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align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman"><STRONG>SECURITIES
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: 14pt; FONT-FAMILY: Times New Roman"><STRONG>WASHINGTON,
D.C.&nbsp;&nbsp;20549</STRONG></FONT></DIV>
<DIV
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align=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</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: 14pt; 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=justify><FONT
style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</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: 14pt; 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=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Pursuant
to Section 13 OR 15(d) of the Securities 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=justify>&nbsp;</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">DATE OF
REPORT - MAY 10, 2005</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</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">(Date of
Earliest Event Reported)</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 90pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 86.4pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman"><STRONG><U>COLUMBIA
LABORATORIES, INC.</U></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">(Exact
name of registrant as specified in its charter)</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</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">Commission
File No. 1-10352</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center>&nbsp;</DIV>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle
    width="40%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 21.6pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Delaware</FONT></DIV></TD>
    <TD vAlign=top align=left width="20%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle
    width="40%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 21.6pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">59-2758596</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=middle width="40%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 21.6pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State
      of Incorporation)</FONT></DIV></TD>
    <TD vAlign=top align=left width="20%">&nbsp;</TD>
    <TD vAlign=top align=middle width="40%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 21.6pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(I.R.S.
      Employer</FONT></DIV>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 21.6pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Identification
      No.)</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=middle width="40%">&nbsp;</TD>
    <TD vAlign=top align=left width="20%">&nbsp;</TD>
    <TD vAlign=top align=middle width="40%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle
    width="40%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 21.6pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">354
      Eisenhower Parkway</FONT></DIV>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 21.6pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Livingston,
      New Jersey</FONT></DIV></TD>
    <TD vAlign=top align=left width="20%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=middle
    width="40%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 21.6pt"
      align=center>&nbsp;</DIV>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 21.6pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">07039</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=middle width="40%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 21.6pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
      of principal</FONT></DIV>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 21.6pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">executive
      offices)</FONT></DIV></TD>
    <TD vAlign=top align=left width="20%">&nbsp;</TD>
    <TD vAlign=top align=middle width="40%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 21.6pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Zip
      Code</FONT></DIV></TD></TR></TABLE></DIV>
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align=left><BR></DIV>
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align=justify>&nbsp;</DIV>
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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">Registrant&#8217;s
telephone number, including area code: (973) 994-3999</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</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">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):</FONT></DIV>
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align=left><BR></DIV>
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align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><FONT
face=Wingdings>o</FONT> Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)</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"><FONT
face=Wingdings>o</FONT> Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)</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"><FONT
face=Wingdings>o</FONT> Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</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"><FONT
