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, 1997

                                       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.)

   2665 SOUTH BAYSHORE DRIVE
         MIAMI, FLORIDA                                      33133
(Address of principal executive offices)                   (Zip Code)

Company's telephone number, including area code: (305) 860-1670

         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 April 30, 1997: 28,273,672


<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, 1997 are not
necessarily indicative of the results for the year ending December 31, 1997.

                                    2 of 11
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<TABLE>
<CAPTION>


                  COLUMBIA LABORATORIES, INC. AND SUBSIDIARIES

                      CONDENSED CONSOLIDATED BALANCE SHEETS
                                                                  MARCH 31,         DECEMBER 31,
                                                                    1997               1996
                                                                ------------        ------------
                                                                (Unaudited)
<S>                                                             <C>                 <C>         
ASSETS:
   Current assets-
     Cash and cash equivalents                                  $  1,421,115        $  3,561,794
     Accounts receivable, net                                      1,108,537           1,261,478
     Inventories                                                   1,153,999             943,143
     Prepaid expenses                                                223,740             151,400
                                                                ------------        ------------
        Total current assets                                       3,907,391           5,917,815

   Property and equipment, net                                     1,206,717           1,233,638
   Intangible assets, net                                          1,286,242           1,341,757
   Other assets                                                    1,628,060           1,486,887
                                                                ------------        ------------
                                                                $  8,028,410        $  9,980,097
                                                                ============        ============

LIABILITIES AND STOCKHOLDERS' EQUITY:
   Current liabilities-
     Accounts payable                                           $  2,993,894        $  2,891,502
     Accrued expenses                                                692,546             892,456
     Deferred revenue                                              1,314,145           1,093,524
     Estimated liability for returns
      and allowances                                                 315,659             320,484
                                                                ------------        ------------
       Total current liabilities                                   5,316,244           5,197,966
                                                                ------------        ------------

Other long-term liabilities                                          110,942             108,693

Stockholders' equity-
    Preferred stock, $.01 par value; 1,000,000 shares
      authorized;
       Series A Convertible Preferred Stock, 973 and
        1,323 shares issued and outstanding in 1997
        and 1996, respectively                                            10                  13
       Series B Convertible Preferred Stock, 1,630
        shares issued and outstanding in 1997
        and 1996                                                          16                  16
    Common stock, $.01 par value; 40,000,000 shares
      authorized; 28,071,596 and 28,273,672 shares
      issued and outstanding in 1997 and 1996,
      respectively                                                   282,737             280,716
    Capital in excess of par value                                90,176,601          89,254,885
    Accumulated deficit                                          (87,895,900)        (84,891,812)
    Cumulative translation adjustment                                 37,760              29,620
                                                                ------------        ------------
       Total stockholders' equity                                  2,601,224           4,673,438
                                                                ------------        ------------
                                                                $  8,028,410        $  9,980,097
                                                                ============        ============
</TABLE>

            See notes to condensed consolidated financial statements

                                    3 of 11
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                  COLUMBIA LABORATORIES, INC. AND SUBSIDIARIES

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)

                                               THREE MONTHS ENDED MARCH 31,
                                                1997                 1996
                                           ------------         ------------

NET SALES                                  $  1,365,881         $  1,322,966

COST OF GOODS SOLD                            1,025,282              593,395
                                           ------------         ------------
         Gross profit                           340,599              729,571
                                           ------------         ------------


OPERATING EXPENSES:
    Selling and distribution                    659,102              626,170
    General and administrative                  738,593              880,867
    Research and development                  2,412,552            2,403,677
                                           ------------         ------------
        Total operating expenses              3,810,247            3,910,714
                                           ------------         ------------

        Loss from operations                 (3,469,648)          (3,181,143)
                                           ------------         ------------

OTHER INCOME (EXPENSE):
    License fees                                500,000            1,500,000
    Interest income                              27,308               47,041
    Interest expense                               --                 (3,632)
    Other, net                                  (61,748)              (2,941)
                                           ------------         ------------
                                                465,560            1,540,468
                                           ------------         ------------

        Net loss                           $ (3,004,088)        $ (1,640,675)
                                           ============         ============

NET LOSS PER COMMON SHARE                  $       (.11)        $       (.06)
                                           ============         ============

WEIGHTED AVERAGE NUMBER OF
 COMMON SHARES OUTSTANDING                   28,142,000           26,485,000
                                           ============         ============


            See notes to condensed consolidated financial statements

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<TABLE>
<CAPTION>


                  COLUMBIA LABORATORIES, INC. AND SUBSIDIARIES

                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)

