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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000912057-02-016979.txt : 20020430
<SEC-HEADER>0000912057-02-016979.hdr.sgml : 20020430
ACCESSION NUMBER:		0000912057-02-016979
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20020605
FILED AS OF DATE:		20020429

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ANIKA THERAPEUTICS INC
		CENTRAL INDEX KEY:			0000898437
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				043145961
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14027
		FILM NUMBER:		02623863

	BUSINESS ADDRESS:	
		STREET 1:		236 WEST CUMMINGS PARK
		CITY:			WOBURN
		STATE:			MA
		ZIP:			01801
		BUSINESS PHONE:		6179326616

	MAIL ADDRESS:	
		STREET 1:		236 WEST CUMMINGS PARK
		CITY:			WOBURN
		STATE:			MA
		ZIP:			01801

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ANIKA RESEARCH INC
		DATE OF NAME CHANGE:	19930309
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>a2077439zdef14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
<HTML>
<HEAD>
<TITLE>
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<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#02BOS1848_1">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<P ALIGN="CENTER"><FONT SIZE=2><B>SCHEDULE 14A INFORMATION</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>Proxy
Statement Pursuant to Section 14(a) of<BR>
the Securities Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) </FONT></P>

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<TABLE WIDTH="79%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Filed by the Registrant <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2>Filed by a Party other than the Registrant <FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><FONT SIZE=2><BR>
Check the appropriate box:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%"><FONT SIZE=2>Preliminary Proxy Statement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%"><FONT SIZE=2><B>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%"><FONT SIZE=2>Definitive Proxy Statement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%"><FONT SIZE=2>Definitive Additional Materials</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%"><FONT SIZE=2>Soliciting Material Pursuant to &sect;240.14a-12<BR></FONT>
</TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

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<TABLE WIDTH="83%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="CENTER"><BR><FONT SIZE=3>ANIKA THERAPEUTICS, INC.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="CENTER"><HR NOSHADE><FONT SIZE=2> (Name of Registrant as Specified In Its Charter)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="CENTER"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5 ALIGN="CENTER"><HR NOSHADE><FONT SIZE=2> (Name of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=5><FONT SIZE=2>Payment of Filing Fee (Check the appropriate box):</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>No fee required</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and&nbsp;0-11</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(1)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>Title of each class of securities to which transaction applies:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(2)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>Aggregate number of securities to which transaction applies:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(3)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(4)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>Proposed maximum aggregate value of transaction:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(5)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>Total fee paid:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>Fee paid previously with preliminary materials.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2>Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement
number, or the Form or Schedule and the date of its filing.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(1)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>Amount Previously Paid:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(2)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>Form, Schedule or Registration Statement No.:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(3)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>Filing Party:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(4)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2>Date Filed:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
</TABLE>
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<HR NOSHADE>
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<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><B>ANIKA THERAPEUTICS, INC.<BR>
236 WEST CUMMINGS PARK<BR>
WOBURN, MASSACHUSETTS 01801  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B><I>Notice of Annual Meeting of Stockholders to<BR>
be Held on Wednesday, June&nbsp;5, 2002  </I></B></FONT></P>

<P><FONT SIZE=2>The
2002 annual meeting of stockholders (the "Annual Meeting") of Anika Therapeutics,&nbsp;Inc., a Massachusetts corporation (the "Company"), will be held at the offices of Goodwin Procter LLP, 53
State Street, Boston, Massachusetts 02109 on Wednesday, June&nbsp;5, 2002, at 10:00&nbsp;a.m. local time for the following purposes: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD><FONT SIZE=2>To
elect one (1)&nbsp;Class&nbsp;III director of the Company to serve until the 2005 Annual Meeting of Stockholders and until his respective successor is duly elected and
qualified; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD><FONT SIZE=2>To
consider and act upon any other matters that may properly come before the meeting or any adjournment or postponement thereof. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>Any
action may be taken on the foregoing proposals at the Annual Meeting on the date specified above, or on any date or dates to which the Annual Meeting may be adjourned or postponed. </FONT></P>

<P><FONT SIZE=2>The
Board of Directors has fixed the close of business on April&nbsp;12, 2002 as the record date for determining the stockholders entitled to receive notice of and to vote at the Annual Meeting and
any adjournments or postponements thereof. Only stockholders of record of the Company's common stock, par value $.01 per share, at the close of business on that date will be entitled to notice of and
to vote at the Annual Meeting and at any adjournment or postponement thereof. </FONT></P>

<P><FONT SIZE=2>You
are requested to fill in and sign the enclosed form of proxy, which is solicited by the Board of Directors, and to mail it promptly in the enclosed postage prepaid envelope. Any proxy may be
revoked by delivery of a later dated proxy. Stockholders of record who attend the Annual Meeting may vote in person, even if they have delivered a signed proxy. </FONT></P>

<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>

<P><FONT SIZE=2>By
Order of the Board of Directors, </FONT></P>

<P><FONT SIZE=2>Douglas
R. Potter, </FONT><FONT SIZE=2><I>Clerk</I></FONT></P>

</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>

<P><FONT SIZE=2>Woburn,
Massachusetts<BR>
April 30, 2002 </FONT></P>

<P><FONT SIZE=2><B>WHETHER OR NOT YOU EXPECT TO ATTEND THE MEETING, PLEASE COMPLETE, DATE AND SIGN THE ENCLOSED PROXY AND MAIL IT PROMPTLY IN THE ENCLOSED ENVELOPE IN ORDER TO ENSURE
REPRESENTATION OF YOUR SHARES. NO POSTAGE NEED BE AFFIXED IF THE PROXY IS MAILED IN THE UNITED STATES. IF YOU ATTEND THE ANNUAL MEETING, YOU MAY VOTE IN PERSON IF YOU WISH, EVEN IF YOU HAVE PREVIOUSLY
RETURNED YOUR PROXY CARD.  </B></FONT></P>

<HR NOSHADE>
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<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><B>ANIKA THERAPEUTICS, INC.<BR>
236 WEST CUMMINGS PARK<BR>
WOBURN, MASSACHUSETTS 01801  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B><I>Proxy Statement for the Annual Meeting of Stockholders<BR>
To Be Held on Wednesday, June&nbsp;5, 2002  </I></B></FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2>April&nbsp;30, 2002 </FONT></P>

<P><FONT SIZE=2>This
proxy statement is furnished in connection with the solicitation of proxies by the Board of Directors of Anika Therapeutics,&nbsp;Inc., a Massachusetts corporation (the "Company"), for use at
the annual meeting of stockholders to be held at the offices of Goodwin Procter LLP, 53 State Street, Boston, Massachusetts 02109 on Wednesday, June&nbsp;5, 2002, at 10:00&nbsp;a.m. local time and
at any adjournment or postponement thereof (the "Annual Meeting"). At the Annual Meeting, the stockholders of the Company will be asked to consider and vote upon the following matters: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD><FONT SIZE=2>The
election of one (1)&nbsp;Class&nbsp;III director of the Company to serve until the annual meeting of stockholders in 2005 and until his successor is duly elected and qualified;
and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD><FONT SIZE=2>Such
other business as may properly come before the meeting and any adjournments or postponements thereof. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>This
proxy statement, the accompanying notice of annual meeting, the proxy card and the Company's Annual Report are first being sent to stockholders on or about April&nbsp;30, 2002. The Company's
Annual Report, however, is not a part of the proxy solicitation material. The Board of Directors has fixed the close of business on April&nbsp;12, 2002 as the record date for the determination of
stockholders entitled to notice of and to vote at the Annual Meeting. Only stockholders of record of the Company's common stock, par value $.01 per share ("Common Stock") at the close of business on
the record date will be entitled to notice of and to vote at the Annual Meeting. As of the record date, there were 9,934,280 shares of Common Stock outstanding and entitled to vote at the annual
meeting. Holders of Common Stock as of the close of business on the record date will be entitled to one vote per share. </FONT></P>

<P><FONT SIZE=2><B>All proxies will be voted in accordance with the stockholders' instructions, and if no choice is specified, the proxies will be voted "FOR" the election of the nominee for
Director listed in this proxy statement. If other matters are presented, proxies will be voted in accordance with the discretion of the proxy holders. A stockholder may revoke any proxy at any time
before its exercise by delivery of written revocation or a subsequently dated proxy to the Clerk of the Company or by voting in person at the Annual Meeting. Attendance at the Annual Meeting will not
in and of itself constitute revocation of a proxy.  </B></FONT></P>