face=Wingdings>o</FONT> Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>&nbsp;</DIV>
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<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
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style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
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<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV>&nbsp;</DIV></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"><STRONG>Item
1.01.</STRONG></FONT><FONT id=TAB2
style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Entry
into a Material Definitive Agreement.</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: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Preferred
Stock Purchase Agreements</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: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On May
10, 2005, Columbia Laboratories, Inc. (the &#8220;Company&#8221;) entered into Preferred
Stock Purchase Agreements (the &#8220;Purchase Agreements&#8221;) with each of (i) Perry
Partners, L.P. and Perry Partners International, Inc. (collectively, &#8220;Perry&#8221;),
(ii) Knott Partners, LP, Matterhorn Offshore Fund Ltd., Common Fund Hedged
Equity Co., Shoshone Partners, LP and ANNO, LP (collectively, &#8220;Knott&#8221;) and (iii)
Harvest Capital, LP, New Americans, L.L.C., Harvest AA Capital, LP, CL Harvest,
LLC and Harvest Offshore Investors, Ltd. (collectively, &#8220;Harvest&#8221; and,
collectively with Perry and Knott, the &#8220;Purchasers&#8221;), pursuant to which the
Purchasers purchased from the Company an aggregate of 69,000 shares of the
Company&#8217;s Series E Convertible Preferred Stock, par value $0.01 per share, a
newly designated series of convertible preferred stock having the rights set
forth in the Certificate of Designations attached hereto as Exhibit 4.1 (the
&#8220;Series E Preferred Stock&#8221;), which the Company filed with the Secretary of State
of Delaware on May 10, 2005. Pursuant to the Purchase Agreements, Perry Partners
purchased an aggregate of 35,000 shares of Series E Preferred Stock for an
aggregate purchase price of $3,500,000, Knott purchased an aggregate of 24,000
shares of Series E Preferred Stock for an aggregate purchase price of $2,400,000
and Harvest purchased an aggregate of 10,000 shares of Series E Preferred Stock
for an aggregate purchase price of $1,000,000. </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: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Series E Preferred Stock was issued to the Purchasers in a private placement
effected pursuant to Section 4(2) of the Securities Act of 1933, as amended (the
&#8220;Securities Act&#8221;).</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: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to the Purchase Agreement with Perry, the Company permitted Perry to acquire
Beneficial Ownership, as defined in the Company&#8217;s Shareholder Rights Plan, of up
to 24% of the Company&#8217;s currently outstanding Common Stock. Under a prior
exemption from the Shareholder Rights Plan, Perry was limited to a maximum 19.9%
Beneficial Ownership.</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: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to the Purchase Agreements, the Company has agreed to use its reasonable best
efforts to file by June 9, 2005 a shelf registration statement with the
Securities and Exchange Commission under the Securities Act to cover the
issuance of shares of the Company&#8217;s Common Stock issuable upon conversion of the
Series E Preferred Stock (the &#8220;Conversion Shares&#8221;).</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 144pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Purchase Agreement between the Company and Perry is attached as Exhibit 10.56 to
this Current Report on Form 8-K and is incorporated herein in its entirety. The
Purchase Agreements between the Company and each of Knott and Harvest are
substantially identical in all material respects to the Purchase Agreement
between the Company and Perry, except as described in Exhibit 99.3
hereto.</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: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Certificate
of Designations</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: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Certificate of Designations classifies 100,000 authorized but unissued shares of
preferred stock of the Company as Series E Preferred Stock.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV>&nbsp;</DIV></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">Each
holder of record of Series E Preferred Stock is entitled to one vote for each
share of Common Stock that such holder would be entitled to receive upon
conversion of all of its shares of Series E Preferred Stock. Except as otherwise
provided by law and subject to the next sentence, holders of Series E Preferred
Stock will vote together as a single class with holders of Common Stock on all
matters upon which stockholders are entitled to vote. For so long as 20,000
shares of Series E Preferred Stock are outstanding, the Company may not, without
the affirmative vote or consent of a majority of the outstanding shares of
Series E Preferred Stock, voting as a separate class (with each holder being
entitled to one vote for each share of Series E Preferred Stock held), create