                                                             THREE MONTHS ENDED MARCH 31,
                                                              1997                  1996
                                                         ------------           ------------

CASH FLOWS FROM OPERATING ACTIVITIES:

<S>                                                      <C>                    <C>          
  Net loss                                               $ (3,004,088)          $ (1,640,675)
  Adjustments to reconcile net loss to net
   cash used for operating activities-
    Depreciation and amortization                             206,951                124,847

    Changes in assets and liabilities
     (Increase) decrease in:
        Accounts receivable                                   360,478               (166,432)
        Inventories                                          (210,855)               117,278
        Prepaid expenses                                      143,916                146,320
        Other assets                                         (445,793)                63,240

      Increase (decrease) in:
        Accounts payable                                      152,525             (1,059,689)
        Accrued expenses                                     (388,034)              (109,694)
        Deferred revenue                                      240,999                (12,052)
        Estimated liability for returns
          and allowances                                       (4,824)                (7,332)
                                                         ------------           ------------

    Net cash used for operating activities                 (2,948,725)            (2,544,189)
                                                         ------------           ------------


CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchase of property and equipment                         (103,136)               (26,750)
                                                         ------------           ------------


CASH FLOWS FROM FINANCING ACTIVITIES:
  Repayment of long-term debt                                    --                  (17,242)
  Proceeds from issuance of common stock                         --               12,205,950
  Proceeds from exercise of options and warrants              925,980              2,054,189
                                                         ------------           ------------

    Net cash provided by financing activities                 925,980             14,242,897
                                                         ------------           ------------
</TABLE>

                                   (Continued)

                                    5 of 11

<PAGE>


                  COLUMBIA LABORATORIES, INC. AND SUBSIDIARIES

                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)

                                   (Continued)

                                                THREE MONTHS ENDED MARCH 31,
                                                  1997                1996
                                              ------------       ------------

EFFECT OF EXCHANGE RATE CHANGES ON CASH            (14,798)           (16,774)
                                              ------------       ------------

NET INCREASE (DECREASE) IN CASH
  AND CASH EQUIVALENTS                          (2,140,679)        11,655,184

CASH AND CASH EQUIVALENTS,
  beginning of period                            3,561,794          1,628,951
                                              ------------       ------------

CASH AND CASH EQUIVALENTS,
  end of period                               $  1,421,115       $ 13,284,135
                                              ============       ============


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

   Interest paid during the period           $      4,386       $      7,835
                                              ============      ======-=====


SUPPLEMENTAL SCHEDULE OF NONCASH OPERATING AND FINANCING ACTIVITIES:

         As of March 31, 1997, dividends on the Series A Preferred Stock of
$110,942 ($2,249 relating to the three months ended March 31, 1997) have been
earned but have not been declared and are included in other long-term
liabilities in the March 31, 1997 condensed consolidated balance sheet.

            See notes to condensed consolidated financial statements

                                     6 of 11

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                  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, 1996.


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                  COLUMBIA LABORATORIES, INC. AND SUBSIDIARIES

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

LIQUIDITY AND CAPITAL RESOURCES

          Cash and cash equivalents decreased from approximately $3.6 million at
December 31, 1996 to approximately $1.4 million at March 31, 1997, primarily as
a result of approximately $3 million of net cash used in operations and
approximately $100,000 used to purchase property and equipment offset by
approximately $900,000 received from the exercise of options and warrants.

         In May 1995, the Company entered into a worldwide, except for South
Africa, license and supply agreement with American Home Products Corporation
("AHP") under which the Wyeth-Ayerst division of AHP will market Crinone. Under
the terms of the agreement, as of April 30, 1997, the Company has received $10.5
million in milestone payments and will continue to receive additional milestone
payments and a percentage of sales, which sales are expected to commence during
the second quarter of 1997.

         In July 1996, Columbia submitted a New Drug Application ("NDA") to the
U.S. Food and Drug Administration ("FDA") for clearance to market Crinone as a
hormonal therapy for patients with secondary amenorrhea (loss of menstrual
period). In November 1996, the Company submitted a second NDA for clearance to
market Crinone for use in Assisted Reproductive Technologies ("ART") procedures,
including IN-VITRO fertilization, ovum donation and stimulated cycles. The FDA
granted the ART filing a priority review. In addition, in February 1997, the FDA
approved the Company's Treatment Protocol under its Investigational New Drug
Application ("IND") for the use of Crinone in assisted fertility procedures. As
a result, through leads generated by the Wyeth-Ayerst institutional sales force,
Columbia has begun distributing Crinone to leading infertility clinics
throughout the United States.

