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<SEC-DOCUMENT>0001047469-05-012193.txt : 20050429
<SEC-HEADER>0001047469-05-012193.hdr.sgml : 20050429
<ACCEPTANCE-DATETIME>20050429150707
ACCESSION NUMBER:		0001047469-05-012193
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20050601
FILED AS OF DATE:		20050429
DATE AS OF CHANGE:		20050429
EFFECTIVENESS DATE:		20050429

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ANIKA THERAPEUTICS INC
		CENTRAL INDEX KEY:			0000898437
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		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:		05784999

	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>a2156699zdef14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#05BOS1480_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;&nbsp;) </FONT></P>

<!-- User-specified TAGGED TABLE -->
<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><BR><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><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="95%"><FONT SIZE=2><BR>
Preliminary Proxy Statement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="95%"><BR><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><BR>
<FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="95%"><FONT SIZE=2><BR>
Definitive Proxy Statement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="95%"><FONT SIZE=2><BR>
Definitive Additional Materials</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="95%"><FONT SIZE=2><BR>
Soliciting Material Pursuant to &sect;240.14a-12<BR></FONT>
</TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<!-- User-specified TAGGED TABLE -->
<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><BR>
<FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
No fee required</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
Fee computed on table below per Exchange Act Rules 14a-6(i)(1) 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><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
Fee paid previously with preliminary materials.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT SIZE=2><BR>
<FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><BR>
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><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
(1)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="90%"><FONT SIZE=2><BR>
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>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<P ALIGN="CENTER"><FONT SIZE=2><B>ANIKA THERAPEUTICS,&nbsp;INC.<BR>
160 NEW BOSTON STREET<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;1, 2005</I></B></FONT></P>


<P><FONT SIZE=2>The
2005 Annual Meeting of Stockholders of Anika Therapeutics,&nbsp;Inc., a Massachusetts corporation, will be held at the offices of Goodwin Procter LLP, 53 State Street, Boston, Massachusetts
02109 on Wednesday, June&nbsp;1, 2005, 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 two (2)&nbsp;Class&nbsp;III directors, each to serve until the 2008 Annual Meeting of Stockholders and until their respective successors are 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 Annual 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;6, 2005 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 our 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 being solicited by the Board of Directors, and to mail it promptly in the enclosed postage prepaid envelope. </FONT> <FONT SIZE=2><B>Regardless of the number of shares you own,
your vote is important</B></FONT><FONT SIZE=2>. 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>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="42%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="58%"><FONT SIZE=2><BR>
By Order of the Board of Directors,<BR>
<BR></FONT> <FONT SIZE=2><B>
<IMG SRC="g349622.jpg" ALT="LOGO" WIDTH="294" HEIGHT="66">
 </B></FONT><FONT SIZE=2><BR>
<BR>
Charles H. Sherwood, Ph.D., </FONT><FONT SIZE=2><I>Secretary</I></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="42%"><FONT SIZE=2><BR>
Woburn, Massachusetts<BR>
April 29, 2005</FONT></TD>
<TD WIDTH="58%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<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.</B></FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><B>ANIKA THERAPEUTICS,&nbsp;INC.<BR>
160 NEW BOSTON STREET<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;1, 2005  </I></B></FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2>April&nbsp;29, 2005 </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, for use at the 2005 Annual
Meeting of Stockholders to be held at the offices of Goodwin Procter LLP, 53 State Street, Boston, Massachusetts 02109 on Wednesday, June&nbsp;1, 2005, at 10:00&nbsp;a.m. local time and at any
adjournment or postponement thereof. At the Annual Meeting, the stockholders 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 two (2)&nbsp;Class&nbsp;III directors, each to serve until the 2008 Annual Meeting of Stockholders and until their respective successors are 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 Annual 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 form of proxy and Anika Therapeutics' Annual Report are first being sent to stockholders on or about April&nbsp;29, 2005. Our
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;6, 2005 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 our common stock, par value $.01 per share, 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 10,309,972 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 properly authorized proxies received and not revoked prior to or at the Annual Meeting will be voted in accordance with the stockholders' instructions by the persons named
as proxies. If no voting instructions are specified, properly executed proxies will be voted "FOR" the election of the nominees for Director listed in this proxy statement. If other matters are
presented, proxies will be voted in accordance with the discretion of the persons named as proxies. A stockholder may revoke a proxy at any time before its exercise by delivery of written revocation
or a subsequently dated proxy to the Secretary of Anika Therapeutics 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. Proxies withholding authority or marked as abstaining from a particular matter
will be treated as present for purposes of determining whether a quorum is present for the Annual Meeting, but will not be counted as voting on any proposal for which authority is withheld or an
abstention is indicated. If your Common Stock is held by a broker, bank or other nominee (i.e., in "street name") and you fail to give instructions as to how you want your shares voted (a "non-vote"),
the broker, bank or other nominee may in certain circumstances, but is not required to, vote the shares in their own discretion; however, in certain circumstances a broker will not be permitted to
vote such shares in its own discretion. Proxies returned by brokers as "non-votes" on behalf of shares held in street name will be counted only for the purpose of determining the presence or absence
of a quorum for the transaction of business. Any shares not voted (whether by abstention, broker non-vote or otherwise) will have no impact on the proposal to approve the election of Directors except
to the extent that the failure to vote for an individual in the election of Directors results in another individual receiving a larger percentage of votes. </FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_ca1480_1_2"> </A>
<BR>