<P><FONT SIZE=2>The presence, in person or by proxy, of holders of at least a majority of the total number of outstanding shares of Common Stock entitled to vote is necessary to constitute a
quorum for the transaction of business at the Annual Meeting. Shares held of record by stockholders or their nominees who do not return a signed and dated proxy or attend the Annual Meeting in person
will not be considered present or represented at the Annual Meeting and will not be counted in determining the presence of a quorum. Directors are elected by a plurality of the votes cast if a quorum
is present. In a plurality election, votes may only be cast in favor of or withheld from each nominee; votes that are withheld will be excluded entirely from the vote and will have no effect. This
means that the person receiving the highest number of "FOR" votes will be elected as director. Where the only matter to be considered at a meeting of stockholders is an uncontested election of
directors by plurality, there are no "abstentions" or "broker non-votes" because (i)&nbsp;votes may only be cast in favor of or withheld from each nominee and (ii)&nbsp;shares of
Common Stock held by a broker on behalf of a beneficial owner may be voted in the discretion of the broker if the broker does not receive voting instructions from the beneficial owner. </FONT></P>

<HR NOSHADE>
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<A NAME="page_ca1848_1_2"> </A>
<BR>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ca1848_proposal_1_election_of_directors"> </A>
<A NAME="toc_ca1848_1"> </A>
<BR></FONT><FONT SIZE=2><B>PROPOSAL 1<BR>  ELECTION OF DIRECTORS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>The Company's Board of Directors is divided into three classes: Class&nbsp;I, Class&nbsp;II and Class&nbsp;III. Each class of directors serves for a
three-year term with one class of directors being elected by the Company's stockholders at each annual meeting. </FONT></P>


<P><FONT SIZE=2>Drs.
Bower and Davidson serve as Class&nbsp;I Directors with a term of office expiring at the 2003 Annual Meeting. Mr.&nbsp;McKay and Dr.&nbsp;Sadow serve as Class&nbsp;II Directors with a
term of office expiring at the 2004 Annual Meeting. Mr.&nbsp;Wheeler serves as a Class&nbsp;III Director with a term of office expiring at the 2002 Annual Meeting. </FONT></P>

<P><FONT SIZE=2>Mr.&nbsp;Wheeler
is the Board of Directors' nominee for election to the Board of Directors at the Annual Meeting. The Class&nbsp;III Director will be elected to hold office until the 2005 Annual
Meeting and until his successor is duly elected and qualified. Unless otherwise instructed, the persons named in the accompanying proxy will vote, as permitted by the Amended and Restated
By-laws of the Company, to elect Mr.&nbsp;Wheeler as a Class&nbsp;III Director. </FONT></P>

<P><FONT SIZE=2>The
election of a director requires the affirmative vote of a plurality of votes cast by the holders of Common Stock entitled to vote on the matter. If the Class&nbsp;III Director becomes
unavailable, the person acting under the proxy may vote the proxy for the election of a substitute. </FONT></P>

<P><FONT SIZE=2><B>THE BOARD OF DIRECTORS RECOMMENDS A VOTE FOR ITS NOMINEE.  </B></FONT></P>

<P><FONT SIZE=2>The following table sets forth the name of each Director, including the nominee for Class&nbsp;III Director, his age and the year in which he became a Director of the
Company. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="66%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="78%" ALIGN="CENTER"><FONT SIZE=1><B>Director Name</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>Age</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>Director<BR>
Since</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="78%"><FONT SIZE=2><B>Class I Directors:</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="78%"><FONT SIZE=2>Joseph L. Bower</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>63</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>1993</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="78%"><FONT SIZE=2>Eugene A. Davidson, Ph.D.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>71</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>1993</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="78%"><FONT SIZE=2><B>Class II Directors:</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="78%"><FONT SIZE=2>Samuel F. McKay</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>62</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>1995</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="78%"><FONT SIZE=2>Harvey S. Sadow, Ph.D.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>79</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>1995</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="78%"><FONT SIZE=2><B>Class III Director:</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="78%"><FONT SIZE=2>Steven E. Wheeler</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>55</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>1993</FONT></TD>
</TR>
</TABLE></DIV>
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<P><FONT SIZE=2>Dr.&nbsp;Bower
joined the Board of Directors of the Company in February&nbsp;1993. He has held various positions at the Harvard Business School since 1963, where he was named Professor of Business
Administration in 1972 and Donald Kirk David Professor of Business Administration in 1986. He has served as Chairman of the Doctoral Programs, Director of Research, Senior Associate Dean for External
Relations, Chair of the General Management Area and is currently Chair of the General Manager Program. Dr.&nbsp;Bower received an A.B. from Harvard University and an M.B.A. and a D.B.A. from the
Harvard Business School. He is a director of Brown Shoe Company,&nbsp;Inc., ML Lee Fund II, New America High Income Fund, Sonesta International Hotels Corporation, Loews Corporation, and TH Lee
Putnam EOP. </FONT></P>

<P><FONT SIZE=2>Dr.&nbsp;Davidson
joined the Board of Directors of the Company in February&nbsp;1993. He has been the Chairman of the Department of Biochemistry and Molecular Biology at Georgetown University
Medical School since April&nbsp;1988. Prior to this position, he was the Chairman of the Department of Biological Chemistry at the Milton S. Hershey Medical Center of the Pennsylvania State
University from October&nbsp;1967 to April&nbsp;1988. Dr.&nbsp;Davidson also served as Associate Dean for Education at the Milton S. Hershey Medical Center from November&nbsp;1975 to
January&nbsp;1987. Dr.&nbsp;Davidson received a B.S. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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<P><FONT SIZE=2>
in Chemistry from the University of California, Los Angeles, and a Ph.D. in Biochemistry from Columbia University. </FONT></P>

<P><FONT SIZE=2>Mr.&nbsp;McKay
joined the Board of Directors of the Company in May&nbsp;1995. He is currently a general partner of Axiom Venture Partners Limited Partnership, a venture capital firm, and the Chief
Executive Officer of Axiom Venture Associates. Prior to Axiom, Mr.&nbsp;McKay was Director of Venture Capital Investments at Connecticut General Insurance Company and a scientist at the
Avco-Everett Research Laboratory. Mr.&nbsp;McKay is also a director of Open Solutions,&nbsp;Inc. and Sabre Communications,&nbsp;Inc. Mr.&nbsp;McKay received a B.S. in Physics from
the University of New Hampshire and an M.B.A. from the Whittemore School of Business at the University of New Hampshire. </FONT></P>

<P><FONT SIZE=2>Dr.&nbsp;Sadow
joined the Board of Directors of the Company in December&nbsp;1995. He was formerly a director of Cholestech Corp. and Rosetta Inpharmatics,&nbsp;Inc. and previously served as
Chairman of the Board of Directors of Trega Biosciences,&nbsp;Inc. Dr.&nbsp;Sadow currently serves as s Senior Advisor to the management of Genaissance Pharmaceuticals,&nbsp;Inc. From 1971
through 1992, Dr.&nbsp;Sadow served as President and Chief Executive Officer, Director and later, Chairman of the Board of Boehringer Ingelheim Corporation. He was also a member of the Board of
Directors of the Pharmaceutical Manufacturers Association, Chairman of the Pharmaceutical Manufacturers Association Foundation and past president of the Connecticut Academy of Science and Engineering.
Dr.&nbsp;Sadow received a B.S. from the Virginia Military Institute, an M.S. from the University of Kansas and a Ph.D. from the University of Connecticut. </FONT></P>

<P><FONT SIZE=2>Mr.&nbsp;Wheeler
joined the Board of Directors of the Company in February&nbsp;1993. He is currently the President of Wheeler&nbsp;&amp; Co., LLC, a private investment firm. He is also currently a
director of Bariston Partners, LLC, a private equity investment firm, Pingtone Communications,&nbsp;Inc. and The 81 Beacon Street Corporation. Between 1993 and February&nbsp;1996, he was Managing
Director and a director of
Copley Real Estate Advisors and President, Chief Executive Officer and a director of Copley Properties,&nbsp;Inc., a publicly traded real estate investment trust. He was the Chairman and Chief
Executive Officer of Hancock Realty Investors, which manages an equity real estate portfolio, from 1991 to February&nbsp;1993. Prior to this position, he was an Executive Vice President of Bank of
New England Corporation from 1990 to 1991. Mr.&nbsp;Wheeler received a B.S. in Engineering from the University of Virginia, an M.S. in Nuclear Engineering from the University of Michigan and an
M.B.A. from the Harvard Business School. </FONT></P>

<P><FONT SIZE=2><B>Board and Committee Meetings  </B></FONT></P>

<P><FONT SIZE=2>The Board of Directors selects nominees for the election of directors of the Company. The Board of Directors will consider a nominee recommended by a stockholder for election
to the Board of Directors if such recommendation is presented on a timely basis in accordance with, and is accompanied by the information required by, the Company's Amended and Restated
By-Laws and the Securities Exchange Act of 1934, as amended. The Company does not maintain a standing nominating committee. The Board of Directors met 21 times during 2001. No director
attended less than 75% of the aggregate of: (i)&nbsp;the total number of Board meetings and (ii)&nbsp;the total number of meetings held by all committees on which such director served. </FONT></P>