          On May 13, 1997, the Company received U.S. marketing approval for
Crinone from the Food and Drug Administration for use as a progesterone
supplementation or replacement as part of an Assisted Reproductive Technology
(ART) treatment for infertile women with progesterone deficiency.

          In December 1993, the Company entered into an Option and License
Agreement with a French research group based in Marseille, France, pursuant to
which it was granted an option to obtain an exclusive license to the North and
South American rights to a potential AIDS treatment. In May 1996, this agreement
was amended such that Columbia now has the right to obtain an exclusive license
to the worldwide rights. A phase I/II clinical trial in humans is now underway
in the U.S. The purpose of this trial is to determine the optimal dosage of SPC3
in late stage seropositive patients. The options, which must be exercised upon
the occurrence of certain events, expire in December 1998. Upon exercise of the
options, the Company will be required to pay an additional $7 million. If the
Company does not exercise its options upon the occurrence of certain events, the
Company's rights to the options are terminated.

          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.

         The Company believes that sales and liquidity will increase when
Crinone is approved by the FDA and other regulatory authorities and Wyeth-Ayerst
subsequently launches the product in mid 1997. Upon the approval of the use of
Crinone as a hormonal therapy for patients with secondary amenorrhea by the FDA,
Columbia will receive a $3 million milestone payment from AHP. The Company is
unaware of any problem concerning the NDAs for Crinone. In addition, the Company
believes the ART application is progressing through the review process at the
FDA as would be expected for an application granted priority review.
Accordingly, the Company expects that Crinone will be approved on a timely
basis. The foregoing are forward looking statements which could be impacted by
when the FDA and other approvals are received, when Wyeth-Ayerst launches the
product, the marketing support Wyeth-Ayerst gives to the product and the
ultimate acceptance of Crinone by the consumers, all of which the Company has
limited ability to influence.

                                    8 of 11

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          As of March 31, 1997, the Company has outstanding exercisable options
and warrants that, if exercised, would result in approximately $16 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 production commitments and research and development related
to new products. The Company has committed to spend an aggregate of
approximately $100,000 on additional equipment at its suppliers during 1997.

          As of March 31, 1997, the Company had available net operating loss
carryforwards of approximately $50 million to offset its future U.S. taxable
income.

          In accordance with Statement of Financial Accounting Standards No.
109, as of March 31, 1997 and December 31, 1996, other assets in the
accompanying consolidated balance sheet include deferred tax assets of
approximately $18 million and $17 million, respectively, (comprised primarily of
a net operating loss carryforward) which have been fully reserved as their
ultimate realizability is not assured.

RESULTS OF OPERATIONS - THREE MONTHS ENDED MARCH 31, 1997 VERSUS THREE MONTHS
ENDED MARCH 31, 1996

          Net sales remained relatively constant in 1997 as compared to 1996;
however, the product mix sold changed significantly. As a result, gross profit
as a percentage of sales decreased in 1997 as compared to 1996.

          Selling and distribution expenses remained relatively constant in 1997
as compared to 1996. The Company's strategic alliance partners are responsible
for all marketing and distribution costs of Crinone, Advantage 24 and Replens in
their territories. There can be no assurance that any of the companies with whom
the Company has entered into these agreements will aggressively or successfully
market the products. The Company's success is dependent to a great extent on the
marketing efforts of its strategic alliance partners, which the Company has
limited ability to influence.

          License fees represent upfront and milestone payments received in
connection with the licensing agreement with AHP.

          Interest income increased in 1996 as a result of interest earned on
the monies received in the private placement completed in March 1996.

          As a result, the net loss for 1997 was $3,004,088 or $.11 per share as
compared to a net loss in 1996 of $1,640,675 or $.06 per common share.

                                    9 of 11

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                  COLUMBIA LABORATORIES, INC. AND SUBSIDIARIES

                           PART II - OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

                  Certain claims and complaints have been filed or are pending
         against the Company with respect to various matters. In the opinion of
         management and counsel, all such matters are 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

                  None.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

                  As of May 13, 1997, dividends on the Series A Preferred Stock
         of $111,859 have been earned but have not been declared.

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

                  None.

                                    10 of 11
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                                   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/ MARGARET J. ROELL
                                          ----------------------------------
                                          MARGARET J. ROELL, Vice President-
                                          Finance and Administration,
                                          Chief Financial Officer

DATE:  MAY 14, 1997
       ------------

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