<P><FONT SIZE=2>The
election of Directors will be determined 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 proposal; votes
that are withheld will be excluded entirely from the vote and will have no effect. This means that the two persons receiving the highest number of "FOR" votes will be elected as directors. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ca1480_proposal_1_election_of_directors"> </A>
<A NAME="toc_ca1480_1"> </A>
<BR></FONT><FONT SIZE=2><B>PROPOSAL 1<BR>  ELECTION OF DIRECTORS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>Our Board of Directors is currently comprised of six directors and 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 our 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 2006 Annual Meeting. Mr.&nbsp;McKay and Dr.&nbsp;Sadow serve as Class&nbsp;II Directors with a
term of office expiring at the 2007 Annual Meeting. Mr.&nbsp;Wheeler and Dr.&nbsp;Sherwood serve as Class&nbsp;III Directors with a term of office expiring at the 2005 Annual Meeting. </FONT></P>

<P><FONT SIZE=2>Mr.&nbsp;Wheeler
and Dr.&nbsp;Sherwood are our Board of Directors' nominees for election to the Board of Directors at the Annual Meeting. The Class&nbsp;III Directors will be elected to hold
office until the 2008 Annual Meeting and until their successors are 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 Anika Therapeutics, to elect Mr.&nbsp;Wheeler and Dr.&nbsp;Sherwood as Class&nbsp;III Directors. </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. In a plurality election, votes may only be cast in
favor of or withheld from each proposal; votes that are withheld will be excluded entirely from the vote and will have no effect. This means that the two persons receiving the highest number of "FOR"
votes will be elected as directors. </FONT></P>

<P><FONT SIZE=2>If
any of the Class&nbsp;III Directors become unavailable or declines to serve, the persons acting under the accompanying proxy may vote the proxy for the election of a substitute in their
discretion. The Board of Directors has no reason to believe that either of the nominees will be unable or unwilling to serve if elected. There are no arrangements or understandings between any nominee
and any other person pursuant to which such nominee was selected. </FONT></P>


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

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

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<DIV ALIGN="CENTER"><TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="78%" ALIGN="LEFT"><FONT SIZE=1><B>Director Name<BR> </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>66</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>74</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>65</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>82</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 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>Steven E. Wheeler</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>58</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>Charles H. Sherwood, Ph.D.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>58</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>2002</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>Dr.&nbsp;Bower
joined the Board of Directors of Anika Therapeutics in February&nbsp;1993 and has served as Lead Director since April&nbsp;2005. 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, </FONT></P>

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

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<P><FONT SIZE=2>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., 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 Anika Therapeutics in February&nbsp;1993. He was the Chairman of the Department of Biochemistry and Molecular Biology at Georgetown University
Medical School from April&nbsp;1988 until June&nbsp;30, 2003, and is currently a professor in that department. 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. 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 Anika Therapeutics 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 Advisors,&nbsp;Inc. Prior to co-founding Axiom in 1994, Mr.&nbsp;McKay had an extensive investment career as a securities analyst, portfolio manager
and venture capitalist. In the 1970s, he managed the CIGNA Insurance Co. venture capital fund until leaving to start his own business in 1981. He also founded and managed a special equity fund for
early stage public companies while at CIGNA. Since then, he has managed two successful venture capital partnerships: Connecticut Seed Venture (1987-1997) and Ventech Partners (1982-1991).
Mr.&nbsp;McKay also founded and was Chief Executive Officer of a successful venture backed company, Targetech,&nbsp;Inc., and had an earlier career in high energy laser physics research. He has
been a Director of a number of companies, among them CoStar Corp., Aeronca,&nbsp;Inc. and Scientific Communications. Mr.&nbsp;McKay currently serves on the board of several Axiom portfolio
companies including, Open Solutions,&nbsp;Inc., Aironet Wireless Communications, and Matia,&nbsp;Inc. His areas of expertise are both technology and healthcare. Mr.&nbsp;McKay has a B.A. in
physics from the University of New Hampshire and an M.B.A. in finance 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 Anika Therapeutics in December&nbsp;1995. He was formerly Chairman of Cholestech Corp. and a director of Rosetta Inpharmatics,&nbsp;Inc. and
previously served as Chairman of the Board of Directors of Trega Biosciences,&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 Anika Therapeutics 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, Cadius Development Corporation, 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 ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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<P><FONT SIZE=2>Dr.&nbsp;Sherwood
was appointed Chief Executive Officer of Anika Therapeutics in March&nbsp;2002. Dr.&nbsp;Sherwood has served as President since June&nbsp;2001. Dr.&nbsp;Sherwood previously
served as Anika Therapeutics' Chief Operating Officer beginning in June&nbsp;2001, 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 Anika Therapeutics from January&nbsp;1998 to April&nbsp;1998. From 1995 to 1997, he was Senior Director of 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><B>CORPORATE GOVERNANCE AND BOARD OF DIRECTORS MATTERS  </B></FONT></P>

