-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Lnj0rcdxv1C6dR8tyhouG7o1tLJvSwt/4N5vRDaz2DKzoSIBizu70U7YTJbBa9iF
 7qT7zB4+oNaoppsFjxBLgg==

<SEC-DOCUMENT>0001181431-06-010711.txt : 20060213
<SEC-HEADER>0001181431-06-010711.hdr.sgml : 20060213
<ACCEPTANCE-DATETIME>20060213145856
ACCESSION NUMBER:		0001181431-06-010711
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060209
FILED AS OF DATE:		20060213
DATE AS OF CHANGE:		20060213

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			THEOBALD KLAUS
		CENTRAL INDEX KEY:			0001277134

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-28308
		FILM NUMBER:		06602954

	BUSINESS ADDRESS:	
		STREET 1:		C/O COLLAGENEX PHARMACEUTICALS INC
		STREET 2:		41 UNIVERSITY DRIVE STE 200
		CITY:			NEWTOWN
		STATE:			PA
		ZIP:			18940
		BUSINESS PHONE:		2155797388

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COLLAGENEX PHARMACEUTICALS INC
		CENTRAL INDEX KEY:			0001012270
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				521758016
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		41 UNIVERSITY DRIVE
		CITY:			NEWTON
		STATE:			PA
		ZIP:			18940
		BUSINESS PHONE:		2155797388

	MAIL ADDRESS:	
		STREET 1:		41 UNIVERSITY DRIVE
		CITY:			NEWTON
		STATE:			PA
		ZIP:			18940
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd105805.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2006-02-09</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001012270</issuerCik>
        <issuerName>COLLAGENEX PHARMACEUTICALS INC</issuerName>
        <issuerTradingSymbol>CGPI</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001277134</rptOwnerCik>
            <rptOwnerName>THEOBALD KLAUS</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>COLLAGENEX PHARMACEUTICALS, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>41 UNIVERSITY DRIVE, SUITE 200</rptOwnerStreet2>
            <rptOwnerCity>NEWTOWN</rptOwnerCity>
            <rptOwnerState>PA</rptOwnerState>
            <rptOwnerZipCode>18940</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Sr VP &amp; Chief Medical Officer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Options to Purchase Common Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>11.34</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2006-02-09</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>30000</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2007-02-09</value>
            </exerciseDate>
            <expirationDate>
                <value>2016-02-08</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>30000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>132600</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Represents options granted by the Issuer pursuant to its 2005 Equity Incentive Plan on February 9, 2006. The options vest as follows: 6,000 shares subject to such options vest on February 9, 2007, 6,000 shares subject to such options vest on February 9, 2008, 6,000 shares subject to such options vest on February 9, 2009, 6,000 shares subject to such options vest on February 9, 2010 and 6,000 shares subject to such options vest on February 9, 2011.</footnote>
        <footnote id="F2">Includes multiple options grants with different prices and vesting dates.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Klaus Theobald</signatureName>
        <signatureDate>2006-02-13</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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