<P><FONT SIZE=2>The
Company has a standing Compensation Committee of the Board of Directors which makes recommendations to the Board regarding compensation issues with respect to the officers of the Company. The
Compensation Committee grants stock options under the Company's stock option plans. The current members of the Compensation Committee are Dr.&nbsp;Bower, Dr.&nbsp;Davidson, Mr.&nbsp;McKay and
Mr.&nbsp;Wheeler. The Compensation Committee met four times during 2001. </FONT></P>

<P><FONT SIZE=2>The
Company has a standing Audit Committee of the Board of Directors, which provides the opportunity for direct contact between the Company's independent auditors and the Board. The current Audit
Committee members are Dr.&nbsp;Bower and Messrs.&nbsp;McKay and Wheeler. The Audit </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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<P><FONT SIZE=2>
Committee met eight times during 2001. The Audit Committee has the responsibility to make recommendations to the Board relative to the selection of the Company's independent accountants, to confer
with the Company's independent accountants regarding the scope, method and result of the audit of the Company's books and records and to report the same to the Board and to establish and monitor
policy relative to non-audit services provided by the independent accountants in order to ensure their independence. The current members of the Audit Committee are "independent" as that
term is defined by the Marketplace Rules of the National Association of Securities Dealers. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ca1848_audit_committee_report"> </A>
<A NAME="toc_ca1848_2"> </A>
<BR></FONT><FONT SIZE=2><B>AUDIT COMMITTEE REPORT    <BR>  </B></FONT></P>


<P><FONT SIZE=2>In accordance with its written charter adopted by the Board of Directors, the Audit Committee oversees on behalf of the Board the participation of management and the
independent auditor in the financial reporting process of the Company. During fiscal year 2001, the Audit Committee met eight (8)&nbsp;times. </FONT></P>

<P><FONT SIZE=2>The
Audit Committee obtained from Arthur Andersen LLP, its independent auditors the written disclosures and letter required by Independence Standards Board Standard No.&nbsp;1, "Independence
Discussions with Audit Committees," and discussed with Arthur Andersen LLP its independence from the Company and its management. </FONT></P>

<P><FONT SIZE=2>The
Audit Committee has discussed and reviewed with the independent auditors all communications required by generally accepted auditing standards, including those described in Statement on Auditing
Standards No.&nbsp;61, "Communication with Audit Committees," as amended by the Statement on Auditing Standards No.&nbsp;90, "Audit Committee Communications," and, with and without management
present, discussed and reviewed the results of the independent auditors' examination of the financial statements. </FONT></P>

<P><FONT SIZE=2>The
Audit Committee reviewed the audited financial statements of the Company for the fiscal year ended December&nbsp;31, 2001, with management and the independent auditors. Management has the
responsibility for the preparation of the Company's financial statements and the independent auditors have the responsibility for the examination of those statements. </FONT></P>

<P><FONT SIZE=2>Based
upon the above-mentioned review and discussions with management and the independent auditors, the Audit Committee recommended to the Board of Directors that the Company's audited financial
statements be included in its Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2001 for filing with the Securities and Exchange Commission. </FONT></P>

<P><FONT SIZE=2>The
Audit Committee of the Board </FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TD WIDTH="32%"><FONT SIZE=2><BR>
Samuel F. McKay, Chairperson</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="32%" ALIGN="CENTER"><FONT SIZE=2><BR>
Joseph L. Bower</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="32%" ALIGN="RIGHT"><FONT SIZE=2><BR>
Steven E. Wheeler</FONT></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2><B>THE FOREGOING REPORT SHOULD NOT BE DEEMED INCORPORATED BY REFERENCE BY ANY GENERAL STATEMENT INCORPORATING BY REFERENCE THIS PROXY STATEMENT INTO ANY
FILING UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, EXCEPT TO THE EXTENT THAT THE
COMPANY SPECIFICALLY INCORPORATES THIS INFORMATION BY REFERENCE AND SHALL NOT OTHERWISE BE DEEMED FILED UNDER SUCH ACTS.  </B></FONT></P>

<P><FONT SIZE=2><B> Directors' Compensation  </B></FONT></P>

<P><FONT SIZE=2>During 2001, each director who was not an employee of the Company was entitled to receive a director's fee of $10,000 and immediately exercisable options for 13,500 shares of
Common Stock under the Stock Option Plan. The number of stock options granted was valued at approximately $10,000 using the Black-Scholes method. In addition, each non-employee director is
entitled to be paid $1,000 for </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

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<P><FONT SIZE=2>
each Board meeting or committee meeting attended in person or regular Board meetings attended telephonically and $500 for each special Board meeting or committee meeting attended telephonically. All
non-employee directors are reimbursed for expenses incurred in attending meetings of the Board of Directors and any committees thereof. Directors serving on committees of the Board receive
no additional compensation for attending any committee meeting held in connection with a meeting of the Board. </FONT></P>

<P><FONT SIZE=2>Non-employee
directors were also entitled to participate in the Company's 1993 Director Stock Option Plan (the "Director Plan"). In accordance with the provisions of the Director Plan, the
period during which options may be granted thereunder expired on April&nbsp;26, 1998 (the "Termination Date"). Under the terms of the Director Plan, each non-employee director who was
initially elected to the Board of Directors prior to the Termination Date was entitled to receive an option to purchase 4,500 shares of Common Stock. Each option granted under the Director Plan has an
exercise price equal to the fair market value of Common Stock on the date of grant. The term of each option granted under the Director Plan is ten years, provided that, in general, an option may be
exercised only while the director continues to serve as a director of the Company or within 90&nbsp;days thereafter. The outstanding options granted under the Director Plan continue to be governed
by the provisions of the Director Plan and any other instrument evidencing such options. </FONT></P>

<P><FONT SIZE=2><B>Executive Officers  </B></FONT></P>

<P><FONT SIZE=2>The Board of Directors elects executive officers of the Company annually at its meeting immediately following the annual meeting of stockholders. Such executive officers hold
office until the next annual meeting unless they sooner resign or are removed from office. There are no family relationships between any directors or executive officers of the Company. </FONT></P>

<P><FONT SIZE=2>The
following table lists the current executive officers of the Company. It is anticipated that each of these officers will be re-elected by the Board of Directors following the Annual
Meeting: </FONT></P>

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<TR VALIGN="BOTTOM">
<TH WIDTH="31%" ALIGN="CENTER"><FONT SIZE=1><B>Name</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>Age</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="59%" ALIGN="CENTER"><FONT SIZE=1><B>Position</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2>Charles H. Sherwood, Ph.D.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>55</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2>President and Chief Executive Officer</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2>Douglas R. Potter</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>51</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2>Chief Financial Officer, Treasurer and Clerk</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="31%"><FONT SIZE=2>Robert E. Tellis.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>56</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="59%"><FONT SIZE=2>Senior Vice President&#151;Sales and Marketing</FONT></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2>Dr.&nbsp;Sherwood
was appointed Chief Executive Officer of the Company effective April&nbsp;2, 2002 in addition to his role as President, for which he was appointed in June&nbsp;2001.
Dr.&nbsp;Sherwood previously served as the Company's Vice President of Research and Development beginning in April&nbsp;2000 and Vice President of Process Development and Engineering beginning in
April&nbsp;1998. He served as a consultant to the Company from January&nbsp;1998 to April&nbsp;1998. From 1995 to 1997, he was Senior Director, Medical Device Research and Development for Chiron
Vision. In April&nbsp;1995 Chiron Vision acquired IOLAB Corporation, a division of Johnson&nbsp;&amp; Johnson where he had been Executive Director of Research and Development from 1993 to 1995,
Director of Materials Characterization from 1989 to 1993 and Manager/Section Head from 1982 to 1989. Dr.&nbsp;Sherwood was also a part-time faculty member in the Department of Chemistry
at the California State Polytechnic University, Pomona, California from 1984 to 1987. Dr.&nbsp;Sherwood received a B.S. in Chemical Engineering from Cornell University, and a M.S. and Ph.D. in
Polymer Science and Engineering from the University of Massachusetts, Amherst. Dr.&nbsp;Sherwood also received a Certificate in Management from Claremont Graduate School. </FONT></P>

<P><FONT SIZE=2>Mr.&nbsp;Potter
recently relinquished his role as the Company's Chief Executive Officer effective April&nbsp;2, 2002, but will continue as the Company's Chief Financial Officer, Treasurer and
Clerk, as the Company seeks a successor. He has served as Chief Financial Officer, Vice President&#151;Finance, Treasurer and Clerk since April&nbsp;2000. From August&nbsp;1999 to
March&nbsp;2000, Mr.&nbsp;Potter worked as a financial consultant, including as the Interim Chief Financial Officer of the Company. From November&nbsp;1993 to July&nbsp;1999, </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