any class or series of stock ranking prior to the Series E Preferred Stock as to
dividends or upon liquidation, or amend the Company&#8217;s Certificate of
Incorporation to affect adversely the powers (except as such powers may be
limited by the voting rights given to additional shares of any class of stock),
rights or preferences of the Series E Preferred Stock. Other than the foregoing
voting rights, the holders of Series E Preferred Stock are not entitled to vote
as a separate class on any matter, including the election of directors of the
Company.</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: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In the
event of any bankruptcy, liquidation, dissolution or winding up of the Company,
either voluntary or involuntary (a &#8220;Liquidation Event&#8221;), each holder of Series E
Preferred Stock will be entitled to receive, prior and in preference to any
distribution of any of the assets or funds of the Company to the holders of the
Common Stock or any other class or series of capital stock of the Company
ranking junior to the Series E Preferred Stock (the &#8220;Junior Securities&#8221;), an
amount per share of Series E Preferred Stock equal to $100 per share (the
&#8220;Liquidation Preference&#8221;). After the payment of the full Liquidation Preference
on account of all shares of Series E Preferred Stock and the Series B Preferred
Stock, Series C Preferred Stock and any other class or series of capital stock
of the Company ranking on parity with the Series E Preferred Stock, the
remaining assets of the Company legally available for distribution, if any, will
be distributed ratably to the holders of Common Stock and/or holders of any
Junior Securities. A merger, recapitalization, reorganization, sale of stock or
assets or other business combination transaction involving the Company is not
deemed to be a Liquidation Event.</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">Holders
of Series E Preferred Stock are not entitled to receive dividends. However, if
the board of directors elects to pay or declare any dividend on any shares of
Common Stock, the holders of Series E Preferred Stock are entitled to receive
dividends in an amount per share equal to the per share amount that would have
been payable to such holders had such holders converted their shares of Series E
Preferred Stock into Common Stock prior to the record date with respect to such
dividend.</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: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each
share of Series E Preferred Stock may be converted by the holder thereof into 50
shares of the Company&#8217;s Common Stock, subject to adjustment for stock splits,
subdivisions and combinations (the &#8220;Conversion Rate&#8221;). Each share of Series E
Preferred Stock will automatically be converted into Common Stock at the
Conversion Rate upon the date on which the current market price of the Common
Stock (generally defined as the average of the daily market prices of the Common
Stock for the 20 consecutive trading days preceding the applicable date) exceeds
$6.00 per share.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV>&nbsp;</DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
complete terms of the Series E Preferred Stock are contained in the Certificate
of Designations for the Series E Preferred Stock, which is attached as Exhibit
4.1 to this Current Report on Form 8-K and is incorporated herein in its
entirety.</FONT><FONT id=TAB2
style="COLOR: black; LETTER-SPACING: 39pt">&nbsp;</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</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"><STRONG>Item
2.02</STRONG></FONT><FONT id=TAB2
style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Results
of Operations and Financial Condition.</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On May
10, 2005, the Company issued a press release entitled &#8220;Columbia Laboratories
Reports First Quarter 2005 Financial Results.&#8221; A copy of the press release
issued by the Company is filed herewith as Exhibit 99.1.</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"></FONT>&nbsp;</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">The
information contained in this Item 2.02 of this Current Report on Form 8-K,
including Exhibit&nbsp;99.1, is being furnished and shall not be deemed to be
&#8220;filed&#8221; for purposes of Section&nbsp;18 of the Securities Exchange Act of 1934,
as amended (the &#8220;Exchange Act&#8221;), or otherwise subject to the liabilities of
Section&nbsp;18. Furthermore, such information shall not be deemed to be
incorporated by reference into any registration statement or other document
filed by the Company pursuant to the Securities Act or the Exchange Act except
as shall be expressly set forth by specific reference in any such filing.
</FONT><FONT id=TAB2
style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</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"><STRONG>Item
3.02</STRONG></FONT><FONT id=TAB2
style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Unregistered
Sales of Equity Securities.</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On May
10, 2005, the Company raised $6.9 million from the issuance and sale of 69,000
shares of Series E Preferred Stock to the Purchasers as described in Item 1.01.
