


(1) SIGNIFICANT ACCOUNTING POLICIES:
-----------------------------------

         The accounting policies followed for quarterly financial reporting are
the same as those disclosed in Note (1) of the Notes to Consolidated Financial
Statements included in the Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 2001.

(2) INVENTORIES:
---------------

         Inventories consist of the following:


                                        March 31,               December 31,
                                          2002                      2001
                                    ---------------            --------------
Finished goods                      $       385,970            $      426,206
Raw materials                               664,987                   566,247
                                    ---------------            --------------

                                    $     1,050,957            $      992,453
                                    ===============            ==============

(3) SEGMENT INFORMATION:
-----------------------

         The Company and its subsidiaries are engaged in one line of business,
the development and sale of pharmaceutical products and cosmetics. The following
table shows selected unaudited information by geographic area:

<TABLE>
<CAPTION>
                                                 Net              Loss from           Identifiable
                                                Sales            Operations              Assets
                                            -------------     ---------------       ---------------
<S>                                         <C>                <C>                  <C>
As of and for the three months
ended March 31, 2002-
     United States                          $     213,186     $    (1,827,673)      $     5,461,404
     Europe                                       279,206          (1,336,143)            3,488,539
                                            -------------     ---------------       ---------------

                                            $     492,392     $    (3,163,816)      $     8,949,943
                                            =============     ===============       ===============

As of and for the three months
ended March 31, 2001-
     United States                          $     274,586     $    (2,558,919)      $     7,057,077
     Europe                                       573,229          (1,195,228)            7,197,881
                                            -------------     ---------------       ---------------

                                            $     847,815     $    (3,754,147)      $    14,254,958
                                            =============     ===============       ===============
</TABLE>

                                 Page 8 of 15
<PAGE>

(4) INCOME (LOSS) PER COMMON AND COMMON EQUIVALENT SHARE:
    ----------------------------------------------------

The calculation of basic and diluted loss per common and common equivalent share
is as follows:

<TABLE>
<CAPTION>
                                                                          Three Months Ended
                                                                               March 31,
                                                                       2002                  2001
                                                                 ----------------      ----------------
<S>                                                              <C>                   <C>
Net loss                                                         $     (3,380,943)     $     (3,818,929)
   Less: Preferred stock dividends                                        (46,875)              (50,658)
                                                                 ----------------      ----------------

Net loss applicable to
   common stock                                                  $     (3,427,818)     $     (3,869,587)
                                                                 ================      ================

Basic and diluted:
   Weighted average number of
       common shares outstanding                                       32,956,746            30,688,997
                                                                 ================      ================

   Basic and diluted net loss per common share                   $        $ (0.10)     $          (0.13)
                                                                 ================      ================
</TABLE>

(5) LEGAL PROCEEDINGS:
    -----------------

In August 2001, Ares Trading S.A. ("Serono") filed a lawsuit in the Supreme
Court of the State of New York (the "Action") naming the Company as defendant.
The Action sets forth claims for an alleged breach of contract for failure to
supply Crinone in accordance with the supply agreement between the parties, and
seeks damages and indemnification in the amount of at least $13 million. On
November 26, 2001, the Company filed counterclaims against Serono alleging,
among other things, breach of contract by Serono for its failure to re-launch
Crinone into the market after new batches of Crinone were manufactured under a
revalidation protocol and shipped to Serono. On November 30, 2001, the Company
announced that if this and other breaches were not resolved within 60 days ("the
cure period"), the Company planned to terminate the license and supply agreement
with Serono and to attempt to market Crinone directly. The Company has since
extended the cure period to allow for settlement negotiations in the Action. At
the present time, the Company cannot predict whether it will be able to settle
the Action, or the outcome of the litigation, if no settlement is reached.

Other claims and lawsuits have been filed against the Company. In the opinion of
management and counsel, none of these lawsuits are material and they are all
adequately reserved for or covered by insurance or, if not so covered, are
without any or have little merit or involve such amounts that if disposed of
unfavorably would not have a material adverse effect on the Company.

(6) PRODUCT RECALL:
    --------------

On April 5, 2001, the Company announced that it has requested its licensee,
Serono, to voluntarily recall a number of batches of Crinone, a progesterone
vaginal gel used in the treatment of infertile women. The recall was initiated
due to an application problem of the gel, which may change consistency over time
in the recalled batches. Investigations of the problem to date confirm that
there is no safety risk to patients, and that the active ingredient,
progesterone, is still effective, and all other parameters remain within
specification. The Company estimated that the direct out-of-pocket costs related
to the recall will approximate $1.5 million, which was recorded in the first
quarter of 2001. Approximately, $1.2 million of cost has been paid through March
31, 2002 and the remaining approximately $300,000 is included in Accrued
Expenses. The Company is attempting to recover a portion of the product recall
costs from its trade suppliers, but has not included any potential recovery, if
any, in its estimate.