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<P><FONT SIZE=2>
he served as Vice President and Chief Financial Officer of Dynamics Research Corporation. Before joining Dynamics Research Corporation in 1993, Mr.&nbsp;Potter was Vice President, Treasurer and
Chief Financial Officer of SofTech,&nbsp;Inc. He was also employed for 10&nbsp;years with the accounting firm PricewaterhouseCoopers. Mr.&nbsp;Potter is a certified public accountant and is a
member of the Financial Executives Institute and the Treasurers Club of Boston. He has an M.B.A. from Boston University and a B.S. from Purdue University. </FONT></P>

<P><FONT SIZE=2>Mr.&nbsp;Tellis
joined the Company in March&nbsp;2002 as Senior Vice President&#151;Sales and Marketing. Most recently, Mr.&nbsp;Tellis was principal of Bob Tellis&nbsp;&amp; Associates, a
consulting firm specializing in mergers and acquisitions and licensing arrangements for small- to mid-size companies in the pharmaceutical, diagnostic and biotechnology fields. During 1997
and 2001, Mr.&nbsp;Tellis worked on a consulting basis with the Company to establish overseas marketing and distribution arrangements. Earlier, he was vice president of business development and
marketing for Nitromed,&nbsp;Inc., a medical device concern, and vice president of corporate development with Immunogen,&nbsp;Inc., a biotechnology company. Mr.&nbsp;Tellis also worked for
24&nbsp;years with Ciba-Geigy, including as vice president, corporate planning for Ciba-Corning Diagnostics,&nbsp;Inc. Mr.&nbsp;Tellis currently serves as a director of
Mar Con Global Solutions,&nbsp;Inc. Mr.&nbsp;Tellis holds a J.D and M.B.A from St. John's University and a B.S from Fordham University. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

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<P><FONT SIZE=2><B>Executive Compensation  </B></FONT></P>

<P><FONT SIZE=2><I>Summary Compensation  </I></FONT></P>

<P><FONT SIZE=2>The following table sets forth certain information concerning the compensation, for each of the periods indicated, of the individuals who have served as the Company's Chief
Executive Officer and the Company's four most highly compensated executive officers for the year ended December&nbsp;31, 2001, other than the Chief Executive Officer, (the "Named Executive
Officers") for the years ended December&nbsp;31, 2001, 2000 and 1999. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ce1848_summary_compensation_table"> </A>
<A NAME="toc_ce1848_1"> </A>
<BR></FONT><FONT SIZE=2><B>Summary Compensation Table    <BR>  </B></FONT></P>

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<TABLE WIDTH="101%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="28%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="5%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Long-Term<BR>
Compensation</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="28%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=5 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Annual Compensation</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="28%" ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Name and Principal Position<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Fiscal<BR>
Year</B></FONT><HR NOSHADE></TH>
<TH WIDTH="5%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Securities<BR>
Underlying<BR>
Options (#)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>All Other<BR>
Compensation ($)(1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Salary ($)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Bonus ($)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="28%"><FONT SIZE=2>Douglas R. Potter<BR>
Chief Executive Officer, Chief Financial Officer, Treasurer and Clerk</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>2001<BR>
2000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$<BR></FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>203,696<BR>
121,182</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>(3)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$<BR></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>54,500<BR>
37,300</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>(4)<BR>(4)(5)</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>150,000<BR>
105,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>(2)<BR></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$<BR></FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2>8,000<BR>
37,850</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>(6)</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="28%"><FONT SIZE=2><BR>
Charles H. Sherwood<BR>
President and Chief Operating Officer(11)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2001<BR>
2000<BR>
1999</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
205,750<BR>
160,944<BR>
145,638</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
54,500<BR>
38,675<BR>
16,245</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>(4)<BR>(4)<BR></FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
150,000<BR>
60,000<BR>
25,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>(2)<BR><BR>(7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2><BR>
8,000<BR>
8,000<BR>
8,000</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="28%"><FONT SIZE=2><BR>
Edward Ross, Jr.<BR>
Former Vice President&#151;Sales and Marketing(12)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2001<BR>
2000<BR>
1999</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
166,049<BR>
151,965<BR>
146,463</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
28,302<BR>
24,200<BR>
26,300</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>(4)<BR>(4)<BR></FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&#151;<BR>
30,000<BR>
25,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR><BR><BR>(7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2><BR>
8,000<BR>
8,000<BR>
8,000</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="28%"><FONT SIZE=2><BR>
J. Melville Engle<BR>
Former President and Chief Executive Officer(12)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2001<BR>
2000<BR>
1999</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
136,729<BR>
241,800<BR>
228,742</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
37,500<BR>
58,365<BR>
86,730</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>(4)<BR>(4)<BR></FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&#151;<BR>
60,000<BR>
40,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR><BR><BR>(7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2><BR>
317,924<BR>
8,000<BR>
8,000</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>(9)<BR><BR></FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="28%"><FONT SIZE=2><BR>
Michael R. Slater<BR>
Former Vice President&#151;Operations(12)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2001<BR>
2000<BR>
1999</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
78,544<BR>
166,795<BR>
144,246</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
20,000<BR>
24,300<BR>
34,500</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>(4)<BR>(4)<BR></FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&#151;<BR>
30,000<BR>
55,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR><BR><BR>(8)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2><BR>
123,736<BR>
8,000<BR>
8,000</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>(10)<BR><BR></FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>Unless
otherwise noted, these amounts constitute only the Company's matching contributions to the Company's Employee Savings and Retirement Plan (the
"401(k) Plan") as there were no discretionary contributions.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>Such
options were granted on June&nbsp;26, 2001 in connection with the promotions of Messrs.&nbsp;Potter and Sherwood to Chief Executive Officer and
Chief Operating Officer, respectively.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>Mr.&nbsp;Potter
joined the Company in February&nbsp;2000 as a consultant and in April&nbsp;2000 became an employee of the Company; the 2000 amount
represents his salary beginning in April&nbsp;2000.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD><FONT SIZE=2>Such
amounts include any annual bonus and/or retention bonus.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD><FONT SIZE=2>Mr.&nbsp;Potter
received a signing bonus of $10,000 upon joining the Company as an employee.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD><FONT SIZE=2>Includes
$33,710 of consulting fees earned prior to Mr.&nbsp;Potter's employment in April&nbsp;2000.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD><FONT SIZE=2>Such
options were granted on January&nbsp;11, 2000.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(8)</FONT></DT><DD><FONT SIZE=2>25,000
of such options were granted on January&nbsp;11, 2000. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

<HR NOSHADE>
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<A NAME="page_ce1848_1_8"> </A>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(9)</FONT></DT><DD><FONT SIZE=2>Also
includes$100,000 of loan forgiveness, $72,414 of payments to offset tax liabilities and $137,510 of severance payments.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(10)</FONT></DT><DD><FONT SIZE=2>Also
includes $29,000 of loan forgiveness and $86,736 of severance payments.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(11)</FONT></DT><DD><FONT SIZE=2>As
of April&nbsp;2, 2002, Mr.&nbsp;Sherwood assumed the role of Chief Executive Officer.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(12)</FONT></DT><DD><FONT SIZE=2>As
of March&nbsp;22, 2002, Mr.&nbsp;Ross was no longer employed by the Company. As of June&nbsp;12, 2001, Mr.&nbsp;Engle was no longer employed
by the Company. As of June&nbsp;15, 2001, Mr.&nbsp;Slater was no longer employed by the Company. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ce1848_option_grants_in_last_fiscal_year"> </A>
<A NAME="toc_ce1848_2"> </A>
<BR></FONT><FONT SIZE=2><B>OPTION GRANTS IN LAST FISCAL YEAR    <BR>  </B></FONT></P>

<P><FONT SIZE=2>The following table sets forth the number of shares underlying stock options granted during the fiscal year ended December&nbsp;31, 2001 to the Named Executive Officers and
certain other information regarding such stock options. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="97%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="21%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=8 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Individual Grants</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="21%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=4><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=3 ROWSPAN=4 ALIGN="CENTER"><FONT SIZE=1><B>Potential Realizable<BR>
Value at Assumed<BR>
Annual Rates<BR>
of Stock Price Appreciation<BR>
for Option Term(3)</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="21%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="16%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=4><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="13%" ROWSPAN=4 ALIGN="CENTER"><FONT SIZE=1><B>Percent of<BR>
Total Options<BR>
Granted to<BR>
Employees in<BR>
Fiscal<BR>
Year(2)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="21%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=3><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="16%" ROWSPAN=3 ALIGN="CENTER"><FONT SIZE=1><B>Number of<BR>
Securities<BR>
Underlying<BR>
Option Granted(1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="21%" ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Name<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Exercise<BR>
or Base<BR>
Price ($/Sh)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Expiration<BR>
Date</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>5% ($)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>10% ($)</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=2>Douglas R. Potter</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2>150,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>30.6</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>1.17</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>6/26/11</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>110,370</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>279,705</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=2><BR>
Charles H. Sherwood</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="16%" ALIGN="RIGHT"><FONT SIZE=2><BR>
150,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2><BR>
30.6</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1.17</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
6/26/11</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
110,370</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
279,705</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>The
exercisability of each option automatically accelerates upon a "Change in Control of the Company" (as defined in the 1993 Stock Option Plan, as amended). See "Report of the
Compensation Committee of the Board of Directors on Executive Compensation" for more information regarding such grants.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>A
total of 489,800 options to purchase Common Stock of the Company were granted to employees of the Company in the year ended December&nbsp;31, 2001.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>Represents
the value of options granted at the end of the option terms if the price of the Company's Common Stock were to appreciate annually by 5% and 10%, respectively, from the
price at the date of grant. The 5% and 10% assumed rates of appreciation are required by the Securities and Exchange Commission and do not represent the Company's estimate or projection of future
Common Stock prices. </FONT></DD></DL>

