VERU INC. — Director's Dealing 2007

Apr 16, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FEMALE HEALTH CO (FHCO)
CIK: 0000863894
Period of Report: 2007-04-13

Reporting Person: KERBER JAMES R (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-04-13	Common Stock, par value $.01 per share	X	55556	$1	Acquired	421766	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-04-13	Common Stock Purchase Warrant	$1	F	44444	Disposed	2008-05-17	Common Stock (44444)	Direct
2007-04-13	Common Stock Purchase Warrant	$1	X	55556	Disposed	2008-05-17	Common Stock (55556)	Direct

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 100,000 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 100,000 warrants being exercised. The total exercise price for the 100,000 warrants was $100,000 and the market price of FHC common stock on the date of exercise was $2.25 per share. Accordingly, the reporting person surrendered 44,444 warrants to pay the exercise price on the 100,000 warrants being exercised by the reporting person for shares of FHC common stock.