The Company has since manufactured new product under a re-validation protocol,
which yielded positive results of critical stability data. As a result, Columbia
initiated shipments of Crinone to Serono on October 19, 2001. On March 12, 2002,
Serono announced that they had re-introduced Crinone into the United States
market.

                                 Page 9 of 15
<PAGE>

(7) CORPORATE RESTRUCTURING EXPENSE:
    -------------------------------

During the second quarter of 2001, the Company's management decided to close the
France office. The Company recorded a restructuring charge for the anticipated
costs associated with closing the office consisting of employee severance
payments and other costs. As of March 31, 2002, approximately $843,000 of costs
had been paid. The remaining $153,000 of costs is reflected in the accompanying
financial statements under the caption Accrued Expenses.

(8) SUBSEQUENT EVENT:
    ----------------

On April 23, 2002, the Company sold 337,079 shares of its common stock to Acqua
Wellington North American Equities Fund, Ltd. at a purchase price of $4.45 per
share (representing a negotiated discount to the market price). The Company
received gross proceeds of $1.5 million.

                                 Page 10 of 15
<PAGE>

                 COLUMBIA LABORATORIES, INC. AND SUBSIDIARIES
                 --------------------------------------------

               MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
               -------------------------------------------------
                     CONDITIONS AND RESULTS OF OPERATIONS
                     ------------------------------------


Forward-Looking Information

     The Company and its representatives from time to time make written or
verbal forward looking statements, including statements contained in this and
other filings with the Securities and Exchange Commission and in the Company's
reports to stockholders, which are made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. Such statements
include, without limitation, the Company's expectations regarding sales,
earnings or other future financial performance and liquidity, product
introductions, entry into new geographic regions and general optimism about
future operations or operating results. Although the Company believes that its
expectations are based on reasonable assumptions within the bounds of its
knowledge of its business and operations, there can be no assurance that actual
results will not differ materially from its expectations. Factors that could
cause actual results to differ from expectations include, without limitation:
(i) increased competitive activity from companies in the pharmaceutical
industry, some of which have greater resources than the Company; (ii) social,
political and economic risks to the Company's foreign operations, including
changes in foreign investment and trade policies and regulations of the host
countries and of the United States; (iii) changes in the laws, regulations and
policies, including changes in accounting standards, that affect, or will
affect, the Company in the United States and abroad; (iv) foreign currency
fluctuations affecting the relative prices at which the Company and foreign
competitors sell their products in the same market; (v)failure to develop the
Company products or delay in the development of the Company's product; (vi) the
timely completion of studies and approvals by the FDA and other regulatory
agencies; (vii)the outcome of the Serono litigation; and (viii)the successful
re-launch of Crinone back into the marketplace. Additional information on
factors that may affect the business and financial results of the Company can be
found in filings of the Company with the Securities and Exchange Commission. All
forward-looking statements should be considered in light of these risks and
uncertainties. The Company assumes no responsibility to update forward-looking
statements made herein or otherwise.

Liquidity and Capital Resources

     Cash and cash equivalents decreased from $4,060,836 at December 31, 2001 to
$3,687,936 at March 31, 2002. On February 28, 2002 and March 13, 2002, the
Company sold 277,778 shares (at $3.60 per share) and 500,000 shares (at $4.00
per share), respectively, of its Common Stock to Acqua Wellington North American
Funds, Ltd. pursuant to the Amended and Restated Common Stock Purchase
Agreement. The prices represented a negotiated discount to the market price.
Gross proceeds were $1 million and $2 million. The Company intends to use the
proceeds for operating activities in 2002. The Company also paid $46,875 for
dividends to holders of its Series C preferred stock.

