Exhibit
5
October 14,
2008
515
North
State Street, Suite 2225
Chicago,
Illinois 60654
Ladies
and Gentlemen:
We
are providing this opinion in
connection with the Registration Statement of The Female Health Company, a
Wisconsin corporation (the "Company"), on Form S-8 (the "Registration
Statement"), filed under the Securities Act of 1933, as amended (the "Act"),
with respect to the proposed sale by the Company of up to 2,000,000 shares of Company
common
stock, $.01 par value per share (the "Shares"), pursuant to the provisions
of
The Female Health Company 2008 Stock Incentive Plan (the "Plan").
We
have examined (1) the Registration
Statement; (2) the Company's Amended and Restated Articles of Incorporation
and
Amended and Restated By-Laws, as amended to date; (3) the Plan; (4) the
corporate proceedings relating to the adoption of the Plan, the issuance of
the
Shares and the organization of the Company; and (5) such other documents and
records as we have deemed necessary in order to render this
opinion. In rendering this opinion, we have relied as to certain
factual matters on certificates of officers of the Company and of state
officials.
Based
upon the foregoing, it is our opinion that the Shares, when issued as and for
the consideration contemplated by the Registration Statement and the Plan,
will
be validly issued, fully paid and nonassessable.
Under
former Section 180.0622(2)(b) of the Wisconsin Statutes, shareholders of a
Wisconsin corporation could be assessed up to the par value of their shares
to
satisfy the obligations of such corporation to its employees for services
rendered, but not exceeding six months’ service in the case of any individual
employee. Certain Wisconsin courts interpreted "par value" to mean
the full amount paid by the purchaser of shares upon the issuance
thereof. Pursuant to 2005 Wisconsin Act 474,
Section 180.0622(2)(b) of the Wisconsin Statutes was repealed effective
June 14, 2006 and is not applicable to obligations incurred by a Wisconsin
corporation on or after such date.
We
consent to the filing of this
opinion as an Exhibit to the Registration Statement. In giving this
consent, we do not admit that we are "experts" within the meaning of
section 11 of the Act, or that we come within the category of persons whose
consent is required by section 7 of the Act.
Yours
very truly,
REINHART
BOERNER VAN DEUREN s.c.
BY /s/
Benjamin G. Lombard
Benjamin G. Lombard