Subsequent Events

6 Months Ended

Jun. 30, 2011

SUBSEQUENT EVENT [Abstract]

Subsequent Events [Text Block]

SUBSEQUENT EVENTS:

WATSON PURCHASE AND COLLABORATION AGREEMENT

The Company's March 2, 2010 Purchase and Collaboration Agreement with Watson provides for a Clinical Trial Results Milestone payment to Columbia of either $6 million or $8 million based upon certain statistical results of the PREGNANT Study, as agreed to by the FDA. The Company provided statistical analyses to Watson and claimed the $6 million milestone. Watson did not agree that the milestone had been achieved pursuant to the terms of the contract. The parties tried without success to resolve the dispute. Columbia has now decided not to pursue this milestone further after careful review by legal counsel and consideration of the costs and uncertain outcome in arbitration of the dispute under the contract. The working relationship between the two parties remains very collaborative in advancing the NDA submission and filing with the FDA and development of a next-generation vaginal progesterone product. No revenue has been recognized for this milestone payment.

STRIANT ASSET PURCHASE AGREEMENT

On July 27, 2011, the Company entered into a license agreement with Invaron Pharmaceuticals Inc. (“Invaron”), a privately-held Canadian pharmaceutical company, for STRIANT® (testosterone buccal system) in Canada. Under the terms of the agreement, Invaron will seek regulatory approval for and will market STRIANT in Canada. Columbia will receive a royalty on annual net sales of STRIANT in Canada, assuming Invaron receives Health Canada regulatory approval. Revenues to Columbia are not expected to be material.