----

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

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

|  Deleware(State or other jurisdiction      ofincorporation or      organization)                                                         |  59-2758596(I.R.S. EmployerIdentification      No.) |
|-----------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------|
|                                                                                                                                          |                                                     |
|  354 Eisenhower      ParkwayLivingston, New      Jersey   (Address of principal      executive offices)    |  07039(Zip  Code)                                   |

| Large accelerated      filer [ ]                                                           | Accelerated filer      [X]         |
|-----------------------------------------------------------------------------------------------------------|------------------------------------|
| Non-accelerated      filer [ ] (Do not check if      a smaller reporting company)     | Smaller reporting      company [ ] |

----

----

|                                                                                                                                               |   | March      31 |         |   | December      31 |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|--------------|--------|------------------|--------|
|                                                                                                                                               |   | 2009          |         |   | 2008             |   |
|                                                                                                                                               |   | (Unaudited)   |         |   |             |   |
| ASSETS                                                                                                                                             |   |          |         |   |             |   |
| Current      Assets                                                                                                                                |   |          |         |   |             |   |
| Cash      and cash equivalents of which $7,706,019 and                                                                                             |   |          | $9,952,394   |   |             |   | $12,497,382 |   |
| $12,099,318      is interest bearing                                                                                                               |   |          |         |   |             |   |   |   |
| Accounts      receivable, net of allowances for                                                                                                    |   |          | 4,089,763    |   |             |   | 3,562,277 |   |
| doubtful      accounts of $100,000 and $100,000                                                                                                    |   |          |         |   |             |   |   |   |
| Inventories                                                                                                                                        |   |          | 3,014,709    |   |             |   | 2,377,139 |   |
| Prepaid      expenses and other current assets                                                                                                     |   |          | 1,117,612    |   |             |   | 1,102,525 |   |
| Total      current assets                                                                                                                          |   |          | 18,174,478   |   |             |   | 19,539,323 |   |
|                                                                                                                                               |   |          |         |   |             |   |   |   |
| Property      and equipment, net                                                                                                                   |   |          | 772,158      |   |             |   | 821,857 |   |
| Intangible      Assets - Net                                                                                                                       |   |          | 22,553,878   |   |             |   | 23,815,060 |   |
| Other      Assets                                                                                                                                  |   |          | 1,379,487    |   |             |   | 1,446,249 |   |
|                                                                                                                                               |   |          |         |   |             |   |   |   |
| TOTAL      ASSETS                                                                                                                                  |   |          | $42,880,001  |   |             |   | $45,622,489 |   |
|                                                                                                                                               |   |          |         |   |             |   |   |   |
| LIABILITIES      AND SHAREHOLDERS' DEFICIT                                                                                                         |   |          |         |   |             |   |   |   |
| Current      Liabilities:                                                                                                                          |   |          |         |   |             |   |   |   |
| Current      portion of financing agreements                                                                                                       |   |          | $151,170     |   |             |   | $168,034 |   |
| Accounts      payable                                                                                                                              |   |          | 2,296,588    |   |             |   | 2,085,463 |   |
| Accrued      expenses                                                                                                                              |   |          | 5,054,848    |   |             |   | 4,980,643 |   |
| Total      current liabilities                                                                                                                     |   |          | 7,502,606    |   |             |   | 7,234,140 |   |
|                                                                                                                                               |   |          |         |   |             |   |   |   |
| Notes      payable                                                                                                                                 |   |          | 30,762,873   |   |             |   | 30,074,966 |   |
| Deferred      revenue                                                                                                                              |   |          | 292,700      |   |             |   | 305,433 |   |
| Long-term      portion of financing agreements                                                                                                     |   |          | 13,587,337   |   |             |   | 13,126,210 |   |
| TOTAL      LIABILITIES                                                                                                                             |   |          | 52,145,516   |   |             |   | 50,740,749 |   |
|                                                                                                                                               |   |          |         |   |             |   |   |   |
| COMMITMENTS      AND CONTINGENCIES                                                                                                                 |   |          |         |   |             |   |   |   |
|                                                                                                                                               |   |          |         |   |             |   |   |   |
| Contingently      Redeemable Series C Preferred Stock                                                                                              |   |          |         |   |             |   |   |   |
| 600      and 775 shares issued and outstanding in 2009 and 2008, respectively      (liquidation preference of  $600,000 and    $775,000) |   |          | 600,000      |   |             |   | 775,000 |   |
|                                                                                                                                               |   |          |         |   |             |   |   |   |
| SHAREHOLDERS'      DEFICIT:                                                                                                                        |   |          |         |   |             |   |   |   |
| Preferred      stock, $.01 par value; 1,000,000 shares authorized                                                                                  |   |          |         |   |             |   |   |   |
| Series      B Convertible Preferred Stock, 130 shares issued and outstanding      (liquidation      preference of $13,000)                         |   |          | 1            |   |             |   | 1 |   |
| Series      E Convertible Preferred Stock, 59,000 shares issued and outstanding      (liquidation preference of $5,900,000)                        |   |          | 590          |   |             |   | 590 |   |
| Common      Stock $.01 par value; 100,000,000 shares                                                                                               |   |          |         |   |             |   |   |   |
| authorized;      54,714,391 and 54,007,579 shares issued outstanding in 2009 and      2008, respectively                                           |   |          | 547,143      |   |             |   | 540,076 |   |
| Capital      in excess of par value                                                                                                                |   |          | 230,051,944  |   |             |   | 228,686,942 |   |
| Less      cost of 79,704 and 63,644 treasury shares                                                                                                |   |          | (212,619     | )      |             |   | (189,229 | ) |
| Accumulated      deficit                                                                                                                           |   |          | (240,443,272 | )      |             |   | (235,109,705 | ) |
| Accumulated      other comprehensive income                                                                                                        |   |          | 190,698      |   |             |   | 178,065 |   |
| Shareholders'      deficit                                                                                                                         |   |          | (9,865,515   | )      |             |   | (5,893,260 | ) |
| TOTAL      LIABILITIES AND SHAREHOLDERS' DEFICIT                                                                                                   |   |          | $42,880,001  |   |             |   | $45,622,489 |   |
|                                                                                                                                               |   |          |         |   |             |   |   |   |

