Columbia Laboratories Inc. on Tuesday said it had closed itsprivate placement of 150,000 shares of series B convertiblepreferred stock priced at $100 per share, raising $15 million.The shares, which pay no interest, are immediately convertibleinto a total of 3 million common shares at $5 per share. Theplacement, through Alex. Brown & Sons, was made to U.S. andEuropean institutional investors and other accreditedinvestors. Columbia stock (AMEX:COB) closed at $7.13, up 13cents, on Tuesday.

The Hollywood, Fla., company also said it is in discussionswith several companies for expanded U.S. distribution andmarketing of its women's health care products.

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