SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

CAMPBELL ANTHONY R

(Last)

(First)

(Middle)

(Street)

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
COLUMBIA LABORATORIES INC [ CBRX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
03/25/2009

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock								111,368⁽¹⁾	D
Common Stock	03/25/2009		P		117,449	A	⁽²⁾	126,574	I	By custodian of Individual Retirement Account
Common Stock								1,463,323	I	By Knott Partners, L.P.⁽³⁾⁽⁴⁾
Common Stock								576,100	I	By Shoshone Partners, L.P.⁽³⁾⁽⁴⁾
Common Stock								975,595	I	By Knott Partners Offshore Master Fund, L.P.⁽³⁾⁽⁴⁾
Common Stock								1,600	I	By Managed Account A⁽³⁾⁽⁴⁾
Common Stock								65,979	I	By Managed Account B⁽³⁾⁽⁴⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Series C Convertible Preferred Stock	$1.49	03/25/2009		S			175	⁽⁵⁾	⁽⁵⁾	Common Stock, $.01 par value per share	117,449	$0.98	0	I	By custodian of Individual Retirement Account
Series E Preferred Stock	$2							⁽⁶⁾	⁽⁷⁾	Common Stock, $.01 par value per share	399,000		399,000	I	By Knott Partners, L.P.⁽³⁾⁽⁴⁾
Series E Preferred Stock	$2							⁽⁶⁾	⁽⁷⁾	Common Stock, $.01 par value per share	479,000		479,000	I	By Knott Partners Offshore Master Fund L.P.⁽³⁾⁽⁴⁾
Series E Preferred Stock	$2							⁽⁶⁾	⁽⁷⁾	Common Stock, $.01 par value per share	259,000		259,000	I	By Shoshone Partners, L.P.⁽³⁾⁽⁴⁾
Series E Preferred Stock	$2							⁽⁶⁾	⁽⁷⁾	Common Stock, $.01 par value per share	49,000		49,000	I	By Managed Account B⁽⁹⁾
Series E Preferred Stock	$2							⁽⁶⁾	⁽⁷⁾	Common Stock, $.01 par value per share	14,000		14,000	I	By Managed Account C⁽⁹⁾
Convertible Subordinated Notes due 2011	$6.25							⁽⁸⁾	12/31/2011	Common Stock, $.01 par value per share	25,905		25,905	I	By Knott Partners, L.P.⁽³⁾⁽⁴⁾
Convertible Subordinated Notes due 2011	$6.25							⁽⁸⁾	12/31/2011	Common Stock, $.01 par value per share	119,619		119,619	I	By Shoshone Partners, L.P.⁽³⁾⁽⁴⁾
Convertible Subordinated Notes due 2011	$6.25							⁽⁸⁾	12/31/2011	Common Stock, $.01 par value per share	750,476		750,476	I	By Knott Partners Offshore Master Fund L.P.⁽³⁾⁽⁴⁾
Convertible Subordinated Notes due 2011	$6.25							⁽⁸⁾	12/31/2011	Common Stock, $.01 par value per share	15,810		15,810	I	By Mulsanne Partners, L.P.⁽³⁾⁽⁴⁾
Convertible Subordinated Notes due 2011	$6.25							⁽⁸⁾	12/31/2011	Common Stock, $.01 par value per share	30,095		30,095	I	By Managed Account B⁽⁹⁾
Convertible Subordinated Notes due 2011	$6.25							⁽⁸⁾	12/31/2011	Common Stock, $.01 par value per share	10,476		10,476	I	By Managed Account C⁽⁹⁾
Warrant to purchase Common Stock, $.01 par value per share	$6.39							⁽⁶⁾	03/13/2011	Common Stock, $.01 par value per share	75,150		75,150	I	By Knott Partners, L.P.⁽³⁾⁽⁴⁾
Warrant to purchase Common Stock, $.01 par value per share	$6.39							⁽⁶⁾	03/13/2011	Common Stock, $.01 par value per share	80,750		80,750	I	By Shoshone Partners, L.P.⁽³⁾⁽⁴⁾
Warrant to purchase Common Stock, $.01 par value per share	$6.39							⁽⁶⁾	03/13/2011	Common Stock, $.01 par value per share	202,212		202,212	I	By Knott Partners Offshore Master Fund, L.P.⁽³⁾⁽⁴⁾
Warrant to purchase Common Stock, $.01 par value per share	$6.39							⁽⁶⁾	03/13/2011	Common Stock, $.01 par value per share	7,450		7,450	I	By Managed Account B (8)
Warrant to purchase Common Stock, $.01 par value per share	$6.39							⁽⁶⁾	03/13/2011	Common Stock, $.01 par value per share	5,725		5,725	I	By Managed Account C⁽⁹⁾
Warrant to purchase Common Stock, $.01 par value per share	$6.39							⁽⁶⁾	12/22/2011	Common Stock, $.01 par value per share	7,771		7,771	I	By Knott Partners, L.P.⁽³⁾⁽⁴⁾
Warrant to purchase Common Stock, $.01 par value per share	$6.39							⁽⁶⁾	12/22/2011	Common Stock, $.01 par value per share	35,886		35,886	I	By Shoshone Partners, L.P.⁽³⁾⁽⁴⁾
Warrant to purchase Common Stock, $.01 par value per share	$6.39							⁽⁶⁾	12/22/2011	Common Stock, $.01 par value per share	225,143		225,143	I	By Knott Partners Offshore Master Fund, L.P.⁽³⁾⁽⁴⁾
Warrant to purchase Common Stock, $.01 par value per share	$6.39							⁽⁶⁾	12/22/2011	Common Stock, $.01 par value per share	4,743		4,743	I	By Mulsanne Partners, L.P.⁽³⁾⁽⁴⁾
Warrant to purchase Common Stock, $.01 par value per share	$6.39							⁽⁶⁾	12/22/2011	Common Stock, $.01 par value per share	9,029		9,029	I	By Managed Account B⁽⁹⁾
Warrant to purchase Common Stock, $.01 par value per share	$6.39							⁽⁶⁾	12/22/2011	Common Stock, $.01 par value per share	3,143		3,143	I	By Managed Account C⁽⁹⁾

