Columbia Laboratories ( symbol) ( CBRX) is developing products that utilize its bioadhesive drug delivery in a controlled and sustained manner. For the third quarter ended Sept. 30, the company reported a 79% jump in revenue to $14.2 million following asset sales to Watson and other products sales. Columbia Laboratories swung to net income of $257,622 from a year-earlier loss of $5.8 million. The company recently said that after successful completion of one of its studies it believes the outcome will have a positive impact on the top-line results of the pivotal Phase III clinical trial in December. Moreover, strong positive data may lead to a $6 to $8 million payment from Watson and facilitate Columbia's filing an NDA in first half of 2011. The company estimates its cash balance as of Dec. 31, 2010, to be in excess of $20 million. It further added that it expects to move to sustained profitability in the upcoming quarters, realizing the benefits of tax-sheltered income through its significant net operating loss carryforwards. Earlier this month, The Benchmark reassigned a buy rating to the stock and raised its target price to $4 from $3. Currently, the stock is trading at $1.80, indicating an upside of 125%.