----

|                                 |   | Three      Months Ended |        |
|--------------------------------------|--------|-------------------------|-------------|
|                                 |   | March      31,          |        |
|                                 |   | 2009                    |        |   | 2008 |   |
| NET      REVENUES                    |   |                    | $7,321,187  |   |   |   | $8,912,935 |   |
|                                 |   |                    |        |   |   |   |   |   |
| COST      OF REVENUES                |   |                    | 1,780,018   |   |   |   | 2,960,097 |   |
| Gross      profit                    |   |                    | 5,541,169   |   |   |   | 5,952,838 |   |
|                                 |   |                    |        |   |   |   |   |   |
| OPERATING      EXPENSES:             |   |                    |        |   |   |   |   |   |
| Selling      and distribution        |   |                    | 2,793,236   |   |   |   | 3,103,773 |   |
| General      and administrative      |   |                    | 2,488,553   |   |   |   | 2,119,911 |   |
| Research      and development        |   |                    | 2,245,385   |   |   |   | 1,846,607 |   |
| Amortization      of licensing right |   |                    | 1,261,182   |   |   |   | 1,261,182 |   |
|  Total      operating expenses  |   |                    | 8,788,356   |   |   |   | 8,331,473 |   |
|                                 |   |                    |        |   |   |   |   |   |
| Loss      from operations            |   |                    | (3,247,187  | ) |   |   | (2,378,635 | ) |
|                                 |   |                    |        |   |   |   |   |   |
| OTHER      INCOME (EXPENSE):         |   |                    |        |   |   |   |   |   |
| Interest      income                 |   |                    | 19,197      |   |   |   | 136,321 |   |
| Interest      expense                |   |                    | (2,048,101  | ) |   |   | (1,919,086 | ) |
| Other,      net                      |   |                    | (40,546     | ) |   |   | (59,393 | ) |
| Total      other expense             |   |                    | (2,069,450  | ) |   |   | (1,842,158 | ) |
|                                 |   |                    |        |   |   |   |   |   |
| Loss      before taxes               |   |                    | (5,316,637  | ) |   |   | (4,220,793 | ) |
| State      income taxes              |   |                    | (16,930     | ) |   |   | (28,002 | ) |
| NET      LOSS                        |   |                    | $(5,333,567 | ) |   |   | $(4,248,795 | ) |
|                                 |   |                    |        |   |   |   |   |   |
| NET      LOSS PER COMMON SHARE:      |   |                    |        |   |   |   |   |   |
| Basic      and diluted               |   |                    | $(0.10      | ) |   |   | $(0.08 | ) |
|                                 |   |                    |        |   |   |   |   |   |
| WEIGHTED      AVERAGE NUMBER OF      |   |                    |        |   |   |   |   |   |
| COMMON      SHARES OUTSTANDING:      |   |                    |        |   |   |   |   |   |
| Basic      and diluted               |   |                    | 54,296,686  |   |   |   | 51,964,036 |   |
|                                 |   |                    |        |   |   |   |   |   |

