VERU INC. — Director's Dealing 2007

Apr 17, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FEMALE HEALTH CO (FHCO)
CIK: 0000863894
Period of Report: 2007-04-16

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-04-16	Common Stock, par value $.01 per share	X	169683	$0.71	Acquired	1568291	Direct
2007-04-16	Common Stock, par value $.01 per share	X	40724	$0.77	Acquired	1609015	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-04-16	Common Stock Purchase Warrant	$0.71	F	80317	Disposed	2010-03-25	Common Stock (80317)	Direct
2007-04-16	Common Stock Purchase Warrant	$0.71	X	169683	Disposed	2010-03-25	Common Stock (169683)	Direct
2007-04-16	Common Stock Purchase Warrant	$0.77	F	21776	Disposed	2010-02-12	Common Stock (21776)	Direct
2007-04-16	Common Stock Purchase Warrant	$0.77	X	40724	Disposed	2010-02-12	Common Stock (40724)	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	418100	Indirect

Footnotes

F1: Pursuant to a cashless warrant exercise program, the reporting person surrendered to The Female Health Company ("FHC") the requisite number of warrants to pay the exercise price on the 250,000 warrants being exercised. The requisite number of warrants surrendered was calculated based upon the spread between the market value of FHC common stock on the effective date of exercise and the exercise price on the warrants. The reporting person surrendered that number of warrants having an aggregate spread amount equal to the aggregate exercise price of the 250,000 warrants being exercised. The total exercise price for the 250,000 warrants was $177,500 and the market price of FHC common stock on the date of exercise was $2.21 per share. Accordingly, the reporting person surrendered 80,317 warrants to pay the exercise price on the 250,000 warrants being exercised by the reporting person for shares of FHC common stock.

F2: Pursuant to a cashless warrant exercise program, the reporting person surrendered to The Female Health Company ("FHC") the requisite number of warrants to pay the exercise price on the 62,500 warrants being exercised. The requisite number of warrants surrendered was calculated based upon the spread between the market value of FHC common stock on the effective date of exercise and the exercise price on the warrants. The reporting person surrendered that number of warrants having an aggregate spread amount equal to the aggregate exercise price of the 62,500 warrants being exercised. The total exercise price for the 62,500 warrants was $48,125 and the market price of FHC common stock on the date of exercise was $2.21 per share. Accordingly, the reporting person surrendered 21,776 warrants to pay the exercise price on the 62,500 warrants being exercised by the reporting person for shares of FHC common stock.

F3: Shares are held by the reporting person's self-directed IRA.

F4: Shares are held by a profit sharing plan, of which the reporting person is a beneficiary.

F5: Shares are held by a trust, of which the reporting person is a trustee.

F6: Shares are held by a trust, of which the reporting person is a trustee.