Anika Therapeutics Promotes Sherwood to VP, Research and Development.

Business/Technology Editors & Health/Medical Writers

WOBURN, Mass.--(BW HealthWire)--April 24, 2000

Anika Therapeutics, Inc. (Nasdaq: ANIK) today announced the promotion of Charles H. Sherwood, Ph.D., to vice president, research and development, succeeding Scott P. Bruder, M.D, Ph.D., who recently left the company to join DePuy Orthopedics, a Johnson & Johnson company. In his new position, Sherwood will provide leadership to Anika Therapeutics in the discovery and development of new products based on the company's core technology in tissue protection and healing "

Chuck has been a significant part of Anika's product development efforts since he joined the company in April 1998, and he has been particularly instrumental in the ongoing development of our anti-adhesion product, INCERT(R)," said J. Melville Engle, chairman, president and chief executive officer. "Chuck has many years of experience with hyaluronic acid and medical device research and development. We look forward to utilizing his expertise to further expand the Anika product pipeline".

Previously, Sherwood was vice president, process development and engineering for Anika, responsible for overseeing the design and engineering of new products and providing technical support to the company's manufacturing and development operations for the firm's hyaluronic acid-based product line. In his new position, Dr. Sherwood will retain these responsibilities in addition to his new ones as the head of research and development. In order for the company to maintain a strong focus on research and product development, Anika's clinical research and medical affairs function will report to Michael Slater, vice president, operations, who has more than two decades of experience in this area.

Prior to joining Anika, Sherwood served as senior director of medical device research and development for Chiron Vision. From 1982 to 1995, Sherwood was with IOLAB Corporation, which was acquired by Chiron Vision in 1995, most recently as executive director of research and development. Earlier, he worked on research and development programs with Hughes Aircraft Company and Lord Corporation. He has also served on the faculty of California State Polytechnic University, Pomona.

Sherwood holds a doctorate and master's degree in polymer science and engineering from the University of Massachusetts, a bachelor's degree in chemical engineering from Cornell University and a certificate in management from Claremont Graduate School. He holds five U.S. patents and is the author of numerous scientific articles.

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, 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 Surgical. Therapies currently under development include INCERT(R), a family of HA formulations designed to prevent post-surgical adhesions. Anika is also collaborating with Orquest, Inc. to manufacture OSSIGEL(R), an injectable formulation of basic fibroblast growth factor combined with HA designed to accelerate the healing of bone fractures.

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 Exchange Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements involve known and unknown risks, uncertainties and other factors. The words "believe," "expect," "anticipate," "intend," "estimate" and other expressions which are predictions of or indicate future events and trends and which do not relate to historical matters identify forward-looking statements. 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, which include the following, among others. There can be no assurances that the Company's investments in the clinical research and product development in INCERT(R) will produce any medical devices, that the Company would be able to obtain regulatory approval for any such medical devices or that any such medical devices may be sold, used or marketed in the United States or any other markets. Furthermore, there can be no assurances that the Company will be successful in expanding its product pipeline. 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 the Company's Annual Report on Form 10-K for the year ended December 31, 1999 and filed with the Securities and Exchange Commission (the "SEC").