<P><FONT SIZE=2><B>Board of Directors and Committees  </B></FONT></P>

<P><FONT SIZE=2>Anika Therapeutics' Board of Directors is currently comprised of six directors and is divided into three classes composed of two Class&nbsp;I Directors (Drs. Bower and
Davidson), two Class&nbsp;II Directors (Mr.&nbsp;McKay and Dr.&nbsp;Sadow) and two Class&nbsp;III Directors (Mr.&nbsp;Wheeler and Dr.&nbsp;Sherwood). Each class of Directors serves for a
three-year term with one class of Directors being elected by our stockholders at each Annual Meeting. The Class&nbsp;III Directors will be elected at the 2005 Annual Meeting with a term
of office expiring upon the election and qualification of Directors at the 2008 Annual Meeting. The terms of office of the Class&nbsp;I and Class&nbsp;II Directors will expire upon the election
and qualification of Directors at the Annual Meetings to be held in 2006 and 2007, respectively. </FONT></P>

<P><FONT SIZE=2>The
Board of Directors has determined that each of its incumbent members, except for Dr.&nbsp;Sherwood, is "independent" for purposes of the Rule&nbsp;4200(a)(15) of the National Association of
Securities Dealers and Nasdaq listing standards. The Board based these determinations primarily on a review of the responses of each Director to questions regarding employment and compensation
history, affiliations and family and other relationships and on other relevant discussions with the Directors. </FONT></P>

<P><FONT SIZE=2>Independent
Directors meet periodically in executive sessions without management participation. The executive sessions generally occur in connection with regularly scheduled meetings of the Board of
Directors, committees of the Board of Directors and at other times the independent Directors deem appropriate. The executive sessions are chaired either by the Lead Director or by the chair of the
Board committee having jurisdiction over the particular subject matter to be discussed at the particular meeting or portion of a meeting. </FONT></P>


<P><FONT SIZE=2>Effective
April&nbsp;11, 2005, the Board of Directors designated Joseph Bower as Lead Director until his resignation or election of a successor. The Lead Director's responsibilities are to convene
and chair meetings of the Board of Directors, convene and chair executive sessions of the independent directors, provide feedback to the Chief Executive Officer on executive sessions, collaborate with
the Chief Executive Officer in setting meeting agendas, and to facilitate discussion among the independent directors outside of meetings of the Board. The Lead Director receives an annual retainer of
$10,000 (in addition to other director compensation) for service as the Lead Director. </FONT></P>

<P><FONT SIZE=2>Anika
Therapeutics' Board of Directors met nine times during 2004. No director attended less than 75% of the aggregate of: (1)&nbsp;the total number of Board meetings and (2)&nbsp;the total number
of meetings held by all committees on which such Director served. Our Annual Meeting of Stockholders is generally held to coincide with one of the Board's regularly scheduled meetings. Directors are
strongly encouraged to attend the Annual Meeting. Each of the Directors, except for Mr.&nbsp;McKay, attended the 2004 Annual Meeting of Stockholders. </FONT></P>

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

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<P><FONT SIZE=2>The
Board of Directors currently has three standing committees: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>an
Audit Committee, the members of which are all independent for purposes of Nasdaq listing standards and include: Mr.&nbsp;McKay (Chairperson), Dr.&nbsp;Bower and
Mr.&nbsp;Wheeler;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
Compensation Committee, the members of which are all independent for purposes of Nasdaq listing standards and include: Dr.&nbsp;Bower (Chairperson), Dr.&nbsp;Davidson,
Mr.&nbsp;McKay and Mr.&nbsp;Wheeler; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
Nominating Committee, the members of which are all independent for purposes of Nasdaq listing standards and include: Mr.&nbsp;Wheeler (Chairperson), Dr.&nbsp;Bower,
Dr.&nbsp;Davidson, Mr.&nbsp;McKay and Dr.&nbsp;Sadow. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>The
Board of Directors has adopted a written charter for each of the Audit Committee, the Compensation Committee and the Nominating Committee. The Audit Committee has adopted a Code of Business
Conduct and Ethics that applies to all of our employees, officers and Directors. You can find links to these materials in the corporate governance section of our website at: </FONT> <FONT SIZE=2><I>http://www.anikatherapeutics.com</I></FONT><FONT
SIZE=2>. Please note that the information contained on the website is not incorporated by reference in, or considered to be a
part of, this proxy statement. </FONT></P>

<P><FONT SIZE=2><I>Audit Committee.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The members of the Audit Committee are Mr.&nbsp;McKay, as Chairperson, Dr.&nbsp;Bower and Mr.&nbsp;Wheeler, each of
whom is independent for purposes of Nasdaq listing standards and satisfies the criteria for independence contained in the rules promulgated by the Securities and Exchange Commission ("SEC") under the
Securities Exchange Act of 1934, as amended ("Exchange Act"). The Board of Directors concluded that, after consideration of the background and experience of the members of the Audit Committee, it was
unable to determine whether any such Director possesses the attributes and satisfies the other requirements to qualify as an "Audit Committee Financial Expert" as that term is defined under the rules
promulgated by the SEC under the Exchange Act. However, the Board of Directors has determined that all of the members of the Audit Committee are able to read and understand fundamental financial
statements and that at least one member of the Audit Committee has the requisite financial sophistication required by the NASD audit committee requirements. As a result, the Board of Directors has
determined that the Audit Committee has the financial expertise necessary to fulfill its duties and obligations. </FONT></P>