     Effective as of February 6, 2001, the Company entered into the Amended and
Restated Common Stock Purchase Agreement with Acqua Wellington to sell up to
$16.5 million of the Common Stock, under the Registration Statement, the
Prospectus, and the related Prospectus Supplement dated February 6, 2001 and
amended on April 13, 2001. Pursuant to the Purchase Agreement, the Company may,
from time to time over the term of the Purchase Agreement and at its sole
discretion, issue and sell to Acqua Wellington up to $16.5 million of the Common
Stock, subject to certain conditions, at a price per share based on the daily
volume weighted average price of the Common Stock over a certain period of time
less a discount ranging from 5% to 7%. In addition, during the period in which
the Company elects to issue and sell shares of the Common Stock to Acqua
Wellington, the Company may also, at its sole discretion, grant Acqua Wellington
a call option at the same discount for the applicable period to purchase
additional shares of the Common Stock up to the applicable amount being sold by
the Company in such period, subject to the overall limit of $16.5 million
described above. At May 8, 2002, $11.0 million may be sold pursuant to the
Purchase Agreement.

                                 Page 11 of 15
<PAGE>

     In connection with the 1989 purchase of the assets of Bio-Mimetics, Inc.,
which assets consisted of the patents underlying the Company's Bioadhesive
Delivery System, other patent applications and related technology, the Company
pays Bio-Mimetics, Inc. a royalty equal to two percent of the net sales of
products based on the Bioadhesive Delivery System, to an aggregate of $7.5
million. The Company is required to prepay a portion of the remaining royalty
obligation, in cash or stock at the option of the Company, if certain conditions
are met. Through March 31, 2002, the Company has paid approximately $1.9 million
in royalty payments.

     As of March 31, 2002, the Company has outstanding exercisable options and
warrants that, if exercised, would result in approximately $53.3 million of
additional capital. However, there can be no assurance that such options or
warrants will be exercised.

     Significant expenditures anticipated by the Company in the near future are
concentrated on research and development related to new products. The Company
anticipates it will spend approximately $4.0 million on research and development
in 2002 and an additional $400,000 on property and equipment.

     As of March 31, 2002, the Company had available net operating loss
carryforwards of approximately $59 million to offset its future U.S. taxable
income.

     In accordance with Statement of Financial Accounting Standards No. 109, as
of March 31, 2002 and December 31, 2001, other assets in the accompanying
consolidated balance sheets include deferred tax assets of approximately $21
million, (comprised primarily of a net operating loss carryforward) for which a
valuation allowance has been recorded since the realizability of the deferred
tax assets are not determinable.


Results of Operations - Three Months Ended March 31, 2002 versus Three Months
Ended March 31, 2001


     Net sales decreased by approximately $356,000 from approximately $848,000
million in 2001 compared to $492,000 in 2002. The decrease is primarily the
result of decreased Crinone sales from approximately $735,000 in 2001 to $0.0 in
2002 resulting from the voluntary recall of Crinone in April 2001.

     Gross profit as a percentage of net sales was a negative 76% in 2002 as
compared to 45% in 2001. The lower gross profit percentage in 2002 is the result
of reduced Crinone sales with no corresponding reduction in fixed manufacturing
costs.

     Selling and distribution expenses increased by approximately $104,000 in
2002, from $263,000 in 2001 to approximately $367,000 in 2002. The increase is
due primarily to market intelligence studies for the Company's male testosterone
product for which regulatory filings are expected in mid-year 2002.

     General and administrative expenses increased by approximately $423,000 in
2002 to approximately $1,184,000 in 2002 compared to approximately $761,000 in
2001. The increase was the result of the hiring of additional management
personnel subsequent to the first quarter of 2001 and legal expense incurred as
the result of litigation commenced in August 2001.

     Research and development expense decreased in 2002 by approximately
$374,000 from approximately $1,613,000 in 2000 to $1,238,000 in 2002. The
decrease is primarily related to the costs associated with the Company's Phase
III trials for its male testosterone product which started to conclude in the
2002 first quarter. Reductions resulting from the downsizing of the Company's
Paris office also contributed to the decrease.

     Product recall costs in 2001 represented an estimate of the Company's
direct out-of-pocket costs related to the

                                 Page 12 of 15
<PAGE>

voluntary recall of Crinone.

     Interest income in 2002 was approximately $10,000 compared to approximately
$105,000 in 2001. The decrease resulted from a reduction in cash available for
investing.

     Interest expense related to the convertible subordinated note payable
totaled approximately $189,000 in 2002 and 2001.

     As a result, the net loss for the three months ended March 31, 2002 was
$3,380,943 or $(.10) per common share as compared to the net loss for the three
months ended March 31, 2001 of $3,818,929 or $(.13) per common share.

