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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><strong>UNITED
        STATES </strong></font></div>
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        AND EXCHANGE COMMISSION </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Washington,
        D.C. 20549 </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><strong>FORM
        8-K</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
        <div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CURRENT
        REPORT </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PURSUANT
        TO SECTION 13 OR 15(d) OF THE </strong></font></div>
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        EXCHANGE ACT OF 1934 </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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        of report (Date of earliest event reported): November 17,
        2005</strong></font></div>
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        </div>
        <div>&#160;</div></div>
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        Pharmaceuticals, Inc. </strong></font></div>
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        Name of Registrant as Specified in Charter) </strong></font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
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        </div></div>
      <div>
        <div>&#160;</div>
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          <table cellpadding="0" cellspacing="0" width="100%">

              <tr>
                <td colspan="3" valign="bottom" width="28%">
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                    Byberry Road, Bldg. 13</strong></font></div>
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                    Valley, Pennsylvania</strong></font></div>
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                    of Principal Executive Offices)</strong></font></div>
                </td>
                <td align="left" valign="bottom" width="23%">
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                    Code)</strong></font></div>
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        telephone number, including area code: (215) 914-0900</strong></font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>1000
                  Marina Boulevard, Suite 300</strong></font></div>
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                  California 94005</strong></font></div>
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        name or Former Address, if Changed Since Last Report.) </strong></font></div>
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        the
        appropriate box below if the Form 8-K filing is intended to simultaneously
        satisfy the filing obligation of the registrant under any of the following
        provisions (see General Instruction A.2. below): </font></div>
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                  communications pursuant to Rule 425 under the Securities Act (17
                  CFR
                  230.425) </font></div>
              </td>
            </tr>

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                  240.14a-12) </font></div>
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              </td>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        3.01</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Notice
        of Delisting or Failure to Satisfy a Continued Listing Rule or Standard;
        Transfer of Listing</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cellegy
        Pharmaceuticals, Inc. (&#8220;Cellegy&#8221; or the &#8220;Company&#8221;)</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        announced today that it has</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        received
        a letter (the "Letter") from The Nasdaq Stock Market notifying Cellegy that
        for
        ten consecutive trading days prior to the date of the Letter, the market
        value
        of the common stock had been below the minimum price that would result in
        a
        market value of the common stock of at least $35,000,000 as required for
        continued inclusion on the Nasdaq SmallCap Market by Marketplace Rule
        4310(c)(2)(B)(ii) (the &#8220;Rule&#8221;). Cellegy has until December 19, 2005 to regain
        compliance. If, at any time before December 19, 2005, the aggregate market
        value
        of Cellegy's common stock is $35,000,000 or more for a minimum of ten
        consecutive business days, the Nasdaq staff will determine if Cellegy complies
        with the Rule. Based upon 29,831,625 shares outstanding on November 14, 2005,
        Cellegy&#8217;s stock price would have to equal or exceed approximately $1.18 for a
        minimum of ten consecutive business days in order to regain compliance.
</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
        Cellegy does not regain compliance with The Nasdaq Stock Market continued
        listing requirements by December 19, 2005, the Nasdaq staff will provide
        written
        notification that the Company&#8217;s securities will be delisted. Cellegy may appeal
        to a Listing Qualification Panel. If the Company&#8217;s common stock is delisted from
        the Nasdaq SmallCap Market, Cellegy would likely seek to have the common
        stock
        trade over the OTC Bulletin Board. Delisting from The Nasdaq SmallCap Market
        will likely reduce the liquidity of Cellegy&#8217;s common stock, could cause certain
        investors not to trade in Cellegy&#8217;s common stock and result in a lower stock
        price, and could have an adverse effect on the Company. </font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
        the
        Letter, Nasdaq also notified Cellegy that it did not currently satisfy alternate
        standards for continued listing under Marketplace Rules 4310 (c)(2)(B)(i),
        which
        requires minimum stockholders&#8217; equity of $2,500,000, or 4310(c)(2)(B)(iii),
        which requires net income from continuing operations of $500,000 in the most
        recently completed fiscal year or in two of the last three most recently
        completed fiscal years. </font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURE
        </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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 hereunto
        duly authorized. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;</font></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="middle" width="36%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="middle" width="3%">&#160;</td>
              <td align="left" valign="bottom" width="1%">&#160;</td>
              <td align="left" valign="middle" width="36%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="36%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="bottom" width="1%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" colspan="3" valign="top" width="41%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CELLEGY
                  PHARMACEUTICALS, INC.</strong></font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="middle" width="36%">&#160;</td>
              <td align="left" colspan="2" valign="middle" width="4%">&#160;</td>
              <td align="left" colspan="2" valign="middle" width="38%">&#160;</td>
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            <tr>
              <td align="left" valign="top" width="36%" style="BORDER-BOTTOM: medium none">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:
                  November 23, 2005</font></div>
              </td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: medium none">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
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              </td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: medium none">
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{"company-data": {"conformed-name": "CELLEGY PHARMACEUTICALS INC", "cik": "0000887247", "assigned-sic": "2834", "irs-number": "820429727", "state-of-incorporation": "CA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-26372", "film-number": "051225349"}, "business-address": {"street1": "1000 MARINA BOULEVARD", "street2": "SUITE 300", "city": "BRISBANE", "state": "CA", "zip": "94005", "phone": "6506162200"}, "mail-address": {"street1": "1000 MARINA BOULEVARD", "street2": "SUITE 300", "city": "BRISBANE", "state": "CA", "zip": "94005"}}
UNITED
        STATES
SECURITIES
        AND EXCHANGE COMMISSION
Washington,
        D.C. 20549
FORM
        8-K
CURRENT
        REPORT
PURSUANT
        TO SECTION 13 OR 15(d) OF THE
SECURITIES
        EXCHANGE ACT OF 1934
Date
        of report (Date of earliest event reported): November 17,
        2005
Cellegy
        Pharmaceuticals, Inc.
