CollaGenex Pharmaceuticals Announces Third Quarter 2001 Conference Call.

Business Editors

NEWTOWN, Pa.--(BUSINESS WIRE)--Oct. 15, 2001

CollaGenex Pharmaceuticals, Inc. (Nasdaq:CGPI), today announced that it will hold a conference call on Tuesday, October 23, 2001, at 11:00 a.m. Eastern Time to discuss its third quarter 2001 results.

Participants may access the call by dialing 800/230-1059. For those who cannot listen to the live broadcast, a replay will be available shortly after the call on the Company's web site at www.collagenex.com or by dialing 800/475-6701 and entering Access Code 607608 until 11:59pm on October 30, 2001. The call can also be accessed via the Internet at www.collagenex.com or CCBN's website at www.streetevents.com. The conference call will be available for replay on both websites for a period of 90 days.

About the Company

CollaGenex Pharmaceuticals, Inc. is a specialty pharmaceutical company currently focused on providing innovative medical therapies to the dental market. The company's lead product, Periostat(R), was approved by the FDA in September 1998 and is the first and only pharmaceutical to treat periodontal disease by inhibiting the enzymes that destroy periodontal support tissues.

Periostat is marketed to the dental community by CollaGenex through a professional pharmaceutical sales force composed of approximately 125 sales representatives and managers. Currently, the company's dental sales force is also marketing Vioxx(R), a Merck & Co. drug that the company co-promotes for the treatment of acute dental pain, Atridox(R), Atrisorb(R) and Atrisorb-D(R), Atrix Laboratories Inc.'s products for the treatment of adult periodontitis, and Dentaplex(TM), a unique formulation of vitamins and mineral supplements developed by CollaGenex and MediNiche, Inc. to promote oral health.

To receive additional information on the Company, please visit our Web site at www.collagenex.com, which is not a part of this press release.