                                 Page 13 of 15
<PAGE>

                 COLUMBIA LABORATORIES, INC. AND SUBSIDIARIES
                 --------------------------------------------

                          PART II - OTHER INFORMATION
                          ---------------------------

Item 1.  Legal Proceedings
-------  -----------------

In August 2001, Ares Trading S.A. ("Serono") filed a lawsuit in the Supreme
Court of the State of New York (the "Action") naming the Company as defendant.
The Action sets forth claims for an alleged breach of contract for failure to
supply Crinone in accordance with the supply agreement between the parties, and
seeks damages and indemnification in the amount of at least $13 million. On
November 26, 2001, the Company filed counterclaims against Serono alleging,
among other things, breach of contract by Serono for its failure to re-launch
Crinone into the market after new batches of Crinone were manufactured under a
revalidation protocol and shipped to Serono. On November 30, 2001, the Company
announced that if this and other breaches were not resolved within 60 days ("the
cure period"), the Company planned to terminate the license and supply agreement
with Serono and to attempt to market Crinone directly. The Company has since
extended the cure period to allow for settlement negotiations in the Action. At
the present time, the Company cannot predict whether it will be able to settle
the Action, or the outcome of the litigation, if no settlement is reached.

Other claims and lawsuits have been filed against the Company. In the opinion of
management and counsel, none of these lawsuits are material and they are all
adequately reserved for or covered by insurance or, if not so covered, are
without any or have little merit or involve such amounts that if disposed of
unfavorably would not have a material adverse effect on the Company.


Item 2.  Changes in Securities
-------  ---------------------

         On March 12, 2002, the Company adopted a Stockholder Rights Plan
("Rights Plan") designed to protect company stockholders in the event of
takeover activity that would deny them the full value of their investment. The
Rights Plan was not adopted in response to any specific takeover threat. In
adopting the Rights Plan, the Board declared a dividend distribution of one
preferred stock purchase right for each outstanding share of common stock of the
Company, payable to stockholders of record at the close of business on March 22,
2002. The rights will become exercisable only in the event, with certain
exceptions, a person or group of affiliated or associated persons acquires 15%
or more of the Company's voting stock, or a person or group of affiliated or
associated persons commences a tender or exchange offer, which if successfully
consummated, would result in such person or group owning 15% or more of the
Company's voting stock. The rights will expire on March 12, 2012. Each right,
once exercisable, will entitle the holder (other than rights owned by an
acquiring person or group) to buy one one-thousandth of a share of a series of
the Company's Series D Junior Participating Preferred Stock at a price of $30
per one-thousandth of a share, subject to adjustments. In addition, upon the
occurrence of certain events, holders of the rights (other than rights owned by
an acquiring person or group) would be entitled to purchase either the Company's
preferred stock or shares in an "acquiring entity" at approximately half of
market value. Further, at any time after a person or group acquires 15% or more
(but less than 50%) of the Company's outstanding voting stock, subject to
certain exceptions, the Board of Directors may, at its option, exchange part or
all of the rights (other than rights held by an acquiring person or group) for
shares of the Company's common stock having a fair market value on the date of
such acquisition equal to the excess of (i) the fair market value of preferred
stock issuable upon exercise of the rights over (ii) the exercise price of the
rights. The Company generally will be entitled to redeem the rights at $0.01 per
right at any time prior to the close of business on the tenth day after there
has been a public announcement of the beneficial ownership by any person or
group of 15% or more of the Company's voting stock, subject to certain
exceptions.


Item 3.  Defaults upon Senior Securities
-------  -------------------------------

         None.

                                 Page 14 of 15
<PAGE>

Item 4.  Submission of Matters to a Vote of Security Holders
-------  ---------------------------------------------------

         None.


Item 5.  Other Information
-------  -----------------

         None.

Item 6.  Exhibits and Reports on Form 8-K
-------  --------------------------------

         A.     Exhibits

                None.

         B.     Reports on Form 8-K

         On February 28, 2002, the Company filed a form 8-K in which it reported
the sale of 277,778 shares of its common stock to Acqua Wellington North
American Equities Fund.

         On March 13, 2002, the Company filed a form 8-K in which it reported
the sale of 500,000 shares of its common stock to Acqua Wellington North
American Equities Fund.

         On March 12, 2002, the Company filed a form 8-K in which it reported
the adoption of a Stockholder Rights Plan.


                                  SIGNATURES
                                  ----------


Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                           COLUMBIA LABORATORIES, INC.


                                           /s/ DAVID L. WEINBERG
                                           ---------------------
                                           DAVID L. WEINBERG, Vice President-
                                           Finance and Administration,
                                           Chief Financial Officer

DATE:  May 13, 2002
       ------------

                                 Page 15 of 15