Explanation of Responses:

1. Includes award of 20,833 restricted Shares of Common Stock upon election to Board that vest at the 2009 Annual Meeting.

2. The reporting person converted 175 shares of Series C Convertible Preferred Stock on March 25, 2009, at a conversion price of $1.49 per share, resulting in his acquisition of 117,449 shares of common stock. Series C Convertible Preferred Stock was convertible into the number of shares of common stock that is equal to the quotient obtained by dividing the stated value of such share ($1,000) by the lower of: (i) $3.50, and (ii) 100% of the average of the closing prices of the Common Stock on the three trading days immediately preceding the receipt by the Company of a conversion notice.

3. The Reporting Person is a member of Knott Partners Management LLC ("KPM"). KPM is the sole general partner of Shoshone Partners, L.P., Mulsanne Partners, L.P. and Knott Partners Offshore Master Fund, L.P., as well as the managing general partner of Knott Partners, L.P. The Reporting Person may be deemed to beneficially own an indirect pecuniary interest in the securities represented in this entry as a result of a performance-related fee. Except with respect to (a) Knott Partners, L.P., in which the Reporting Person owns a beneficial interest, and (b) Knott Partners, L.P., Shoshone Partners, L.P. and Knott Partners Offshore Master Fund, L.P., but only to the extent of the Reporting Person's indirect pecuniary interest in KPM, the Reporting Person disclaims beneficial ownership in such securities except to the extent ultimately realized.

4. Each of Knott Partners, L.P., Shoshone Partners, L.P., Mulsanne Partners, L.P., and Knott Partners Offshore Master Fund, L.P., and each of the Managed Accounts disclaims beneficial ownership of securities reported as owned by any other party. The inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported shares for purposes of Section 16 or any other purpose.

5. The Series C Convertible Preferred Stock was convertible into Common Stock, and had no expiration date.

6. These securities are currently convertible or exercisable, as the case may be.

7. These securities do not expire.

8. The securities reported in this entry are convertible at any time but only to the extent that after giving effect to such exercise the holder thereof, together with such holder's affiliates, would not beneficially own in excess of 9.99% of the shares of Common Stock outstanding immediately after giving effect to such exercise.

9. The Reporting Person is a senior analyst of Dorset Management Corporation ("DMC"). DMC provides investment management services to Knott Partners, L.P., Shoshone Partners, L.P., Mulsanne Partners, L.P., Knott Partners Offshore Master Fund, L.P. and the Managed Accounts. Each of Knott Partners, L.P., Shoshone Partners, L.P., Mulsanne Partners, L.P., Knott Partners Offshore Master Fund, L.P. and the Managed Accounts disclaims beneficial ownership of securities reported as owned by any other party. The inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported shares for purposes of Section 16 or any other purpose.

	/s/Anthony R. Campbell	03/27/2009
	** Signature of Reporting Person	Date
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