NEWTOWN, Pa., Jan. 28 /PRNewswire/ -- CollaGenex Pharmaceuticals, Inc.
(Nasdaq: CGPI) announced today that it received its second action letter from
the U.S. Food and Drug Administration (FDA) regarding its new drug application
for Periostat, the Company's drug for the treatment of periodontal disease.
In the letter and in a subsequent telephone conference, the FDA noted that the
drug is still not approved due to additional issues.  The Company is working
with the FDA to address these issues.
    "The Company believes it has successfully resolved many of the issues
raised previously during the review process," noted Dr. Brian Gallagher,
Ph.D., President and Chief Executive Officer.  "However, the FDA can raise new
issues at any time which require action from the Company."
    CollaGenex Pharmaceuticals is an emerging pharmaceutical company which is
developing and commercializing innovative proprietary medical therapies for
the treatment of periodontal disease and other pathologies.  The Company's
core technology involves inhibiting the activity of certain enzymes that
destroy the connective tissues of the body.  In addition to periodontal
disease, the Company and its collaborators are researching and developing
other potential applications of the core technology, including cancer
metastasis, wound healing, osteoarthritis, osteoporosis, rheumatoid arthritis
and diabetic nephropathy.  Founded in 1992, the Company completed an initial
public offering of two million shares of common stock in June 1996.
    To receive additional information on CollaGenex, via fax, at no charge,
dial 1-800-PRO-INFO and enter code CGPI.
    This news release contains certain forward-looking statements within the
meaning of Section 21E of the Securities and Exchange Act of 1934, as amended.
Investors are cautioned that forward-looking statements involve risks and
uncertainties which may affect the Company's business and prospects, including
without limitation the requirement for regulatory approval of products by the
FDA, the uncertainty in obtaining such approval and uncertainties relating to
clinical trials, all as discussed in the Company's periodic filings with the
U.S. Securities and Exchange Commission.

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