<P><FONT SIZE=2>The
purposes of the Audit Committee are, among other things, to (1)&nbsp;oversee the accounting and financial reporting processes of Anika Therapeutics and the audits of its financial statements,
(2)&nbsp;take or recommend that the Board of Directors takes appropriate action to oversee the qualifications, independence and performance of Anika Therapeutics' independent registered public
accounting firm and (3)&nbsp;prepare an Audit Committee report as required by the SEC to be included in Anika Therapeutics' annual proxy statement. The Audit Committee has direct authority to
appoint, retain, oversee and, when appropriate, terminate Anika Therapeutics' independent registered public accounting firm. The Audit Committee also has the responsibility to confer with the
independent registered public accounting firm regarding the scope, method and result of the audit of our books and records and to report the same to the Board of Directors and to establish and monitor
a policy relative to non-audit services provided by the independent registered public accounting firm in order to ensure their independence. </FONT></P>

<P><FONT SIZE=2>The
Audit Committee operates under a written charter adopted by the Board of Directors, which was revised effective March&nbsp;2004. The charter may be viewed in the corporate governance section of
Anika Therapeutics' website at </FONT><FONT SIZE=2><I>http://www.anikatherapeutics.com.</I></FONT><FONT SIZE=2> Please note that the information contained on the website is not incorporated by
reference in, or considered to be a part of, this proxy statement. The Audit Committee holds separate sessions of its meetings, outside the presence of management, with Anika Therapeutics' independent
auditors in conjunction with each regularly scheduled Audit Committee meeting that the independent auditors participate in. The Audit Committee met six times during 2004. </FONT></P>

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

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<P><FONT SIZE=2><I>Compensation Committee.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The members of the Compensation Committee are Dr.&nbsp;Bower, as Chairperson, Dr.&nbsp;Davidson,
Mr.&nbsp;McKay and Mr.&nbsp;Wheeler, each of whom is independent for purposes of Nasdaq listing standards. The Compensation Committee, among other things, exercises on behalf of the Board of
Directors all of the Board's responsibilities relating to the development and implementation of Anika Therapeutics' compensation programs which provide incentives that further Anika Therapeutics'
long-term strategic plan with the goal of enhancing enduring stockholder value, including: (1)&nbsp;reviewing and approving corporate goals and objectives relevant to the compensation of Anika
Therapeutics' Chief Executive Officer and evaluating his or her performance in light of those goals, (2)&nbsp;determining, with the advice and assistance of the CEO, the compensation of Anika
Therapeutics' officers other than the CEO, (3)&nbsp;overseeing Anika Therapeutics' overall compensation programs, including granting awards under Anika Therapeutics' 2003 Stock Option and Incentive
Plan (the "2003 Stock Option Plan") and, (4)&nbsp;preparing a report on executive compensation to be included in Anika Therapeutics' annual proxy statement. Until recently, the compensation
committee was also charged with annually reviewing and recommending to the Board of Directors compensation for non-employee directors; those responsibilities have been transferred to the Nominating
Committee. The Board of Directors has approved a written charter for the Compensation Committee, the text of which may be viewed in the corporate governance section of Anika Therapeutics' website at </FONT> <FONT
SIZE=2><I>http://www.anikatherapeutics.com.</I></FONT><FONT SIZE=2> Please note that the information contained on the website is not incorporated by reference in, or considered to be a
part of, this proxy statement. The Compensation Committee met two times during 2004. </FONT></P>

<P><FONT SIZE=2><I>Nominating Committee.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The members of the Nominating Committee are Mr.&nbsp;Wheeler, as Chairperson, Dr.&nbsp;Bower,
Dr.&nbsp;Davidson, Mr.&nbsp;McKay and Dr.&nbsp;Sadow, each of whom is independent for purposes of Nasdaq listing standards. The Nominating Committee is primarily responsible for
(1)&nbsp;recommending to the Board of Directors the criteria for Board and committee membership and (2)&nbsp;identifying, evaluating and recommending nominees to stand for election as Directors at
each Annual Meeting of Stockholders, including incumbent Directors and candidates recommended by stockholders. In addition, the Nominating Committee was recently given the responsibility of annually
reviewing and recommending to the Board of Directors compensation for non-employee directors. The Board of Directors has approved a written charter for the Nominating Committee, the text of which may
be viewed in the corporate governance section of Anika Therapeutics' website at </FONT><FONT SIZE=2><I>http://www.anikatherapeutics.com.</I></FONT><FONT SIZE=2> Please note that the information
contained on the website is not incorporated by reference in, or considered to be a part of, this proxy statement. The Nominating Committee met one time in 2004. </FONT></P>

<P><FONT SIZE=2>When
considering candidates for Director, the Nominating Committee takes into account a number of factors, including the following minimum qualifications: the nominee shall have the highest personal
and professional integrity, shall have demonstrated exceptional ability and judgment, and shall be most effective, in conjunction with the other members of the Board, in collectively serving the
long-term interests of the stockholders. In addition, the Nominating Committee will take into consideration such other factors as it deems appropriate, including any direct experience in the
biotechnology, pharmaceutical and/or life sciences industries or in the markets in which Anika Therapeutics operates and whether the candidate, if elected, assists in achieving a mix of Board members
that represents a diversity of background and experience. The Nominating Committee may also consider, among other things, the skills of the candidate, his or her availability, depth and breadth of
experience or other background characteristics, and his or her independence. Depending upon the current needs of the Board, these and other factors may be weighed more or less heavily by the
Nominating Committee. </FONT></P>