----

|                                  |   |  Three      Months Ended |        |
|---------------------------------------|--------|-------------------------------|-------------|
|                                  |   | March      31,                |        |
|                                  |   | 2009                          |        |   | 2008 |   |
|                                  |   |                          |        |   |   |   |
| Net      Loss                         |   |                          | $(5,333,567 | ) |   |   | $(4,248,795 | ) |
|                                  |   |                          |        |   |   |   |   |   |
| Other      comprehensive income loss: |   |                          |        |   |   |   |   |   |
| Foreign      currency translation     |   |                          | 12,633      |   |   |   | 9,905 |   |
|                                  |   |                          |        |   |   |   |   |   |
| Comprehensive      loss               |   |                          | $(5,320,934 | ) |   |   | $(4,238,890 | ) |
|                                  |   |                          |        |   |   |   |   |   |

----

|                                                     |   | Three      Months Ended March 31, |        |
|----------------------------------------------------------|--------|-----------------------------------|-------------|
|                                                     |   | 2009                              |        |   | 2008 |   |
| CASH      FLOWS FROM OPERATING ACTIVITIES:               |   |                              |        |   |   |   |
| Net      loss                                            |   |                              | $(5,333,567 | ) |   |   | $(4,248,795 | ) |
| Adjustments      to reconcile net loss to net            |   |                              |        |   |   |   |   |   |
| cash      used in operating activities-                  |   |                              |        |   |   |   |   |   |
| Depreciation      and amortization                       |   |                              | 1,385,300   |   |   |   | 1,379,989 |   |
| Amortization      on beneficial conversion features      |   |                              | 393,688     |   |   |   | 343,286 |   |
| Amortization      on warrant valuation                   |   |                              | 294,219     |   |   |   | 260,850 |   |
| Provision      for doubtful accounts                     |   |                              | -           |   |   |   | 7,130 |   |
| Provision      for sales returns                         |   |                              | 404,027     |   |   |   | 308,782 |   |
| Writedown      of inventories                            |   |                              | -           |   |   |   | 47,545 |   |
| Stock      based compensation                            |   |                              | 456,757     |   |   |   | 296,923 |   |
| Non-cash      interest expense on financing agreements   |   |                              | 444,263     |   |   |   | 327,539 |   |
| Changes      in assets and liabilities-                  |   |                              |        |   |   |   |   |   |
| (Increase)      decrease in:                             |   |                              |        |   |   |   |   |   |
| Accounts      receivable                                 |   |                              | (527,486    | ) |   |   | 1,202,979 |   |
| Inventories                                              |   |                              | (637,570    | ) |   |   | (371,450 | ) |
| Prepaid      expenses and other current assets           |   |                              | (15,087     | ) |   |   | 233,721 |   |
| Other      assets                                        |   |                              | (2,711      | ) |   |   | (4,491 | ) |
|  Increase      (decrease) in:                       |   |                              |        |   |   |   |   |   |
| Accounts      payable                                    |   |                              | 211,125     |   |   |   | 304,428 |   |
| Accrued      expenses                                    |   |                              | (281,822    | ) |   |   | (323,982 | ) |
| Deferred      revenue                                    |   |                              | (12,733     | ) |   |   | (179,440 | ) |
| Net      cash used in operating activities               |   |                              | (3,221,597  | ) |   |   | (414,986 | ) |
|                                                     |   |                              |        |   |   |   |   |   |
| CASH      FLOWS FROM INVESTING ACTIVITIES:               |   |                              |        |   |   |   |   |   |
| Purchase      of property and equipment                  |   |                              | (4,946      | ) |   |   | (119,368 | ) |