A copy of the press release issued by the Company, entitled &#8220;Columbia
Laboratories Raises $6.9 Million Through Sale of Convertible Preferred Stock,&#8221;
announcing such issuance and sale of Series E Preferred Stock, is filed herewith
as Exhibit 99.2.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</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">See Item
1.01, which is incorporated herein by reference. </FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</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"><STRONG>Item
9.01</STRONG></FONT><FONT id=TAB2
style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Financial
Statements and Exhibits.</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: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</FONT><FONT
id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Not
applicable</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: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</FONT><FONT
id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Not
applicable</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: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</FONT><FONT
id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibits.</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV align=right>
<TABLE cellSpacing=0 cellPadding=0 width="95%">
  <TR>
    <TD vAlign=top align=middle width="8%">
      <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>Exhibit
      No.</STRONG></FONT></DIV></TD>
    <TD width="3%">&nbsp;</TD>
    <TD vAlign=top align=middle width="65%">
      <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>Description</STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="8%">
      <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">4.1</FONT></DIV></TD>
    <TD width="3%">&nbsp;</TD>
    <TD vAlign=top align=left width="65%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certificate
      of Designations of Series E Convertible Preferred Stock, filed May 10,
      2005 with the Delaware Secretary of State</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="8%">
      <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">10.56</FONT></DIV></TD>
    <TD width="3%">&nbsp;</TD>
    <TD vAlign=top align=left width="65%">
      <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">Preferred
      Stock Purchase Agreement, dated as of May 10, 2005, among Columbia
      Laboratories, Inc., Perry Partners, L.P. and Perry Partners International,
      Inc.</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="8%">
      <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">99.1</FONT></DIV></TD>
    <TD width="3%">&nbsp;</TD>
    <TD vAlign=top align=left width="65%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
      Release, dated May 10, 2005, entitled &#8220;Columbia Laboratories Reports First
      Quarter 2005 Financial Results&#8221;</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="8%">
      <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">99.2</FONT></DIV></TD>
    <TD width="3%">&nbsp;</TD>
    <TD vAlign=top align=left width="65%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
      Release, dated May 10, 2005, entitled &#8220;Columbia Laboratories Raises $6.9
      Million Through Sale of Convertible Preferred Stock&#8221;</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="8%">
      <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">99.3</FONT></DIV></TD>
    <TD width="3%">&nbsp;</TD>
    <TD vAlign=top align=left width="65%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Schedule
      Identifying Series E Convertible Preferred Stock Purchase Agreements
      Omitted</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV><BR>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV><BR>
<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>SIGNATURES</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: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><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>
<TABLE cellSpacing=0 cellPadding=0 width="100%" align=center bgColor=#ffffff
border=0>
  <TR vAlign=top bgColor=#ffffff>
    <TD width="50%"><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD>
    <TD width="1%"><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD>
    <TD width="49%"><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=top bgColor=#ffffff>
    <TD><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD>
    <TD colSpan=2><FONT face="Times New Roman" size=2>COLUMBIA LABORATORIES,
      INC.</FONT></TD></TR>
  <TR vAlign=top bgColor=#ffffff>
    <TD><FONT face="Times New Roman" size=2>&nbsp;<BR>&nbsp;</FONT></TD>
    <TD><FONT face="Times New Roman" size=2>&nbsp;<BR>&nbsp;</FONT></TD>
    <TD><FONT face="Times New Roman" size=2>&nbsp;<BR>&nbsp;</FONT></TD></TR>
  <TR vAlign=top bgColor=#ffffff>
    <TD><FONT face="Times New Roman" size=2>May 11, 2005</FONT></TD>
    <TD><FONT face="Times New Roman" size=2>By:&nbsp;&nbsp;</FONT></TD>
    <TD><FONT face="Times New Roman" size=2>/s/&nbsp;David L.