<P><FONT SIZE=2>The
Nominating Committee will consider written recommendations from stockholders of Anika Therapeutics regarding potential candidates for election as Directors. The Nominating Committee will review
and evaluate the qualifications of Director nominee candidates who have been recommended by stockholders in compliance with procedures established from time to time by the Nominating Committee and
conduct such inquiries as it deems appropriate. The Nominating Committee will </FONT></P>

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

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<P><FONT SIZE=2>consider
for nomination any proposed Director candidate who is deemed qualified by the Nominating Committee in light of the minimum qualification and other criteria for Board membership described
above or otherwise approved by the Board from time to time. </FONT></P>

<P><FONT SIZE=2>Stockholders
wishing to suggest a candidate for Director should write to the Nominating Committee c/o Chief Financial Officer at Anika Therapeutics,&nbsp;Inc., 160 New Boston Street, Woburn,
Massachusetts 01801 and include: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
name and address of record of the stockholder.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>A
representation that the stockholder is a record holder of Anika Therapeutics' Common Stock, or if the stockholder is not a record holder, evidence of ownership in
accordance with SEC Rule&nbsp;14a-8(b)(2) of the Exchange Act.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
name, age, business and residential address, educational background, public company directorships, current principal occupation or employment, and principal occupation
or employment for the preceding five (5)&nbsp;full fiscal years of the proposed director candidate.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>A
description of the qualifications and background of the proposed director candidate which addresses the minimum qualifications and other criteria for Board membership
approved by the Board from time to time.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>A
description of all arrangements or understandings between the stockholder and the proposed director candidate.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
written consent of the proposed Director candidate (1)&nbsp;to be named in the proxy statement relating to Anika Therapeutics' Annual Meeting of Stockholders,
(2)&nbsp;to have all required information regarding such candidate included in the proxy statement relating to Anika Therapeutics' Annual Meeting of Stockholders filed pursuant to the rules of the
SEC and (3)&nbsp;to serve as a director if elected at such annual meeting.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Any
other information regarding the proposed director candidate that is required to be included in a proxy statement filed pursuant to the rules of the SEC. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>The
Nominating Committee may solicit recommendations for candidates for directors from non-management Directors, the Chief Executive Officer, other executive officers, third-party search firms and
such other sources as it deems appropriate, including stockholders. The Nominating Committee will review and evaluate the qualifications of all such proposed candidates in the same manner and without
regard to the source of the recommendation. </FONT></P>

<P><FONT SIZE=2><B>Communications with the Board of Directors  </B></FONT></P>

<P><FONT SIZE=2>If you wish to communicate with any of our Directors or the Board of Directors as a group, you may do so by writing to the Board of Directors, or such individual Director(s)
c/o Chief Financial Officer, Anika Therapeutics,&nbsp;Inc., 160 New Boston Street, Woburn, Massachusetts 01801. </FONT></P>

<P><FONT SIZE=2>We
recommend that all correspondence be sent via certified U.S. mail, return receipt requested. All correspondence received by the Chief Financial Officer will be forwarded by the Chief Financial
Officer (or the person serving the function of Chief Financial Officer) promptly to the appropriate addressee(s). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ca1480_audit_committee_report"> </A>
<A NAME="toc_ca1480_2"> </A>
<BR></FONT><FONT SIZE=2><B>AUDIT COMMITTEE REPORT    <BR>    </B></FONT></P>

<P><FONT SIZE=2>During 2004, the Audit Committee of the Board consisted of Mr.&nbsp;McKay, as Chairperson, Dr.&nbsp;Bower and Mr.&nbsp;Wheeler, each of whom was a non-employee director
and independent for purposes of Nasdaq listing standards. In accordance with its written charter adopted by the Board of Directors, the Audit Committee oversees on behalf of the Board the accounting
and financial reporting processes of Anika Therapeutics the audits of its financial statements and the qualifications, independence and performance of its independent auditors. During fiscal year
2004, the Audit Committee met six times. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

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<P><FONT SIZE=2>The
Audit Committee obtained from PricewaterhouseCoopers LLP, its independent registered public accounting firm, the written disclosures and letter required by Independence Standards Board Standard
No.&nbsp;1, "Independence Discussions with Audit Committees," and discussed with PricewaterhouseCoopers LLP its independence from Anika Therapeutics and its management. </FONT></P>


<P><FONT SIZE=2>The
Audit Committee has discussed and reviewed with the independent registered public accounting firm 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 registered public accounting firm's examination of the financial statements. </FONT></P>

<P><FONT SIZE=2>The
Audit Committee reviewed the audited financial statements of Anika Therapeutics for the fiscal year ended December&nbsp;31, 2004, with management and the independent registered public accounting
firm. Management has the responsibility for the preparation of Anika Therapeutics' financial statements and the independent registered public accounting firm has the responsibility to examine those
statements, to perform an independent audit of our financial statements in accordance with generally accepted auditing standards and to issue a report thereon. </FONT></P>

