UNITED STATES

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 (Date of earliest event reported): January 23, 2007

Cellegy Pharmaceuticals, Inc.

(Exact Name of Registrant as Specified in Charter)

Registrant’s telephone number, including area code: (215) 529-6084

(Former name or Former Address, if Changed Since Last Report.)

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 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Effective January 23, 2007, the board of directors (the “Board”) of Cellegy Pharmaceuticals, Inc., approved a reduction in the rate of compensation payable to directors of the company.

Effective January 1, 2007, the Board eliminated the annual retainers for service on the Board and committees of the Board. Previously, in addition to receiving fees for Board meetings attended, directors were entitled to receive an annual retainer of $10,000 for service on the Board, and members of the Nominating and Governance Committee, Compensation Committee and Audit Committee were entitled to annual retainers of $1,000, $3,500 and $4,500, respectively. These retainers have been eliminated.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

None.

SIGNATURE

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.


	CELLEGY PHARMACEUTICALS, INC.

Date: January 25, 2007	By:	/s/ Robert J. Caso
		Robert J. Caso
		Vice President, Finance (Duly Authorized Officer)

Delaware

0-26372

82-0429727

(State or other jurisdiction

of incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

2085B Quaker Point Drive

Quakertown, Pennsylvania

(Address of Principal Executive Offices)

(Zip Code)