(Exact
        Name of Registrant as Specified in Charter)
1800
                    Byberry Road, Bldg. 13
Huntingdon
                    Valley, Pennsylvania
19006
(Address
                    of Principal Executive Offices)
(Zip
                    Code)
Registrant's
        telephone number, including area code: (215) 914-0900
1000
                  Marina Boulevard, Suite 300
Brisbane,
                  California 94005
(Former
        name or Former Address, if Changed Since Last Report.)
Check
        the
        appropriate box below if the Form 8-K filing is intended to simultaneously
        satisfy the filing obligation of the registrant under any of the following
        provisions (see General Instruction A.2. below):
¨
Written
                  communications pursuant to Rule 425 under the Securities Act (17
                  CFR
                  230.425)
¨
Soliciting
                  material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
                  240.14a-12)
¨
Pre-commencement
                  communications pursuant to Rule 14d-2(b) under the Exchange Act
                  (17 CFR
                  240.14d-2(b))
¨
Pre-commencement
                  communications pursuant to Rule 13e-4(c) under the Exchange Act
                  (17 CFR
                  240.13e-4(c))
Item
        3.01
Notice
        of Delisting or Failure to Satisfy a Continued Listing Rule or Standard;
        Transfer of Listing
Cellegy
        Pharmaceuticals, Inc. ("Cellegy" or the "Company")
announced today that it has
received
        a letter (the "Letter") from The Nasdaq Stock Market notifying Cellegy that
        for
        ten consecutive trading days prior to the date of the Letter, the market
        value
        of the common stock had been below the minimum price that would result in
        a
        market value of the common stock of at least $35,000,000 as required for
        continued inclusion on the Nasdaq SmallCap Market by Marketplace Rule
        4310(c)(2)(B)(ii) (the "Rule"). Cellegy has until December 19, 2005 to regain
        compliance. If, at any time before December 19, 2005, the aggregate market
        value
        of Cellegy's common stock is $35,000,000 or more for a minimum of ten
        consecutive business days, the Nasdaq staff will determine if Cellegy complies
        with the Rule. Based upon 29,831,625 shares outstanding on November 14, 2005,
        Cellegy's stock price would have to equal or exceed approximately $1.18 for a
        minimum of ten consecutive business days in order to regain compliance.
If
        Cellegy does not regain compliance with The Nasdaq Stock Market continued
        listing requirements by December 19, 2005, the Nasdaq staff will provide
        written
        notification that the Company's securities will be delisted. Cellegy may appeal
        to a Listing Qualification Panel. If the Company's common stock is delisted from
        the Nasdaq SmallCap Market, Cellegy would likely seek to have the common
        stock
        trade over the OTC Bulletin Board. Delisting from The Nasdaq SmallCap Market
        will likely reduce the liquidity of Cellegy's common stock, could cause certain
        investors not to trade in Cellegy's common stock and result in a lower stock
        price, and could have an adverse effect on the Company.
In
        the
        Letter, Nasdaq also notified Cellegy that it did not currently satisfy alternate
        standards for continued listing under Marketplace Rules 4310 (c)(2)(B)(i),
        which
        requires minimum stockholders' equity of $2,500,000, or 4310(c)(2)(B)(iii),
        which requires net income from continuing operations of $500,000 in the most
        recently completed fiscal year or in two of the last three most recently
        completed fiscal years.
SIGNATURE
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 hereunto
        duly authorized.
CELLEGY
                  PHARMACEUTICALS, INC.
Date:
                  November 23, 2005
By:
/s/
                  Robert J. Caso
Robert
                  J. Caso
Vice
                  President, Finance
(Duly
                  Authorized Officer)