<P><FONT SIZE=2>Based
upon the above-mentioned review and discussions with management and the independent registered public accounting firm described above, the Audit Committee recommended to the Board of Directors
that Anika Therapeutics' audited financial statements be included in its Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2004 for filing with the SEC. </FONT></P>

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

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<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 INTO ANY FILING UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, BY ANY GENERAL STATEMENT INCORPORATING BY REFERENCE THIS PROXY STATEMENT EXCEPT TO THE EXTENT THAT ANIKA THERAPEUTICS 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>It is the general policy of the Board of Directors that compensation for non-employee Directors should be comprised of a mix of cash and equity-based compensation. During 2004,
each Director who was not an employee of Anika Therapeutics received a director's fee of $20,000. In addition, each non-employee director was paid $1,000 for 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. Annually, each non-employee Director is also
entitled to receive immediately exercisable options for shares of Common Stock under the Anika Therapeutics,&nbsp;Inc. 2003 Stock Option and Incentive Plan (the "2003 Plan"). The number of stock
options granted is valued at approximately $10,000 using the Black-Scholes method and based on the market value of Anika Therapeutics' common stock on the date of grant. Options with respect to 2004
were awarded following the end of the 2004 fiscal year. All non-employee directors are reimbursed for out-of-pocket 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. The Lead Director is
entitled to an additional retainer of $10,000 in compensation for services as Lead Director. </FONT></P>

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

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<BR>

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

<P><FONT SIZE=2>The Board of Directors elects our executive officers annually at a regular meeting held 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 of our directors or executive officers. </FONT></P>

<P><FONT SIZE=2>The
following table lists the current executive officers of Anika Therapeutics and certain information concerning the executive officers of Anika Therapeutics who are not also directors. It is
anticipated that each of these officers, except with respect to Mr.&nbsp;O'Neill who resigned effective May&nbsp;13, 2005, will be re-appointed by the Board of Directors following the Annual
Meeting: </FONT></P>

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<TABLE WIDTH="78%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="45%" ALIGN="LEFT"><FONT SIZE=1><B>Name<BR> </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="45%" ALIGN="CENTER"><FONT SIZE=1><B>Position</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="45%"><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>58</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>President and Chief Executive Officer</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>Frank Luppino</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>36</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>Vice President&#151;Operations</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>Carol A. Toth, Ph.D.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>49</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>Vice President&#151;Research and Development</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="45%"><FONT SIZE=2>James E. O'Neill</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>41</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="45%"><FONT SIZE=2>Chief Accounting Officer and Principal Financial Officer</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>Mr.&nbsp;Luppino
was appointed Vice President-Operations of Anika Therapeutics in June&nbsp;2003. Mr.&nbsp;Luppino was previously Executive Director of Operations at Anika Therapeutics. Prior to
joining Anika Therapeutics in 1998, Mr.&nbsp;Luppino was regional manager for AAC Consulting Group, a firm serving the pharmaceutical and medical device industries. From 1992 to 1998, he was
regional manager for Raytheon Engineers and Constructors, where he executed design, start-up and validation projects for
clients in the pharmaceutical and biotechnology industries. Prior to that, Mr.&nbsp;Luppino was a project engineer with Black and Veatch, an architectural and engineering design firm.
Mr.&nbsp;Luppino holds a bachelor's degree in chemical engineering from Lehigh University. </FONT></P>

<P><FONT SIZE=2>Dr.&nbsp;Toth
was appointed Vice President&#151;Research and Development of Anika Therapeutics in November&nbsp;2004. Dr.&nbsp;Toth most recently served as vice president of research and
development at Stryker Biotech, a division of Stryker Corporation, where she managed a 30-person organization responsible for all research, product development and business development activities.
From 1991 to 1996, Dr.&nbsp;Toth was associate director, pharmaceutical evaluation at T Cell Sciences,&nbsp;Inc. (now AVANT Immunotherapeutics,&nbsp;Inc.). Between 1986 and 1992 Dr.&nbsp;Toth
worked as a scientist and academic last serving as assistant professor, Department of Surgery, Harvard Medical School. In her earlier capacities, Dr.&nbsp;Toth was principal investigator for
multiple NIH research grants and led various industrial research collaborations. Dr.&nbsp;Toth earned a doctorate degree in cellular immunology from Boston University School of Medicine and bachelor
of science degree from Fairfield University. </FONT></P>

