Anika Therapeutics Expands Territory in Europe for ORTHOVISC to Germany and France.

Business & Health Editors

WOBURN, Mass.--(BUSINESS WIRE)--Sept. 10, 2003

Anika Therapeutics, Inc. (Nasdaq:ANIK) today announced it has expanded its marketing and distribution partnership with Vita Research srl, based in Rome, Italy, for ORTHOVISC(R), Anika's treatment for osteoarthritis of the knee, to now include Germany and France.

"For the past two years, Vita Research has proven to be a great partner for Anika in Italy and has done a commendable job with ORTHOVISC in that country," said Charles H. Sherwood, Ph.D., president and chief executive officer. "We are delighted to extend this partnership to include two of the regions largest potential markets and look forward to working closely to support Vita Research's efforts in both Germany and France."

Sherwood noted that ORTHOVISC already is approved for commercialization in Europe, and marketing efforts are expected to commence in Germany this month. In France, the company first will seek reimbursement approval before commercialization efforts begin. Vita Research currently has offices and sales representation in both countries. Current estimates indicate that the European market is approximately $80 million.

ORTHOVISC currently is approved for sale and is being marketed in Canada, the United Kingdom, Italy, Spain, Portugal, Turkey, Greece and Israel. In May 2003, Anika filed a pre-market approval (PMA) application to the U.S. Food and Drug Administration (FDA) for ORTHOVISC to market the product in the U.S.

About Anika Therapeutics, Inc.

Headquartered in Woburn, Mass., Anika Therapeutics, Inc. (www.anikatherapeutics.com) develops, manufactures and commercializes therapeutic products and devices intended to promote the repair, protection and healing of bone, cartilage and soft tissue. These products are based on hyaluronic acid (HA), a naturally occurring, biocompatible polymer found throughout the body. In addition to ORTHOVISC(R), a treatment for osteoarthritis of the knee (not approved for sale in the U.S.), Anika markets HYVISC(R) in the U.S. for the treatment of equine osteoarthritis through Boehringer Ingelheim Vetmedica, Inc. and manufactures AMVISC(R) and AMVISC(R) Plus, HA viscoelastic products for ophthalmic surgery, for Bausch & Lomb. It also produces CoEase(TM), which is marketed by Advanced Medical Optics, Inc., STAARVISC(TM)-II, distributed by STAAR Surgical Company, and Shellgel(TM) for Cytosol Ophthalmics, Inc.

The statements made in this press release which are not statements of historical fact are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, without limitation, statements that may be identified by words such as "expectations," "remains," "focus," "expected," "prospective," "expanding," "building," "continue," "progress," "efforts," "hope," "believe," "objectives," opportunities," "will," "seek," and other expressions which are predictions of or indicate future events and trends and which do not constitute historical matters identify forward-looking statements. These statements also include statements regarding: (i) the Company's efforts and expectations in entering into long-term arrangements to market and distribute ophthalmic and osteoarthritis products, (ii) the level of the Company's revenue or sales in particular geographic areas and/or for particular products, (iii) expectations regarding future results of operations, (iv) the Company's goal of obtaining FDA approval for ORTHOVISC(R), (v) the Company's expectations of the size of the United States and European markets, including Germany and France, for osteoarthritis of the knee, and (vi) the Company's intention to increase market share for ORTHOVISC(R) in international (and, eventually, domestic) markets or otherwise penetrate growing markets for osteoarthritis of the knee. These statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks, uncertainties and other factors. The Company's actual results could differ materially from any anticipated future results, performance or achievements described in the forward-looking statements as a result of a number of factors including: (i) the Company's ability to successfully commence and/or complete clinical trials of its products on a timely basis or at all, obtain clinical data to support a pre-market approval application and/or FDA approval, and/or receive FDA or other regulatory approvals of its products, including ORTHOVISC(R), or that such approvals will not be obtained in a timely manner or without the need for additional clinical trials; (ii) the cost effectiveness and efficiency of our manufacturing operations and production planning; (iii) the strength of the German and French economies in general and other economies in which the Company operates or will be operating, as well as the political stability of any of those geographic areas; or (iv) future determinations by the Company to allocate resources to products and in directions not presently contemplated. Any delay in receiving any regulatory approvals may adversely affect the Company's competitive position. Even if regulatory approvals are obtained, there is a risk that meaningful sales of the products may not be achieved. There is also a risk that (i) the Company's existing distributors or customers will not continue to place orders at historical levels or that any of them will seek to modify or terminate existing arrangements, (ii) the Company's efforts to enter into long-term marketing and distribution arrangements will not be successful, including enlisting a domestic distribution partner for ORTHOVISC(R), (iii) new distribution arrangements will not result in meaningful sales of the Company's products, or (iv) increased sales of the Company's products, including HYVISC(R) or its ophthalmic products, will not continue or sales will decrease or not reach historical sales levels, any of which may have a material adverse effect on the Company's business and operations. Certain other factors that might cause the Company's actual results to differ materially from those in the forward-looking statements include those set forth under the headings "Business," "Risk Factors and Certain Factors Affecting Future Operating Results" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in each of the Company's Annual Report on Form 10-K for the year ended December 31, 2002, its Quarterly Report on Form 10-Q for the quarter ended June 30, 2003 and Current Reports on Form 8-K, as well as those described in the Company's other press releases and SEC filings.