FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
BETHUNE DAVID R
   2. Issuer Name and Ticker or Trading Symbol
FEMALE HEALTH CO [FHCO] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
THE FEMALE HEALTH COMPANY, 515 NORTH STATE STREET, SUITE 2225		 3. Date of Earliest Transaction (Month/Day/Year)
10/18/2011
(Street)

CHICAGO, IL 60654		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock, par value $.01 per share 10/18/2011   M   110,000 A $ 1.40 170,500 D  
Common Stock, par value $.01 per share 10/18/2011   F(1)   35,321 D $ 4.36 135,179 D  
Common Stock, par value $.01 per share 10/18/2011   M   30,000 A $ 1.66 165,179 D  
Common Stock, par value $.01 per share 10/18/2011   F(1)   11,422 D $ 4.36 153,757 D  
Common Stock, par value $.01 per share 10/18/2011   M   30,000 A $ 1.27 183,757 D  
Common Stock, par value $.01 per share 10/18/2011   F(1)   8,739 D $ 4.36 175,018 D  
Common Stock, par value $.01 per share 10/18/2011   M   23,750 A $ 3.92 198,768 D  
Common Stock, par value $.01 per share 10/18/2011   F(1)   21,353 D $ 4.36 177,415 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Common Stock Option $ 1.40 10/18/2011   M     110,000 04/22/2003 04/22/2013 Common Stock 110,000 $ 0 0 D  
Common Stock Option $ 1.66 10/18/2011   M     30,000 10/22/2004 10/22/2014 Common Stock 30,000 $ 0 0 D  
Common Stock Option $ 1.27 10/18/2011   M     30,000 11/12/2006 11/12/2016 Common Stock 30,000 $ 0 0 D  
Common Stock Option $ 3.92 10/18/2011   M     23,750 06/29/2009(2) 06/29/2019 Common Stock 23,750 $ 0 6,250 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
BETHUNE DAVID R
THE FEMALE HEALTH COMPANY
515 NORTH STATE STREET, SUITE 2225
CHICAGO, IL 60654		   X      

Signatures

 /s/ James M. Bedore, Attorney-in-fact   10/27/2011
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Pursuant to a cashless option exercise program, the reporting person surrendered to The Female Health Company ("FHCO") the requisite number of shares subject to the option to pay the exercise price based on the market price of FHCO common stock on the trading day immediately preceding the date of exercise which was $4.36 per share.
(2) Options for one thirty-sixth of the shares vest on the 29th of each month for the 36-month period commencing on June 29, 2009 and ending on May 29, 2012.

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