<P><FONT SIZE=2>Mr.&nbsp;O'Neill,
Anika Therapeutics' controller, was designated chief accounting officer and principal financial officer effective October&nbsp;22, 2004. Prior to joining Anika Therapeutics in
2002, Mr.&nbsp;O'Neill served as corporate controller for FairMarket,&nbsp;Inc., an online auction and promotions technology and service provider. From 1995 to 1999 Mr.&nbsp;O'Neill held various
positions at AVANT Immunotherapeutics,&nbsp;Inc., a biopharmaceutical company, most recently as Director of Finance. On April&nbsp;5, 2005, Mr.&nbsp;O'Neill resigned, effective May&nbsp;13,
2005. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>9</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 Anika Therapeutics'
Chief Executive Officer and the four other most highly compensated executive officers whose total annual salary and bonus exceeded $100,000 for the year ended December&nbsp;31, 2004 (of which there
were only two such other qualifying executive officers as well as one other highly compensated executive officer who was not serving as an executive officer as of the end of the fiscal year) (the
"Named Executive Officers"). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>Summary Compensation Table  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" 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="2%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="15%" 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="2%"><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="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="28%" ROWSPAN=2 ALIGN="LEFT"><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="2%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="15%" ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Securities<BR>
Underlying<BR>
Options (No.)(1)</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($)(2)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Salary($)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Bonus($)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="28%"><FONT SIZE=2>Charles H. Sherwood<BR>
President and Chief Executive Officer</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>2004<BR>
2003<BR>
2002</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$<BR><BR></FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>358,262<BR>
298,654<BR>
246,585</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$<BR><BR></FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>230,000<BR>
150,000<BR>
75,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>&#151;<BR>
180,000<BR>
100,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$<BR><BR></FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2>19,379<BR>
12,302<BR>
10,727</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>(3)<BR><BR></FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="28%"><FONT SIZE=2><BR>
William J. Knight<BR>
Former Chief Financial Officer(5)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2004<BR>
2003<BR>
2002</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>
185,642<BR>
184,866<BR>
78,577</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>
5,000<BR>
46,250<BR>
18,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&#151;<BR>
80,000<BR>
75,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2><BR>
10,542<BR>
10,313<BR>
3,975</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="28%"><FONT SIZE=2><BR>
Frank Luppino<BR>
Vice President&#151;Operations(6)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2004<BR>
2003<BR>
2002</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>
174,538<BR>
148,414<BR>
128,589</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>
48,750<BR>
37,500<BR>
23,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&#151;<BR>
70,000<BR>
6,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR><BR>(4)<BR></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2><BR>
8,628<BR>
7,682<BR>
6,451</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="28%"><FONT SIZE=2><BR>
James E. O'Neill<BR>
Chief Accounting Officer and Principal Financial Officer(7)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2004<BR>
2003<BR>
2002</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>
117,135<BR>
112,854<BR>
76,077</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>
17,550<BR>
26,000<BR>
12,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&#151;<BR>
25,000<BR>
30,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2><BR>
6,133<BR>
5,883<BR>
2,764</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>For
additional information concerning these awards, see the table below under the caption "Option Grants in Last Fiscal Year."
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>Unless
otherwise noted, these amounts constitute group term life insurance premiums and matching contributions to Anika Therapeutics' Employee Savings and Retirement Plan.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>Such
amount includes reimbursement of life insurance premium of $7,315.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD><FONT SIZE=2>Includes
20,000 options granted on June&nbsp;9, 2003 in connection with Mr.&nbsp;Luppino's promotion to Vice President&#151;Operations.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD><FONT SIZE=2>Mr.&nbsp;Knight
joined Anika Therapeutics as Chief Financial Officer in July&nbsp;2002. As of October&nbsp;23, 2004, Mr.&nbsp;Knight was no longer an employee of Anika
Therapeutics.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD><FONT SIZE=2>Mr.&nbsp;Luppino
was promoted to Vice President&#151;Operations in June&nbsp;2003.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD><FONT SIZE=2>Mr.&nbsp;O'Neill
joined Anika Therapeutics,&nbsp;Inc. as Controller in May&nbsp;2002. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_ce1480_1_11"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ce1480_option_grants_in_last_fiscal_year"> </A>
<A NAME="toc_ce1480_1"> </A>
<BR></FONT><FONT SIZE=2><B>OPTION GRANTS IN LAST FISCAL YEAR    <BR>    </B></FONT></P>

<P><FONT SIZE=2>During the fiscal year ended December&nbsp;31, 2004, there were no stock options granted to the Named Executive Officers. Stock option awards to the Named Executive Officers
granted in connection with annual compensation decisions were awarded in December 2003 and February 2005. </FONT></P>


<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, 2004 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, 2004. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ce1480_aggregated_option_exercises_in__agg03204"> </A>
<A NAME="toc_ce1480_2"> </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="95%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="25%" ALIGN="LEFT"><FONT SIZE=1><B>Name<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="13%" ALIGN="CENTER"><FONT SIZE=1><B>Shares<BR>
Acquired on<BR>
Exercise (No.)</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 ($)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="17%" ALIGN="CENTER"><FONT SIZE=1><B>Securities Underlying Unexercised Options at Fiscal Year End (No.) Exercisable/<BR>
Unexercisable</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Value of Unexercised<BR>
In-the-Money Options at Fiscal Year End ($)<BR>
Exercisable/<BR>
Unexercisable(1)</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="25%"><FONT SIZE=2>Charles H. Sherwood</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>0</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2>367,500/222,500</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="22%" ALIGN="RIGHT"><FONT SIZE=2>2,076,188/$1,186,125</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="25%"><FONT SIZE=2>William J. Knight</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>47,500</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>476,087</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" 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="22%" ALIGN="RIGHT"><FONT SIZE=2>0/0</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="25%"><FONT SIZE=2>Frank Luppino</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" 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="17%" ALIGN="RIGHT"><FONT SIZE=2>77,250/61,750</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="22%" ALIGN="RIGHT"><FONT SIZE=2>460,208/275,203</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="25%"><FONT SIZE=2>James E. O'Neill</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" 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="17%" ALIGN="RIGHT"><FONT SIZE=2>21,250/33,750</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="22%" ALIGN="RIGHT"><FONT SIZE=2>138,450/178,950</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, 2004 of $9.15 per share less the applicable option exercise prices ranging from $0.90 to $9.22 per share. </FONT></DD></DL>
<BR>

