Columbia Laboratories Inc. has engaged Banc of America Securities to explore strategic alternatives, including a possible sale. And though the company’s stock has lagged, sources believe brighter days are ahead. The company’s stock has been floundering since June 12, when it dropped nearly 56% to close at $5.75, after Columbia announced that the phase III trial of Advantage-S, a spermicide, failed to show that the product could prevent the transmission of the HIV virus.
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