<P><FONT SIZE=2><B>Option Exercises and Holdings  </B></FONT></P>

<P><FONT SIZE=2>The following table sets forth certain information concerning exercises of stock options during the fiscal year ended December&nbsp;31, 2001 by each of the Named Executive
Officers and the number and value of options held by each of the Named Executive Officers on December&nbsp;31, 2001. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
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<A NAME="page_ce1848_1_9"> </A>
<BR>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ce1848_aggregated_option_exercises_in__agg03204"> </A>
<A NAME="toc_ce1848_3"> </A>
<BR></FONT><FONT SIZE=2><B>AGGREGATED OPTION EXERCISES IN LAST FISCAL YEAR<BR>  AND FISCAL YEAR-END OPTION VALUES    <BR>  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="97%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="27%" ALIGN="CENTER"><FONT SIZE=1><B>Name<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ALIGN="CENTER"><FONT SIZE=1><B>Shares<BR>
Acquired on<BR>
Exercise (#)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Value<BR>
Realized ($)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="21%" ALIGN="CENTER"><FONT SIZE=1><B>Securities<BR>
Underlying Unexercised<BR>
Options at<BR>
Fiscal Year End (#)<BR>
Exercisable/<BR>
Unexercisable</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Value of<BR>
Unexercised<BR>
In-the-Money<BR>
Options at<BR>
Fiscal Year End ($)<BR>
Exercisable/<BR>
Unexercisable(1)</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=2>Douglas R. Potter</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT"><FONT SIZE=2>26,250/228,750</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2>0/$0</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=2>Charles H. Sherwood</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT"><FONT SIZE=2>77,500/232,500</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2>0/0</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=2>Edward Ross, Jr.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT"><FONT SIZE=2>137,500/47,500</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2>0/0</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=2>J. Melville Engle</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT"><FONT SIZE=2>0/0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2>0/0</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="27%"><FONT SIZE=2>Michael R. Slater</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT"><FONT SIZE=2>0/0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2>0/0</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>Based
on the fair market value of the Common Stock on December&nbsp;31, 2001 of $1.00 per share less the applicable option exercise price ranging from $1.17 to $12.625. </FONT></DD></DL>

<P><FONT SIZE=2><B>Report of the Compensation Committee of the Board of Directors on Executive Compensation  </B></FONT></P>

<P><FONT SIZE=2>During 2001, the Compensation Committee of the Board consisted of Joseph L. Bower, Eugene A. Davidson, Samuel F. McKay and Steven E. Wheeler, each of whom was a
non-employee director. The Compensation Committee approves Company compensation policies and procedures and establishes compensation levels for executive officers. </FONT></P>

<P><FONT SIZE=2><I>Compensation Policies for Executive Officers.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee's executive compensation philosophy is: (i)&nbsp;to provide
competitive levels of compensation that integrate pay with the individual executive's performance and the Company's annual and long-term performance goals; (ii)&nbsp;to motivate key
executives to achieve strategic business goals and reward them for their achievement; (iii)&nbsp;to provide compensation opportunities and benefits that are comparable to those offered by other
companies in the pharmaceutical and medical devices industry, thereby allowing the Company to compete for and retain talented executives who are critical to the Company's long-term
success; and (iv)&nbsp;to align the interests of key executives with the long-term interests of stockholders and the enhancement of stockholder value through the granting of stock
options. </FONT></P>

<P><FONT SIZE=2>The
compensation of the Company's Chief Executive Officer and other executive officers is currently comprised of annual base salary, annual performance incentives in the form of cash bonuses and
long-term performance incentives in the form of stock option grants under the Company's 1993 Stock Option Plan, as amended. </FONT></P>

<P><FONT SIZE=2>The
Compensation Committee has determined that base salaries of executive officers should be set at levels that are competitive with those of executives of comparably-sized companies in the
pharmaceutical and medical devices industry. In addition, the Compensation Committee believes that it is appropriate to reward performance through a combination of cash bonuses and stock option grants
and to provide a competitive compensation package that will enable the Company to attract and retain the executives needed to achieve the Company's business goals. In determining base salaries and
annual performance incentives, with the exception of the Chief Executive Officer, management presents recommendations to the Compensation Committee based upon certain goals of the performance of both
Company and the individual and the actual performance of both. With respect to the Chief Executive Officer, the Compensation Committee considered the factors discussed below to assess his performance
and determine the appropriate amount of compensation. </FONT></P>


<P><FONT SIZE=2><I>Base Salary.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Base salaries for executive officers are targeted according to the salaries of employees holding similar offices and having
similar responsibilities at comparably-sized companies within the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>9</FONT></P>

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<A NAME="page_ce1848_1_10"> </A>
<BR>

<P><FONT SIZE=2>
pharmaceutical and medical device industry. Annual salary adjustments for executive officers are determined by evaluating the competitive marketplace, the performance of the Company, the performance
of the executive officer and any change in the responsibilities assumed by the executive officer. Salary adjustments are normally determined and made on an annual basis. </FONT></P>


<P><FONT SIZE=2><I>Cash Bonuses.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Company's executive officers, including its Chief Executive Officer, are also eligible to earn bonuses. The Company's
bonuses provide motivation toward and reward the accomplishment of corporate annual objectives and provide a competitive compensation package that will attract, reward and retain
top-caliber individuals. The Compensation Committee considers the achievement of financial objectives, organizational development, business and technical development, and other factors in
its discretion to determine the amounts of the bonuses. The Compensation Committee also may grant bonuses for executive retention purposes, taking into account, among other things, general industry
practices. </FONT></P>

<P><FONT SIZE=2><I>Stock Option Grants.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Stock options are designed to attract and retain executives who can make significant contributions to the Company's
success; reward executives for such significant contributions; give executives a long-term incentive to increase shareholder value; and align the interests of the Company's senior
executives with those of its stockholders. In determining whether to grant stock options to executive officers, the Compensation Committee evaluates each officer's performance by examining criteria
similar to that involved in fixing cash bonuses. Any such grants also reflect individual performance reviews. The Compensation Committee also may grant stock options for executive retention purposes,
taking into account, among other things, general industry practices. Stock options generally have been granted with a ten-year term, vesting in varying installments up to four years after
the date of grant, and an exercise price equal to or above the fair market value of the Common Stock on the grant date. </FONT></P>

<P><FONT SIZE=2>In
order to achieve the goals described above and in connection with certain management changes, on June&nbsp;26, 2001, the Compensation Committee granted each of Messrs.&nbsp;Potter and Sherwood
options to acquire 150,000 shares of Common Stock, each at an exercise price of $1.17 vesting in four equal annual installments. </FONT></P>

<P><FONT SIZE=2><I>Compensation of Chief Executive Officers.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;J. Melville Engle, the Company's former President and Chief Executive Officer, received
competitive compensation and regular benefits in effect for senior executives of the Company. In 2001, Mr.&nbsp;Engle's annualized salary was $251,472. Mr.&nbsp;Engle's salary and bonus were
initially determined pursuant to the terms of his employment agreement and have been adjusted annually in accordance with the philosophies described above. In connection with Mr.&nbsp;Engle's
departure in June&nbsp;2001, Mr.&nbsp;Potter was appointed Chief Executive Officer by the Board of Directors. His annualized salary upon such appointment was $230,000. In 2001, Mr.&nbsp;Potter
received aggregate cash bonuses of $54,500, including $20,000 paid in connection with a management retention incentive plan put in place in June&nbsp;2000. The bonus paid for 2001 performance took
into account Mr.&nbsp;Potter's critical contributions to the Company's progress during the second half of 2001 with respect to management changes, cost controls and resolution of certain legal
matters. As described above, Mr.&nbsp;Potter also received a grant of options to acquire 150,000 shares of Common Stock in connection with his promotion. </FONT></P>