| Net      cash used in investing activities               |   |                              | (4,946      | ) |   |   | (119,368 | ) |
|                                                     |   |                              |        |   |   |   |   |   |
| CASH      FLOWS FROM FINANCING ACTIVITIES:               |   |                              |        |   |   |   |   |   |
| Net      proceeds from the sale of common stock          |   |                              | 750,000     |   |   |   | - |   |
| Proceeds      from exercise of options                   |   |                              | -           |   |   |   | 7,803 |   |
| Payments      for purchase of treasury stock             |   |                              | (23,389     | ) |   |   | (17,279 | ) |
| Payments      pursuant to financing agreements           |   |                              | -           |   |   |   | (3,540,949 | ) |
| Dividends      paid                                      |   |                              | (9,688      | ) |   |   | (14,062 | ) |
| Net      cash provided by (used in) financing activities |   |                              | 716,923     |   |   |   | (3,564,487 | ) |
|                                                     |   |                              |        |   |   |   |   |   |
|                                                     |   |                              |        |   |   |   |   |   |

----

|                                                                                           |   | Three      Months Ended March 31, |
|------------------------------------------------------------------------------------------------|--------|-----------------------------------|
|                                                                                           |   | 2009                              |   |   | 2008 |   |
|                                                                                           |   |                              |   |   |   |   |
| EFFECT      OF EXCHANGE RATE CHANGES ON CASH                                                   |   |                              | $(35,368 | ) |   |   | $9,905 |   |
|                                                                                           |   |                              |   |   |   |   |   |   |
| NET      DECREASE IN CASH                                                                      |   |                              | (2,544,988 | ) |   |   | (4,088,936 | ) |
|                                                                                           |   |                              |   |   |   |   |   |   |
| CASH,      BEGINNING OF PERIOD                                                                 |   |                              | 12,497,382 |   |   |   | 17,221,811 |   |
|                                                                                           |   |                              |   |   |   |   |   |   |
| CASH      END OF PERIOD                                                                        |   |                              | $9,952,394 |   |   |   | $13,132,875 |   |
|                                                                                           |   |                              |   |   |   |   |   |   |
| NON-CASH      FINANCING ACTIVITIES                                                             |   |                              |   |   |   |   |   |   |
|                                                                                           |   |                              |   |   |   |   |   |   |
|             Conversion of Series C and Series E preferred shares |   |                              | $175,000 |   |   |   | $2,274 |   |
|                                                                                           |   |                              |   |   |   |   |   |   |
| SUPPLEMENTAL  INFORMATION                                                            |   |                              |   |   |   |   |   |   |
|        Interest      paid                                   |   |                              | $800,001 |   |   |   | $800,001 |   |
|                                                                                           |   |                              |   |   |   |   |   |   |
| Taxes      paid                                                                                |   |                              | $31,617 |   |   |   | $28,002 |   |
|                                                                                           |   |                              |   |   |   |   |   |   |
|                                                                                           |   |                              |   |   |   |   |   |   |

