VERU INC. — Director's Dealing 2007

Nov 23, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FEMALE HEALTH CO (FHCO)
CIK: 0000863894
Period of Report: 2007-11-20

Reporting Person: DEARHOLT STEPHEN M (Director, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-11-20	Common Stock, par value $.01 per share	M	120000	$1.5	Acquired	1629015	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-11-20	Common Stock Purchase Warrant	$1.5	M	120000	Disposed	2007-11-23	Common Stock (120000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, par value $.01 per share	26500	Indirect
Common Stock, par value $.01 per share	69500	Indirect
Common Stock, par value $.01 per share	275820	Indirect
Common Stock, par value $.01 per share	418000	Indirect

Footnotes

F1: Shares held by the reporting person's self-directed IRA.

F2: Shares are held by a profit sharing plan, of which the reporting person is a beneficiary.

F3: Shares are held by a trust, of which the reporting person is a trustee.

F4: Shares are held by a trust, of which the reporting person is a trustee.