<P><FONT SIZE=2>The
Compensation Committee of the Board </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2>Joseph L. Bower</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="CENTER"><FONT SIZE=2>Eugene A. Davidson</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="CENTER"><FONT SIZE=2>Samuel F. McKay</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="RIGHT"><FONT SIZE=2>Steven E. Wheeler</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2><B>THE FOREGOING REPORT SHOULD NOT BE DEEMED INCORPORATED BY REFERENCE BY ANY GENERAL STATEMENT INCORPORATING BY REFERENCE THIS PROXY STATEMENT INTO ANY
FILING UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
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<A NAME="page_ce1848_1_11"> </A>
<BR>

<P><FONT SIZE=2><B> SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, EXCEPT TO THE EXTENT THAT THE COMPANY SPECIFICALLY INCORPORATES THIS INFORMATION BY REFERENCE AND SHALL NOT OTHERWISE BE DEEMED FILED UNDER SUCH ACTS.  </B></FONT></P>


<P><FONT SIZE=2><B> Agreements with Named Executive Officers  </B></FONT></P>

<P><FONT SIZE=2>Mr.&nbsp;Potter and Dr.&nbsp;Sherwood have entered into at-will employment relationships with the Company, the terms of which are evidenced by offer letters
from the Company which were countersigned by each officer at the commencement of his employment. Under the offer letters, each of these officers is offered in addition to his respective salary a grant
of stock options for 75,000 shares of Common Stock vesting in equal installments over four years, plus bonuses and benefits. If the employment of any of these officers is terminated without cause, the
offer letter entitles each to severance in the amount of six months base salary and six months medical benefits. These officers are also parties to change in control, bonus and severance agreements
with the Company dated April&nbsp;26, 2000. Under these agreements, each of these officers is entitled to receive certain lump sum payments and other financial benefits in the event of a change in
control (as defined in the agreement) of the Company. In the event of a change in control of the Company, and after such change of control their employment with the Company is terminated without cause
(as defined in the agreement), each officer would likely receive an amount, including all periodic payments, in excess of $100,000. </FONT></P>

<P><FONT SIZE=2>In
connection with his departure from the Company, Mr.&nbsp;Engle entered into a separation agreement with the Company. Such separation agreement provided for aggregate severance payments of
$273,108 over a nine-month period and the payment of a previously negotiated bonus of $37,500. Mr.&nbsp;Engle's separation agreement also provided for the forgiveness of certain promissory notes
with an aggregate principal amount of $100,000 and the extension of the payment terms on a $75,000 promissory note. In connection with Mr.&nbsp;Slater's departure from the Company, he entered into a
separation agreement with the Company that provided for aggregate severance payments of $86,736 and the forgiveness of a $29,000 promissory note. In connection with Mr.&nbsp;Ross' departure from the
Company, he entered into a separation agreement with the Company that provides for aggregate severance payments of $98,990. Each of the separation agreements for Messrs.&nbsp;Engle, Slater and Ross
also included terms regarding confidentiality, non-competition, non-disparagement and COBRA coverage. </FONT></P>


<P><FONT SIZE=2><B>Compensation Committee Interlocks and Insider Participation  </B></FONT></P>

<P><FONT SIZE=2>The Compensation Committee consists of Dr.&nbsp;Bower, Dr.&nbsp;Davidson, Mr.&nbsp;McKay and Mr.&nbsp;Wheeler. None of these individuals is or formerly was an officer
or employee of the Company. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>11</FONT></P>

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<P><FONT SIZE=2><A
NAME="page_cg1848_1_12"> </A> </FONT></P>

<!-- TOC_END -->

<P><FONT SIZE=2><B>Stock Performance Graph  </B></FONT></P>

<P><FONT SIZE=2>Set forth below is a line graph comparing the yearly percentage change in the cumulative total shareholder return on the Company's Common Stock, based on the Market price of
the Company's Common Stock with the total return of companies included within the NASDAQ Stock Market Index and a peer group of companies included within the NASDAQ Pharmaceutical Index for the period
commencing on December&nbsp;31, 1997 and ending on December&nbsp;31, 2001. The calculation of total cumulative return assumes a $100 investment in the Company's Common Stock, the NASDAQ Stock
Market Index and the NASDAQ Pharmaceutical Index on December&nbsp;31, 1997, and the reinvestment of all dividends, if any. The historical information set forth below is not necessarily indicative of
future performance. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="cg1848_stock_performance_graph"> </A>
<A NAME="toc_cg1848_1"> </A>
<BR></FONT><FONT SIZE=2><B>Stock Performance Graph    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>
<IMG SRC="g374387.jpg" ALT="LOGO" WIDTH="673" HEIGHT="441">
  </B></FONT></P>

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<TABLE WIDTH="89%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="46%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1><B>Dec-96</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1><B>Dec-97</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1><B>Dec-98</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1><B>Dec-99</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1><B>Dec-00</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1><B>Dec-01</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>NASDAQ Pharmaceutical Market</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>100</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>103</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>131</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>247</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>308</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>262</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>NASDAQ US Market</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>100</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>122</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>173</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>321</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>193</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>153</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>ANIKA</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>100</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>248</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>143</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>188</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>21</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>27</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>12</FONT></P>

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<A NAME="page_cg1848_1_13"> </A>

<P><FONT SIZE=2><B>Beneficial Ownership of Common Stock  </B></FONT></P>

<P><FONT SIZE=2>The following table sets forth the beneficial ownership of the Company's Common Stock as of February&nbsp;2, 2002, by (i)&nbsp;each director, (ii)&nbsp;each of the Named
Executive Officers named in the Summary Compensation Table set forth under the caption "Executive Compensation," (iii)&nbsp;each other person which is known by the Company to beneficially own 5% or
more of its Common Stock and (iv)&nbsp;all current directors and executive officers as a group. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="89%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="59%" ALIGN="CENTER"><FONT SIZE=1><B>Beneficial Owner<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="17%" ALIGN="CENTER"><FONT SIZE=1><B>Number of Shares<BR>
Beneficially<BR>
Owned(1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="5%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1><B>Percentage of<BR>
Common Stock<BR>
Outstanding(2)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="59%" VALIGN="TOP"><FONT SIZE=2>Joseph L. Bower</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>109,976</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP"><FONT SIZE=2>(3)</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>1.1</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="59%" VALIGN="TOP"><FONT SIZE=2>Eugene A. Davidson, Ph.D.</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>95,876</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP"><FONT SIZE=2>(3)</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="59%" VALIGN="TOP"><FONT SIZE=2>Samuel F. McKay</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>897,606</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP"><FONT SIZE=2>(4)(5)</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>9.0</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="59%" VALIGN="TOP"><FONT SIZE=2>Harvey S. Sadow, Ph.D.</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>47,396</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP"><FONT SIZE=2>(6)</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="59%" VALIGN="TOP"><FONT SIZE=2>Steven E. Wheeler</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>146,866</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP"><FONT SIZE=2>(3)</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>1.5</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="59%" VALIGN="TOP"><FONT SIZE=2>Douglas R. Potter</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>101,250</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP"><FONT SIZE=2>(7)</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>1.0</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="59%" VALIGN="TOP"><FONT SIZE=2>Charles H. Sherwood, Ph.D.</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>85,638</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP"><FONT SIZE=2>(8)</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="59%" VALIGN="TOP"><FONT SIZE=2>Edward Ross, Jr.</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>145,900</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP"><FONT SIZE=2>(9)</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>1.5</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="59%" VALIGN="TOP"><FONT SIZE=2>J. Melville Engle</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>5,789</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP"><FONT SIZE=2>(10)</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="59%" VALIGN="TOP"><FONT SIZE=2>Michael R. Slater</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>2,826</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP"><FONT SIZE=2>(11)</FONT></TD>
<TD WIDTH="15%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="59%" VALIGN="TOP"><FONT SIZE=2>All current directors and current and former executive officers as a group (10&nbsp;persons)</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2>1,639,123</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>(12)</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>15.5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="59%" VALIGN="TOP"><FONT SIZE=2><I>Other Principal Stockholders:</I></FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="59%" VALIGN="TOP"><FONT SIZE=2>Axiom Venture Partners Limited Partnership<BR>
City Place II&#151;17th Floor<BR>
185 Asylum Street<BR>
Hartford, CT 06103</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>877,606</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP"><FONT SIZE=2>(5)(6)</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>8.8</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="59%" VALIGN="TOP"><FONT SIZE=2>Herbert H. Hastings and Euretta L. Hastings<BR>
c/o Morrison &amp; Foerster LLP<BR>
19900 MacArthur Blvd., 12th Floor<BR>
Irvine, CA 92612-2445</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>830,000</FONT></TD>
<TD WIDTH="5%" VALIGN="TOP"><FONT SIZE=2>(13)</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>8.1</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>%</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2>Indicates
less than 1%.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>The
number of shares deemed beneficially owned includes shares of Common Stock beneficially owned as of February&nbsp;1, 2002. The inclusion of any
shares of stock deemed beneficially owned does not constitute an admission of beneficial ownership of those shares. Any reference below to shares subject to outstanding stock options held by the
person in question refers to stock options that are exercisable within 60&nbsp;days after February&nbsp;1, 2002.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>The
number of shares deemed outstanding includes 9,934,280 shares of Common Stock outstanding as of February&nbsp;1, 2002, plus any shares subject to
outstanding stock options that were exercisable within 60&nbsp;days of February&nbsp;1, 2002, held by the person or persons in question.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>This
amount includes 71,396 shares subject to stock options that are exercisable on or before April&nbsp;2, 2002.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD><FONT SIZE=2>This
amount includes 845,710 shares and options to acquire 31,896 shares, both held by Axiom Venture Partners Limited Partnership. Mr.&nbsp;McKay, Alan
Mendelson and Martin Chanzit are the general partners (the "Axiom General Partners") of Axiom Venture Associates Limited Partnership, the general partner of Axiom Venture Partners Limited Partnership,
and share voting and investment power with respect to such shares. Mr.&nbsp;McKay disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>13</FONT></P>