    Weinberg</FONT></TD></TR>
  <TR vAlign=top bgColor=#ffffff>
    <TD colSpan=2><FONT face="Times New Roman" size=1>&nbsp;</FONT></TD>
    <TD align=left>
      <HR align=left width="80%" color=#000000 noShade SIZE=2>
      <FONT size=2>Name:</FONT><FONT id=TAB2
      style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;</FONT><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">David
      L. Weinberg</FONT></TD></TR>
  <TR vAlign=top bgColor=#ffffff>
    <TD colSpan=2><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD>
    <TD><FONT face="Times New Roman" size=2>Title:&nbsp;<FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Vice
      President-Finance and Chief Financial
Officer</FONT></FONT></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>&nbsp;</DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV>
<DIV style="WIDTH: 100%" align=left></DIV></DIV></DIV><BR>
<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>EXHIBIT
INDEX</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>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD vAlign=top align=middle width="14%">
      <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>Exhibit
      No.</STRONG></FONT></DIV></TD>
    <TD width="3%">&nbsp;</TD>
    <TD vAlign=top align=middle width="65%">
      <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>Description</STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="14%">
      <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">4.1</FONT></DIV></TD>
    <TD width="3%">&nbsp;</TD>
    <TD vAlign=top align=left width="65%">
      <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">Certificate
      of Designations of Series E Convertible Preferred Stock, filed May 10,
      2005 with the Delaware Secretary of State</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="14%">
      <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">10.56</FONT></DIV></TD>
    <TD width="3%">&nbsp;</TD>
    <TD vAlign=top align=left width="65%">
      <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">Preferred
      Stock Purchase Agreement, dated as of May 10, 2005, among Columbia
      Laboratories, Inc., Perry Partners, L.P. and Perry Partners International,
      Inc.</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="14%">
      <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">99.1</FONT></DIV></TD>
    <TD width="3%">&nbsp;</TD>
    <TD vAlign=top align=left width="65%">
      <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">Press
      Release, dated May 10, 2005, entitled &#8220;Columbia Laboratories Reports First
      Quarter 2005 Financial Results&#8221;</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="14%">
      <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">99.2</FONT></DIV></TD>
    <TD width="3%">&nbsp;</TD>
    <TD vAlign=top align=left width="65%">
      <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">Press
      Release, dated May 10, 2005, entitled &#8220;Columbia Laboratories Raises $6.9
      Million Through Sale of Convertible Preferred Stock&#8221;</FONT></DIV></TD></TR>
  <TR>
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      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.3</FONT></DIV></TD>
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      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Schedule
      Identifying Series E Convertible Preferred Stock Purchase Agreements
      Omitted</FONT></DIV></TD></TR></TABLE></DIV>
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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 - MAY 10, 2005
(Date of
Earliest Event Reported)
COLUMBIA
LABORATORIES, INC.
(Exact
name of registrant as specified in its charter)
Commission
File No. 1-10352
Delaware
59-2758596
(State
      of Incorporation)
(I.R.S.
      Employer
Identification
      No.)
354
      Eisenhower Parkway
Livingston,
      New Jersey
07039
(Address
      of principal
executive
      offices)
Zip
      Code
Registrant's
telephone number, including area code: (973) 994-3999
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):
o
Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item
1.01.
Entry
into a Material Definitive Agreement.
Preferred
Stock Purchase Agreements
On May
10, 2005, Columbia Laboratories, Inc. (the "Company") entered into Preferred
Stock Purchase Agreements (the "Purchase Agreements") with each of (i) Perry
Partners, L.P. and Perry Partners International, Inc. (collectively, "Perry"),
(ii) Knott Partners, LP, Matterhorn Offshore Fund Ltd., Common Fund Hedged
Equity Co., Shoshone Partners, LP and ANNO, LP (collectively, "Knott") and (iii)
Harvest Capital, LP, New Americans, L.L.C., Harvest AA Capital, LP, CL Harvest,
LLC and Harvest Offshore Investors, Ltd. (collectively, "Harvest" and,
collectively with Perry and Knott, the "Purchasers"), pursuant to which the
Purchasers purchased from the Company an aggregate of 69,000 shares of the
Company's Series E Convertible Preferred Stock, par value $0.01 per share, a
newly designated series of convertible preferred stock having the rights set
forth in the Certificate of Designations attached hereto as Exhibit 4.1 (the
"Series E Preferred Stock"), which the Company filed with the Secretary of State
of Delaware on May 10, 2005. Pursuant to the Purchase Agreements, Perry Partners
purchased an aggregate of 35,000 shares of Series E Preferred Stock for an
aggregate purchase price of $3,500,000, Knott purchased an aggregate of 24,000
shares of Series E Preferred Stock for an aggregate purchase price of $2,400,000
and Harvest purchased an aggregate of 10,000 shares of Series E Preferred Stock
for an aggregate purchase price of $1,000,000.