----

|                                 |   | Three      months ended |       |   | Three      months ended |   |
|--------------------------------------|--------|-------------------------|------------|--------|-------------------------|--------|
|                                 |   | March      31,          |       |   | March      31,          |   |
|                                 |   | 2009                    |       |   | 2008                    |   |
|                                 |   |                    |       |   |                    |   |
| Balance      at beginning of year    |   |                    | $1,864,316 |   |                    |   | $1,923,765 |   |
|                                 |   |                    |       |   |                    |   |   |   |
| Provision:                           |   |                    |       |   |                    |   |   |   |
| Related      to current period sales |   |                    | 154,026    |   |                    |   | 158,782 |   |
| Related      to prior period sales   |   |                    | 250,000    |   |                    |   | 150,000 |   |
|                                 |   |                    | 404,026    |   |                    |   | 308,782 |   |
|                                 |   |                    |       |   |                    |   |   |   |
| Returns:                             |   |                    |       |   |                    |   |   |   |
| Related      to current period sales |   |                    | (6,845     | )      |                    |   | - |   |
| Related      to prior period sales   |   |                    | (538,498   | )      |                    |   | (240,350 | ) |
|                                 |   |                    | (545,343   | )      |                    |   | (240,350 | ) |
|                                 |   |                    |       |   |                    |   |   |   |
| Balance      at end of quarter       |   |                    | $1,722,999 |   |                    |   | $1,992,197 |   |
|                                 |   |                    |       |   |                    |   |   |   |

----

|                |   | March      31,               |   | December      31,                  |
|---------------------|--------|------------------------------|--------|------------------------------------|
|                |   | 2009                         |   | 2008                               |
| Finished      goods |   |  $  2,025,183 |   |  $   1,745,222 |
| Raw      materials  |   | 989,526                      |   | 631,917                            |
|                |   |                         |   |                               |
|                |   |  $  3,014,709 |   |  $   2,377,139 |
|                |   |                         |   |                               |

|                       |                                                                            | March      31,                                  |                                                          |  December      31,       |
|----------------------------|---------------------------------------------------------------------------------|-------------------------------------------------|---------------------------------------------------------------|-------------------------------|
|                       |                                                                            | 2009                                            |                                                          | 2008                          |
| STRIANT      Agreement     |         13,738,507                      |                                            |     13,294,244                            |
| Less:      current portion |             151,170 |                                            |          168,034 |
|                       |                                                                            |  $     13,587,337 |                                                          |  $  13,126,210 |
|                       |                                                                            |                                            |                                                          |                          |

----

The Company recorded original issue discounts of $6,272,566 tothe notes based upon the fair value of warrants granted. In addition, beneficialconversion features totaling $8,482,090 have been recorded as a discount to thenotes. These discounts are being amortized at an imputed rate over the five yearterm of the related notes. For the quarters ended March 31, 2009 and 2008, $0.8million and $0.6 million, respectively, of amortization related to thesediscounts is classified as interest expense in our consolidated statements ofoperations. Unamortized discounts of $9.2 million and $9.9 million have beenreflected as a reduction to the face value of the convertible notes in ourconsolidated balance sheet as of March 31, 2009 and December 31, 2008,respectively.