<HR NOSHADE>
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<A NAME="page_cg1848_1_14"> </A>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD><FONT SIZE=2>This
amount also includes 20,000 shares subject to stock options that are exercisable on or before April&nbsp;2, 2002 held by Mr.&nbsp;McKay. The
address of Mr.&nbsp;McKay is c/o Axiom Venture Partners, City Place II, 17th Floor, 185 Asylum Street, Hartford, Connecticut 06103.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD><FONT SIZE=2>This
amount includes 47,396 shares subject to stock options that are exercisable on or before April&nbsp;2, 2002.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD><FONT SIZE=2>This
amount includes 101,250 shares subject to stock options that are exercisable on or before April&nbsp;2, 2002.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(8)</FONT></DT><DD><FONT SIZE=2>This
amount includes 888 shares allocated to Dr.&nbsp;Sherwood's account under the 401(k) Plan and 83,750 shares subject to stock options that are
exercisable on or before April&nbsp;2, 2002.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(9)</FONT></DT><DD><FONT SIZE=2>This
amount includes 2,150 shares allocated to Mr.&nbsp;Ross's account under the 401(k) Plan and 143,750 shares subject to stock options that are
exercisable on or before April&nbsp;2, 2002.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(10)</FONT></DT><DD><FONT SIZE=2>This
amount includes shares allocated to Mr.&nbsp;Engle's account under the 401(k) Plan.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(11)</FONT></DT><DD><FONT SIZE=2>This
amount includes 1,826 shares allocated to Mr.&nbsp;Slater's account under the 401(k) Plan.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(12)</FONT></DT><DD><FONT SIZE=2>This
amount includes 10,653 shares in the aggregate allocated to the accounts of the executive officers under the 401(k) Plan and 641,230 shares subject
to stock options that are exercisable on or before April&nbsp;2, 2002.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(13)</FONT></DT><DD><FONT SIZE=2>Such
information is provided based upon information contained in the Schedule&nbsp;13G/A publicly filed by Mr.&nbsp;and Mrs.&nbsp;Hastings on
February&nbsp;14, 2002. </FONT></DD></DL>

<P><FONT SIZE=2><B>Section&nbsp;16(a) Beneficial Ownership Reporting Compliance  </B></FONT></P>

<P><FONT SIZE=2>The Securities Exchange Act of 1934, as amended, (the "Exchange Act") requires that the Company's officers and directors, and persons who own more than 10% of the Company's
Common Stock file initial reports of ownership and reports of changes in ownership with the Commission and NASDAQ. Officers, directors and persons who beneficially own more than 10% of the Company's
Common Stock are also required to furnish the Company with a copy of all forms they file pursuant to Section&nbsp;16(a). Based solely upon a review of Forms 3, 4 and 5 and amendments thereto
furnished to the Company under Rule&nbsp;16a-3(e) of the Exchange Act for the year ended December&nbsp;31, 2001, no officer, director or person who owns more than 10% of the Company's
outstanding shares of common stock failed to file on a timely basis such reports. </FONT></P>

<P><FONT SIZE=2><B>Certain Relationships and Related Transactions  </B></FONT></P>

<P><FONT SIZE=2>Since March&nbsp;1997, the Company has made three (3)&nbsp;loans in the aggregate amount of $175,000 to J.&nbsp;Melville Engle, former President and Chief Executive
Officer of the Company at varying interest rates from 5.54% to 6%. Such loans were payable five (5)&nbsp;years from the date of each respective loan or 120&nbsp;days after the termination of
Mr.&nbsp;Engle's employment with the Company for any reason. In connection with the termination of Mr.&nbsp;Engle's employment as of June&nbsp;12, 2001, the Company forgave the outstanding
indebtedness and related accrued interest owned by Mr.&nbsp;Engle to the Company on two (2)&nbsp;of such loans, which equaled an aggregate of $100,000. The outstanding indebtedness, including
accrued interest, on the remaining loan equals an aggregate amount of $75,000 and is secured by a subordinated mortgage on real property owned by Mr.&nbsp;Engle. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>14</FONT></P>

<HR NOSHADE>
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<A NAME="page_cg1848_1_15"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="cg1848_independent_auditors"> </A>
<A NAME="toc_cg1848_2"> </A>
<BR></FONT><FONT SIZE=2><B>INDEPENDENT AUDITORS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>Arthur Andersen LLP was retained as the Company's principal accountants for the fiscal year ending December&nbsp;31, 2001. As of the date of this proxy statement, the Company
has not formally selected an accountant for the fiscal year ending December&nbsp;31, 2002. The Audit Committee of the Board of Directors continues to monitor developments at Arthur Andersen LLP in
light of recent business and legal developments affecting that firm. The Audit Committee will make a recommendation to the Board of Directors after further evaluation, which may include evaluating
proposals from other accounting firms. A representative of such firm is expected to be present at the Annual Meeting of stockholders and will have the opportunity to make a statement if they desire to
do so and will be available to respond to appropriate questions from stockholders. </FONT></P>

<P><FONT SIZE=2><B>Audit Fees  </B></FONT></P>

<P><FONT SIZE=2>The aggregate estimated amount for professional services rendered by the Company's independent auditors for the audit of the Company's annual financial statements for the
fiscal year ended December&nbsp;31, 2001 and for the reviews of the financial statements included in the Company's quarterly reports on Form&nbsp;10-Q for that fiscal year were
approximately $71,475. </FONT></P>

<P><FONT SIZE=2><B>Financial Information Systems Designs and Implementation Fees  </B></FONT></P>

<P><FONT SIZE=2>The Company's independent auditors did not perform any financial information system design or implementation work for the Company during the fiscal year ended
December&nbsp;31, 2001. </FONT></P>

<P><FONT SIZE=2><B>All Other Fees  </B></FONT></P>

<P><FONT SIZE=2>The aggregate fees billed for all other professional services, including tax services and services in connection with the Company's restatement of certain financial results and
filing of an amended Form&nbsp;10-K, rendered by the Company's independent auditors for the fiscal year ended December&nbsp;31, 2001 were approximately $87,700. The Audit Committee determined that
the provision of these services is compatible with maintaining the independence of Arthur Andersen LLP. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="cg1848_other_matters"> </A>
<A NAME="toc_cg1848_3"> </A>
<BR></FONT><FONT SIZE=2><B>OTHER MATTERS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>The Board of Directors does not know of any other matters which may come before the Annual Meeting. However, if any other matters are properly presented at the Annual Meeting,
it is the intention of the persons named in the accompanying proxy to vote, or otherwise act, in accordance with their judgment on such matters. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="cg1848_solicitation_expenses"> </A>
<A NAME="toc_cg1848_4"> </A>
<BR></FONT><FONT SIZE=2><B>SOLICITATION EXPENSES    <BR>  </B></FONT></P>

<P><FONT SIZE=2>All costs of solicitation of proxies will be borne by the Company. In addition to solicitations by mail, the Company's directors, officers and employees, without additional
remuneration, may solicit proxies by telephone, telegraph and personal interviews, and the Company reserves the right to retain outside agencies for the purpose of soliciting proxies. Brokers,
custodians and fiduciaries will be requested to forward proxy soliciting material to the owners of stock held in their names, and, as required by law, the Company will reimburse them for their
out-of-pocket expenses in this regard. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="cg1848_stockholder_proposals"> </A>
<A NAME="toc_cg1848_5"> </A>
<BR></FONT><FONT SIZE=2><B>STOCKHOLDER PROPOSALS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>Stockholder proposals intended to be presented at the next annual meeting of stockholders must be received by the Company on or before December&nbsp;31, 2002 in order to be
considered for inclusion in the Company's proxy statement. These proposals must also comply with the rules of the SEC governing the form and content of proposals in order to be included in the
Company's proxy statement and form </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>15</FONT></P>