The
Series E Preferred Stock was issued to the Purchasers in a private placement
effected pursuant to Section 4(2) of the Securities Act of 1933, as amended (the
"Securities Act").
Pursuant
to the Purchase Agreement with Perry, the Company permitted Perry to acquire
Beneficial Ownership, as defined in the Company's Shareholder Rights Plan, of up
to 24% of the Company's currently outstanding Common Stock. Under a prior
exemption from the Shareholder Rights Plan, Perry was limited to a maximum 19.9%
Beneficial Ownership.
Pursuant
to the Purchase Agreements, the Company has agreed to use its reasonable best
efforts to file by June 9, 2005 a shelf registration statement with the
Securities and Exchange Commission under the Securities Act to cover the
issuance of shares of the Company's Common Stock issuable upon conversion of the
Series E Preferred Stock (the "Conversion Shares").
The
Purchase Agreement between the Company and Perry is attached as Exhibit 10.56 to
this Current Report on Form 8-K and is incorporated herein in its entirety. The
Purchase Agreements between the Company and each of Knott and Harvest are
substantially identical in all material respects to the Purchase Agreement
between the Company and Perry, except as described in Exhibit 99.3
hereto.
Certificate
of Designations
The
Certificate of Designations classifies 100,000 authorized but unissued shares of
preferred stock of the Company as Series E Preferred Stock.
Each
holder of record of Series E Preferred Stock is entitled to one vote for each
share of Common Stock that such holder would be entitled to receive upon
conversion of all of its shares of Series E Preferred Stock. Except as otherwise
provided by law and subject to the next sentence, holders of Series E Preferred
Stock will vote together as a single class with holders of Common Stock on all
matters upon which stockholders are entitled to vote. For so long as 20,000
shares of Series E Preferred Stock are outstanding, the Company may not, without
the affirmative vote or consent of a majority of the outstanding shares of
Series E Preferred Stock, voting as a separate class (with each holder being
entitled to one vote for each share of Series E Preferred Stock held), create
any class or series of stock ranking prior to the Series E Preferred Stock as to
dividends or upon liquidation, or amend the Company's Certificate of
Incorporation to affect adversely the powers (except as such powers may be
limited by the voting rights given to additional shares of any class of stock),
rights or preferences of the Series E Preferred Stock. Other than the foregoing
voting rights, the holders of Series E Preferred Stock are not entitled to vote
as a separate class on any matter, including the election of directors of the
Company.
In the
event of any bankruptcy, liquidation, dissolution or winding up of the Company,
either voluntary or involuntary (a "Liquidation Event"), each holder of Series E
Preferred Stock will be entitled to receive, prior and in preference to any
distribution of any of the assets or funds of the Company to the holders of the
Common Stock or any other class or series of capital stock of the Company
ranking junior to the Series E Preferred Stock (the "Junior Securities"), an
amount per share of Series E Preferred Stock equal to $100 per share (the
"Liquidation Preference"). After the payment of the full Liquidation Preference
on account of all shares of Series E Preferred Stock and the Series B Preferred
Stock, Series C Preferred Stock and any other class or series of capital stock
of the Company ranking on parity with the Series E Preferred Stock, the
remaining assets of the Company legally available for distribution, if any, will
be distributed ratably to the holders of Common Stock and/or holders of any
Junior Securities. A merger, recapitalization, reorganization, sale of stock or
assets or other business combination transaction involving the Company is not
deemed to be a Liquidation Event.
Holders
of Series E Preferred Stock are not entitled to receive dividends. However, if
the board of directors elects to pay or declare any dividend on any shares of
Common Stock, the holders of Series E Preferred Stock are entitled to receive
dividends in an amount per share equal to the per share amount that would have
been payable to such holders had such holders converted their shares of Series E
Preferred Stock into Common Stock prior to the record date with respect to such
dividend.
