SecProbe.io

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549-7010

       DIVISION OF
CORPORATION FINANCE

 Mail Stop 7010
January 30, 2008

Ms. Donna Felch The Female Health Company 515 North State Street, Suite 2225 Chicago, Illinois 60610

 RE: The Female Health Company
Form 10-KSB for the fiscal year ended September 30, 2007
  Filed December 21, 2007
File # 1-13602

   Dear Ms. Felch:
We have reviewed your filings and have the following comments.  Where
indicated, we think you should re vise your document in response to these comments.  If
you disagree, we will consider your explanation as to why our comment is inapplicable or
a revision is unnecessary.  Please be as deta iled as necessary in your explanation.  In
some of our comments, we may ask you to pr ovide us with supplemental information so
we may better understand your disclosure.  Af ter reviewing this information, we may or
may not raise additional comments.
Please understand that the purpose of our re view process is to assist you in your
compliance with the applicable disclosure  requirements and to  enhance the overall
disclosure in your filing.  We look forward to  working with you in these respects.  We
welcome any questions you may have about our  comments or on any other aspect of our
review.  Feel free to call us at the telephone numbers listed at the end of this letter.
 Form 10-KSB for the fiscal year ended September 20, 2007

 General

1. It appears that your public float may have exceeded $25 million in the years
ended September 30, 2007, 2006 and 2005.  Please clarify for us how you determined that you qualify as a small business issuer.  Re ference Item 10 of
Regulation S-B.

Ms. Donna Felch
The Female Health Company January 30, 2008 Page 2

Item 1. Description of Business, page 5

Product, page 5
2. Please revise future filings to disclose and discuss the process and expected
timing for FDA approval of FC2.

Item 6. MD&A - Liquidity and Sources of Capital, page 20
3. With a view towards future disclosure , please explain to us why your accounts
receivable balance significantly increa sed and help us understand why days
outstanding are so significant in light of the fact that your disclosed payment
terms are a net 30 day basis.

Note 1. Nature of Business and Signif icant Accounting Policies, page F-7
Deferred Grant Income, page F-9
4. Please provide us a more comprehensive di scussion of the nature of the project
for which you received grant money from the British Linkage Challenge Fund.  In this regard, please also more fully descri be the accounting for this arrangement,
including how you determined that the c ontributions should be recognized as
income.

Note 6. Income Taxes, page F-12

5. Please revise future filings to disclose and discuss how you determined the
amount of the tax valuation allowance that you released and how you will assess
the remaining allowance in future periods.

*    *    *    *
   Please respond to these comments with in 10 business days, or tell us when you
will provide us with a response.  Please pr ovide us with a supplemental response letter
that keys your responses to our comment s and provides any requested supplemental
information.  Detailed letters greatly facilitate our review.  Please file your supplemental
response on EDGAR as a correspondence file .  Please understand that we may have
additional comments after reviewin g your responses to our comments.

 We urge all persons who are responsible for the accuracy and adequacy of the
disclosure in the filings reviewed by the sta ff to be certain that they have provided all
information investors require.  Since the co mpany and its management are in possession
of all facts relating to a company’s disclosure , they are responsible for the accuracy and
adequacy of the disclosures they have made.

Ms. Donna Felch
The Female Health Company January 30, 2008 Page 3     In connection with responding to our comments, please provide, in writing, a
statement from the company acknowledging that:
• the company is responsible for the adequacy  and accuracy of the disclosure in their
filings;
• staff comments or changes to disclosure  in response to staff comments do not
foreclose the Commission from taking any action with respect to the filing; and
• the company may not assert staff comments as a defense in any proceeding initiated
by the Commission or any person under the federal securities laws of the United States.

In addition, please be advise d that the Division of Enfo rcement has access to all
information you provide to the staff of the Divi sion of Corporation Fi nance in our review
of your filing or in response to our comments on your filing.

If you have any questions regarding these co mments, please direct them to Tricia
Armelin, Staff Accountant, at  (202) 551-3747, Anne McConnell,  Senior Accountant, at
(202) 551-3709 or, in their absence, to the undersigned at (202) 551-3768.

         S i n c e r e l y ,

       John Cash        A c c o u n t i n g  B r a n c h  C h i e f