----

|                                |                     |                                                                                  | Net                    |                                                                                              | Identifiable            |
|-------------------------------------|--------------------------|---------------------------------------------------------------------------------------|------------------------|---------------------------------------------------------------------------------------------------|-------------------------|
|                                |                     |                                                                                  | Revenues               |                                                                                              | Assets                  |
|                                |                     |                                                                                  |                   |                                                                                              |                    |
| As      of and for the three months |                     |                                                                                  |                   |
| ended      March 31, 2009           |                     |                                                                                  |                   |
|                                | United      States       |  $      5,157,187                                                                |                   |  $      35,458,261                                                                           |
|                                | Switzerland              |    2,164,000                                                           |                   |                 - |
|                                | Other      countries     |               - |                   |      7,421,740                                                           |
|                                | Total      International |    2,164,000                                                           |                   |      7,421,740                                                           |
|                                | Total                    |                                                                                  |  $      7,321,187 |                                                                                              |  $      42,880,001 |
|                                |                     |                                                                                  |                   |                                                                                              |                    |
| As      of and for the three months |                     |                                                                                  |                   |
| ended      March 31, 2008           |                     |                                                                                  |                   |
|                                | United      States       |  $      5,969,362                                                                |                   |  $      41,052,516                                                                           |
|                                | Switzerland              |    2,530,704                                                           |                   |                 - |
|                                | Other      countries     |       412,869                                           |                   |      8,985,836                                                           |
|                                | Total      International |    2,943,573                                                           |                   |      8,985,836                                                           |
|                                | Total                    |                                                                                  |  $      8,912,935 |                                                                                              |  $      50,038,352 |
|                                |                     |                                                                                  |                   |                                                                                              |                    |

|                                                   |   |     Three      Months Ended |        |
|--------------------------------------------------------|--------|-------------------------------------------------|-------------|
|                                                   |   | March      31,                                  |        |
|                                                   |   | 2009                                            |        |   | 2008 |   |
|                                                   |   |                                            |        |   |   |   |
| Net      loss                                          |   |                                            | $(5,333,567 | ) |   |   | $(4,248,795 | ) |
| Less:      Preferred stock dividends                   |   |                                            | (9,688      | ) |   |   | (14,062 | ) |
|                                                   |   |                                            |        |   |   |   |   |   |
| Net      loss applicable to                            |   |                                            |        |   |   |   |   |   |
| Common      Stock                                      |   |                                            | $(5,343,255 | ) |   |   | $(4,262,857 | ) |
|                                                   |   |                                            |        |   |   |   |   |   |
| Basic      and diluted:                                |   |                                            |        |   |   |   |   |   |
| Weighted      average number of                        |   |                                            |        |   |   |   |   |   |
|     common      shares outstanding |   |                                            | 54,296,686  |   |   |   | 51,964,036 |   |
|                                                   |   |                                            |        |   |   |   |   |   |
| Basic      and diluted net loss per common share       |   |                                            | $(0.10      | ) |   |   | $(0.08 | ) |
|                                                   |   |                                            |        |   |   |   |   |   |

----

----

|                                  |   | Three      months ending                                                             | Three      months ending |
|---------------------------------------|--------|--------------------------------------------------------------------------------------|--------------------------|
| Stock      Based Compensation         |   | March      31, 2009                                                                  |                     | March      31, 2008 |
|                                  |   |                                                                                 |                     |   |
| Cost      of revenues                 |   |  $           32,492      |                     |  $          29,848 |
|                                  |   |                                                                                 |                     |   |
| Selling      and distribution         |   |              92,003 |                     |              45,047 |
|                                  |   |                                                                                 |                     |   |
| General       and administrative |   |             295,197      |                     |            204,657 |
|                                  |   |                                                                                 |                     |   |
| Research      and development         |   |              37,065 |                     |              17,371 |
|                                  |   |                                                                                 |                     |   |
| Total                                 |   |  $         456,757                 |                     |  $        296,923 |
|                                  |   |                                                                                 |                     |   |