<HR NOSHADE>
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<A NAME="page_cg1848_1_16"> </A>
<BR>

<P><FONT SIZE=2>
of proxy and should be directed to: Clerk, Anika Therapeutics,&nbsp;Inc., 236 West Cummings Park, Woburn, Massachusetts 01801. A stockholder who wishes to present a proposal at the next annual
meeting of stockholders, other than a proposal to be considered for inclusion in the Company's proxy statement described above, must have the proposal delivered personally to or mailed to and received
by the Clerk, Anika Therapeutics,&nbsp;Inc., 236 West Cummings Park, Woburn, Massachusetts 01801. The Company must receive the proposal on or before March&nbsp;16, 2003; provided, however, that
such proposal shall not be required to be given more than sixty (60)&nbsp;days prior to the annual meeting of stockholders. The proposal must also comply with the other requirements contained in the
Company's Amended and Restated By-laws, including supporting documentation and other information. Proxies solicited by the Board of Directors will confer discretionary voting authority
with respect to these proposals, subject to SEC rules governing the exercise of this authority. </FONT></P>

<P><FONT SIZE=2>The
chairman of the meeting may, if the facts warrant, determine and declare to the meeting that any proposed item of business was not brought before the meeting in accordance with the foregoing
procedure and, if he should so determine, he shall so declare to the meeting that the defective item of business shall be disregarded. </FONT></P>

<P><FONT SIZE=2><B>STOCKHOLDERS MAY OBTAIN, WITHOUT CHARGE, A COPY OF THE COMPANY'S ANNUAL REPORT ON FORM 10-K, INCLUDING THE FINANCIAL STATEMENTS AND SCHEDULES THERETO, FILED WITH
THE SECURITIES AND EXCHANGE COMMISSION FOR THE YEAR ENDED DECEMBER 31, 2001, BY WRITING TO THE CLERK, ANIKA THERAPEUTICS,&nbsp;INC., 236&nbsp;WEST CUMMINGS PARK, WOBURN, MASSACHUSETTS 01801.  </B></FONT></P>

<P><FONT SIZE=2><B>WHETHER OR NOT YOU PLAN TO ATTEND THE ANNUAL MEETING, YOU ARE URGED TO COMPLETE, DATE, SIGN AND RETURN THE ENCLOSED PROXY IN THE ACCOMPANYING ENVELOPE.
STOCKHOLDERS WHO ATTEND THE MEETING MAY VOTE THEIR STOCK PERSONALLY EVEN THOUGH THEY HAVE SENT IN THEIR PROXIES  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>16</FONT></P>

<HR NOSHADE>
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<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ma1848_anika_therapeutics,_inc__ma102169"> </A>
<A NAME="toc_ma1848_1"> </A>
<BR></FONT><FONT SIZE=2><B>ANIKA THERAPEUTICS, INC.<BR>  ANNUAL MEETING OF STOCKHOLDERS    <BR>  </B></FONT></P>


<P><FONT SIZE=2><B>PROXY  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ma1848_this_proxy_is_solicited_on_beh__thi02989"> </A>
<A NAME="toc_ma1848_2"> </A>
<BR></FONT><FONT SIZE=2><B>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS OF THE COMPANY    <BR>  </B></FONT></P>

<P><FONT SIZE=2>The
undersigned, having received notice of the meeting and management's proxy statement furnished herewith, and revoking all prior proxies, hereby appoints Mr.&nbsp;Douglas R. Potter,
Mr.&nbsp;Charles H. Sherwood and Mr.&nbsp;Samuel F. McKay, and each of them, with full power of substitution, as proxies to represent and vote all shares of common stock which the undersigned
would be entitled to vote, if personally present, at the Annual Meeting of Stockholders of Anika Therapeutics, Inc. to be held at the offices of Goodwin Procter LLP, 53 State Street, Boston,
Massachusetts, on Wednesday, June&nbsp;5, 2002, at 10:00&nbsp;a.m., and at any adjournment or postponement thereof, with respect to the following matters set forth below. </FONT></P>

<P><FONT SIZE=2>/X/
PLEASE MARK VOTES AS IN THIS EXAMPLE. </FONT></P>

<P><FONT SIZE=2>Any
proxy may be revoked by a stockholder at any time before its exercise by delivery of written revocation or a subsequently dated proxy to the Clerk of the Company or by voting in person at the
meeting. Attendance of the stockholder at the meeting or any adjournment or postponement thereof will not in and of itself constitute revocation of this proxy. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ma1848_please_complete,_sign,_date_an__ple04148"> </A>
<A NAME="toc_ma1848_3"> </A>
<BR></FONT><FONT SIZE=2><B>PLEASE COMPLETE, SIGN, DATE AND RETURN THIS PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ma1848_detach_here"> </A>
<A NAME="toc_ma1848_4"> </A>
<BR></FONT><FONT SIZE=2><B>DETACH HERE    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ma1848_proxy_for_anika_therapeutics,___pro03218"> </A>
<A NAME="toc_ma1848_5"> </A>
<BR></FONT><FONT SIZE=2><B>PROXY FOR<BR>  ANIKA THERAPEUTICS, INC. 2002 ANNUAL MEETING OF STOCKHOLDERS<BR>  TO BE HELD ON JUNE 5, 2002    <BR>  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD><FONT SIZE=2>ELECTION
OF DIRECTOR: </FONT></DD></DL>
<UL>

<P><FONT SIZE=2>(to
serve as Class&nbsp;III Director for a term of three years) </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1</FONT></DT><DD><FONT SIZE=2>&#151;
STEVEN E. WHEELER
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>/</FONT></DT><DD><FONT SIZE=2>/&nbsp;&nbsp;&nbsp;&nbsp;FOR
 the nominee
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>/</FONT></DT><DD><FONT SIZE=2>/&nbsp;&nbsp;&nbsp;&nbsp;WITHHOLD
 AUTHORITY to vote for the nominee listed to the left.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD><FONT SIZE=2>In
their discretion, the proxies are authorized to vote upon such other matters as may properly come before the meeting or any adjournment or postponement thereof. </FONT></DD></DL>
<UL>

<P><FONT SIZE=2>This
proxy, when properly executed, will be voted in the manner directed by the undersigned stockholder. If no direction is given, this proxy will be voted in favor of Proposal 1. </FONT></P>

</UL>
<HR NOSHADE>
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<P><FONT SIZE=2>Check
appropriate box and indicate changes below. </FONT></P>

<P><FONT SIZE=2>Address
Change? / / Name Change? / / </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>/</FONT></DT><DD><FONT SIZE=2>/&nbsp;&nbsp;&nbsp;&nbsp;Please
 check this box if you plan to attend the Annual Meeting. </FONT></DD></DL>

<P><FONT SIZE=2>NO.
OF SHARES </FONT></P>

<P><FONT SIZE=2>Date
_____________________ / / </FONT></P>

<P><FONT SIZE=2>Date
_____________________ / / </FONT></P>

<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>
<UL>

<P><FONT SIZE=2>SIGNATURE(S)
IN BOX(ES)<BR>
When signing as attorney, executor, administrator, trustee or guardian, please give full title. If more than one trustee, all should sign. For shares held jointly, each joint owner should sign. </FONT></P>

</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
</UL>
<HR NOSHADE>
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<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="02BOS1848_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ca1848_1">PROPOSAL 1 ELECTION OF DIRECTORS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ca1848_2">AUDIT COMMITTEE REPORT</A></FONT><BR>

<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ce1848_1">Summary Compensation Table</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ce1848_2">OPTION GRANTS IN LAST FISCAL YEAR</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ce1848_3">AGGREGATED OPTION EXERCISES IN LAST FISCAL YEAR AND FISCAL YEAR-END OPTION VALUES</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_cg1848_1">Stock Performance Graph</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_cg1848_2">INDEPENDENT AUDITORS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_cg1848_3">OTHER MATTERS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_cg1848_4">SOLICITATION EXPENSES</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_cg1848_5">STOCKHOLDER PROPOSALS</A></FONT><BR>

<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ma1848_1">ANIKA THERAPEUTICS, INC. ANNUAL MEETING OF STOCKHOLDERS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ma1848_2">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS OF THE COMPANY</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ma1848_3">PLEASE COMPLETE, SIGN, DATE AND RETURN THIS PROXY CARD PROMPTLY USING THE ENCLOSED POSTAGE PAID ENVELOPE</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ma1848_4">DETACH HERE</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ma1848_5">PROXY FOR ANIKA THERAPEUTICS, INC. 2002 ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON JUNE 5, 2002</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=LPALLES,SEQ=,EFW="2077439",CP="ANIKA THERAPEUTICS,INC.",DN="1" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
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<SEQUENCE>3
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`
end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
