Anika Therapeutics Reaches Settlement With SEC.Business Editors WOBURN, Mass.--(BUSINESS WIRE)--Jan. 13, 2003 Anika Therapeutics, Inc. (Nasdaq:ANIK ANIK Canadian COMSAT ) today announced that it has entered into a settlement with the Securities and Exchange Commission (SEC) concluding and resolving the SEC's investigation into the company's historical accounting for and disclosures concerning sales of ORTHOVISC(R) under a long-term supply and distribution agreement with Zimmer, Inc. The SEC's investigation was previously disclosed by Anika. To conclude this matter, Anika has consented to the entry of an order that it will comply with sections 13(a), 13(b)(2)(A) and 13(b)(2)(B) of the Securities Exchange Act of 1934 and rules 12b-20, 13a-1 and 13a-13 promulgated prom·ul·gate tr.v. prom·ul·gat·ed, prom·ul·gat·ing, prom·ul·gates 1. To make known (a decree, for example) by public declaration; announce officially. See Synonyms at announce. 2. thereunder. The settlement does not impose any monetary sanctions against Anika, and it does not affect Anika's results of operations or financial condition. Anika neither admits nor denies the findings in the SEC's administrative cease and desist order An order issued by an Administrative Agency or a court proscribing a person or a business entity from continuing a particular course of conduct. The force and effect of a cease and desist order are similar to those of an Injunction issued by a court. resolving the matter. "The company is very pleased with the settlement and to have this matter behind us," said Charles H. Sherwood, Ph.D., Anika's president and chief executive officer. About Anika Therapeutics 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 hyaluronic acid: see mucopolysaccharide. Hyaluronic acid A polysaccharide which is an integral part of the gel-like substance of animal connective tissue; it supposedly serves as a lubricant and shock absorbent in the joints. (HA), a naturally occurring, biocompatible biocompatible /bio·com·pat·i·ble/ (-kom-pat´i-b'l) being harmonious with life; not having toxic or injurious effects on biological function. polymer found throughout the body. 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. Predictions or indications of future events and trends and which do not relate to historical matters identify forward-looking statements. 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 Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations" in each of the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2001, its Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended September 30, 2002 and Current Reports on Form 8-K, as well as those described in the Company's other press releases and filings with the Securities and Exchange Commission. |
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