Each
share of Series E Preferred Stock may be converted by the holder thereof into 50
shares of the Company's Common Stock, subject to adjustment for stock splits,
subdivisions and combinations (the "Conversion Rate"). Each share of Series E
Preferred Stock will automatically be converted into Common Stock at the
Conversion Rate upon the date on which the current market price of the Common
Stock (generally defined as the average of the daily market prices of the Common
Stock for the 20 consecutive trading days preceding the applicable date) exceeds
$6.00 per share.
The
complete terms of the Series E Preferred Stock are contained in the Certificate
of Designations for the Series E Preferred Stock, which is attached as Exhibit
4.1 to this Current Report on Form 8-K and is incorporated herein in its
entirety.
Item
2.02
Results
of Operations and Financial Condition.
On May
10, 2005, the Company issued a press release entitled "Columbia Laboratories
Reports First Quarter 2005 Financial Results." A copy of the press release
issued by the Company is filed herewith as Exhibit 99.1.
The
information contained in this Item 2.02 of this Current Report on Form 8-K,
including Exhibit 99.1, is being furnished and shall not be deemed to be
"filed" for purposes of Section 18 of the Securities Exchange Act of 1934,
as amended (the "Exchange Act"), or otherwise subject to the liabilities of
Section 18. Furthermore, such information shall not be deemed to be
incorporated by reference into any registration statement or other document
filed by the Company pursuant to the Securities Act or the Exchange Act except
as shall be expressly set forth by specific reference in any such filing.
Item
3.02
Unregistered
Sales of Equity Securities.
On May
10, 2005, the Company raised $6.9 million from the issuance and sale of 69,000
shares of Series E Preferred Stock to the Purchasers as described in Item 1.01.
A copy of the press release issued by the Company, entitled "Columbia
Laboratories Raises $6.9 Million Through Sale of Convertible Preferred Stock,"
announcing such issuance and sale of Series E Preferred Stock, is filed herewith
as Exhibit 99.2.
See Item
1.01, which is incorporated herein by reference.
Item
9.01
Financial
Statements and Exhibits.
(a)
Not
applicable
(b)
Not
applicable
(c)
Exhibits.
Exhibit
      No.
Description
4.1
Certificate
      of Designations of Series E Convertible Preferred Stock, filed May 10,
      2005 with the Delaware Secretary of State
10.56
Preferred
      Stock Purchase Agreement, dated as of May 10, 2005, among Columbia
      Laboratories, Inc., Perry Partners, L.P. and Perry Partners International,
      Inc.
99.1
Press
      Release, dated May 10, 2005, entitled "Columbia Laboratories Reports First
      Quarter 2005 Financial Results"
99.2
Press
      Release, dated May 10, 2005, entitled "Columbia Laboratories Raises $6.9
      Million Through Sale of Convertible Preferred Stock"
99.3
Schedule
      Identifying Series E Convertible Preferred Stock Purchase Agreements
      Omitted
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 hereunto
duly authorized.
COLUMBIA LABORATORIES,
      INC.
May 11, 2005
By:
/s/ David L.
    Weinberg
Name:
David
      L. Weinberg
Title:
Vice
      President-Finance and Chief Financial
Officer
EXHIBIT
INDEX
Exhibit
      No.
Description
4.1
Certificate
      of Designations of Series E Convertible Preferred Stock, filed May 10,
      2005 with the Delaware Secretary of State
10.56
Preferred
      Stock Purchase Agreement, dated as of May 10, 2005, among Columbia
      Laboratories, Inc., Perry Partners, L.P. and Perry Partners International,
      Inc.
99.1
Press
      Release, dated May 10, 2005, entitled "Columbia Laboratories Reports First
      Quarter 2005 Financial Results"
99.2
Press
      Release, dated May 10, 2005, entitled "Columbia Laboratories Raises $6.9
      Million Through Sale of Convertible Preferred Stock"
99.3
Schedule
      Identifying Series E Convertible Preferred Stock Purchase Agreements
      Omitted