----

----

----

|                       |   | Products      for Fiscal 2009                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|----------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                       |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Progesterone      Products |   |         CRINONE ® 8%      (progesterone gel) marketed by the Company in the U.S.         CRINONE ® 8%      sold to Merck Serono for resale outside the U.S.         PROCHIEVE ® 8%      (progesterone gel) sold by the Company in the U.S.         PROCHIEVE ® 4%      sold to Ascend Therapeutics, Inc., for resale in the  U.S.                                                                                                                                                                   |
|                       |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Other      Products        |   |         STRIANT®      (testosterone buccal system) marketed by the Company in the      U.S.         STRIANT®      sold to Mipharm, S.p.A. for resale in Italy         Replens®      Vaginal Moisturizer sold to Lil’ Drug Store Products, Inc (“Lil’ Drug      Store”)  for resale outside the U.S.         RepHresh®      Vaginal Gel sold to Lil’ Drug Store for resale on a worldwide      basis         Royalty and licensingrevenues |

----

----

|                             | Three      Months Ended                                       |
|----------------------------------|---------------------------------------------------------------|
|                             | March      31,                                                |
|                             | 2009                                                          |   | 2008 |
| Cash      provided by (used in): |                                                          |   |   |
| Operating      activities        |  $(3,221,597)                                            |   |  $   (414,986) |
| Investing      activities        |          (4,946) |   |       (119,368) |
| Financing      activities        |        716,923             |   |    (3,564,487) |
|                             |                                                          |   |   |

----

----

----

|                         | 3      months ended March 31,      2009 | 3      months ended March 31,      2008 |
|------------------------------|-----------------------------------------|-----------------------------------------|
| Risk      free interest rate | 1.78%                                   | 2.48%                                   |
| Expected      term           | 4.6      years                          | 4.75      years                         |
| Dividend      yield          | 0                                       | 0                                       |
| Expected      volatility     | 0.9295                                  | 0.8518                                  |

----

----

|   | None. |
|--------|-------|

|   | None. |
|--------|-------|

|   | None. |
|--------|-------|

|   | None. |
|--------|-------|

| (a)   | Exhibits |
|-----------------|----------|

|   4.10 | Form of Option      Agreement (1)                                                                                                                |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.1             | Stock      Purchase Agreement dated January 6, 2009 (2)                                                                                          |
| 10.24*           | Columbia      Laboratories, Inc., Amended and Restated Incentive Plan  (1)                                                                       |
| 10.25*           | Form      of Executive Change of Control Severance Agreement (1)                                                                                 |
| 10.26*           | Amended      and Restated Employment Agreement by and between Columbia Laboratories,      Inc. and Robert S. Mills dated March 11, 2009 (1) |
| 10.27*           | Amended      and Restated Employment Agreement by and between Columbia Laboratories,      Inc. and Michael McGrane dated March 11, 2009 (1) |
| 10.28*           | Amended      and Restated Employment Agreement by and between Columbia Laboratories,      Inc. and James Meer dated March 11, 2009 (1)      |
| 31.1             | Rule      13a-14(a)/15d-14(a) Certification of Chief Executive Officer of the      Company.                                                      |
| 31.2             | Rule      13a-14(a)/15d-14(a) Certification of Chief Financial Officer of the      Company.                                                      |
| 32.1             | Certification      Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of      the Sarbanes-Oxley Act of 2002.           |
| 32.2             | Certification      Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of      theSarbanes-Oxley Act of 2002.                 |
|  *          | Management contract      or compensatory plan orarrangements                                                                                     |

|  (1) | Incorporated      by reference to the Registrant’s Annual Report on Form 10-K for the year      ended December 31, 2008 |
|-----------|-------------------------------------------------------------------------------------------------------------------------------|
|  (2) | Incorporated by      reference to the Registrant’s Current Report on Form 8-K, dated January 6,      2009               |
|  (3) | Filed    herewith                                                                                                             |

----

|  |   | SIGNATURES |
|--|--------|------------|

|   | COLUMBIA LABORATORIES,      INC.           |
|--------|--------------------------------------------|
|   |                             |
|   | /s/ JAMES A.      MEER                |
|   | JAMES A. MEER,      Senior Vice President- |
|   | Chief Financial      Officer and Treasurer |

----