<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 2004, the Compensation Committee of the Board consisted of Dr.&nbsp;Bower, Dr.&nbsp;Davidson, Mr.&nbsp;McKay and Mr.&nbsp;Wheeler, each of whom was a
non-employee Director and independent for purposes of the Nasdaq listing standards. The Compensation Committee approves Anika Therapeutics' compensation policies and oversees Anika Therapeutics'
overall compensation program. </FONT></P>

<P><FONT SIZE=2>The
overall objective of the Company's executive compensation policy is to attract and retain highly qualified executive officers and motivate them to provide a high level of performance for the
benefit of the Company and its shareholders. The Committee believes that to accomplish these objectives compensation packages should provide executive officers with market competitive base salaries
and the opportunity to earn additional compensation based upon the Company's financial performance and the performance of the Company's Common Stock. In considering compensation for the Company's
executive officers, the Compensation Committee relies primarily on the assessment of the individuals' performance and contribution to the Company, in addition to qualitative factors such as the
Company's performance and compensation trends generally. In this regard the Committee reviews surveys of executive compensation and information concerning compensation at the peer group companies. The
principal components of the Company's compensation policy for its executive officers are base salary, incentive compensation awards, and stock option grants. </FONT></P>

<P><FONT SIZE=2>The
primary component of compensation for the Company's executive officers is base salary. Base salary levels for the Company's executive officers are determined based upon an evaluation of a number
of factors, including the individual's level of responsibility, experience, performance and competitive market practices as determined by the Company's analysis of management compensation surveys, and
a review of other published data relating to executive compensation. </FONT></P>

<P><FONT SIZE=2>The
second principal component of the Company's compensation policy for executive officers consists of cash bonuses. The Compensation Committee considers the achievement of financial objectives, </FONT></P>

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

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_ce1480_1_12"> </A>
<BR>

<P><FONT SIZE=2>organizational
development, business and technical development, and other relevant factors in its discretion to determine the amounts and timing of the bonuses. Historically, cash bonuses related to
most recently completed fiscal year are awarded contemporaneously with annual salary adjustments for the newly commencing fiscal year. The Compensation Committee also grants cash bonuses for executive
retention purposes, taking into account, among other things, general industry practices, as well as special performance bonuses in exceptional circumstances. </FONT></P>

<P><FONT SIZE=2>The
third principal component of the Company's compensation policy for executive officers consists of grants under the 2003 Stock Option and Incentive Plan. Under this plan executive officers may be
granted stock options or other forms of equity security such as performance shares or restricted stock. This element of the Company's compensation policy provides the opportunity for the Company's
executive officers to be compensated based upon increases in the market price of the Company's Common Stock. </FONT></P>

<P><FONT SIZE=2>In
addition special incentives are awarded from time to time reflecting unusual circumstances. </FONT></P>

<P><FONT SIZE=2><I>Compensation of Chief Executive Officer.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In 2003, Dr.&nbsp;Sherwood's annual salary was $300,000 and effective January&nbsp;1, 2004,
Dr.&nbsp;Sherwood's annual salary was increased to $360,000. In determining the compensation for Dr.&nbsp;Sherwood in 2004, the Compensation Committee evaluated the achievement of corporate,
individual and organizational objectives of the Company for 2003. In addition, the Compensation Committee took into account information regarding the compensation paid to other Chief Executive
Officers in comparably-sized, publicly traded companies in the pharmaceutical and medical devices industry and the relative performance of such companies. The Compensation Committee also factored into
its evaluation the aggregate value of all compensation received by the Chief Executive Officer, including the total beneficial ownership of Anika Therapeutics' represented by the Chief Executive
Officer's "in-the-money" stock options as compared to the holdings of other comparably situated Chief Executive Officers. </FONT></P>

<P><FONT SIZE=2>Dr.&nbsp;Sherwood
was not awarded any options to acquire shares of Common Stock in 2004. However, in December&nbsp;2003 Dr.&nbsp;Sherwood was awarded options to acquire up to 100,000 shares of
Common Stock at an exercise price of $9.22 per share (in connection with the compensation adjustments made at the end of fiscal 2003) and in February&nbsp;2005, Dr.&nbsp;Sherwood was awarded
options to acquire up to 50,000 shares of Common Stock at an exercise price of $8.71 per share, (in connection with compensation adjustments made at the end of fiscal 2004), each such award vesting in
four equal annual installments. </FONT></P>

<P><FONT SIZE=2>In
2004, Dr.&nbsp;Sherwood received a special performance cash bonus of $50,000 in recognition of Dr.&nbsp;Sherwood's efforts in connection with the negotiation of the license agreement pertaining
to the commercialization of Orthovisc in the United States. In recognition of the achievement of the corporate, individual and organizational objectives of Anika Therapeutics for the 2004 fiscal year,
in January&nbsp;2005 the Compensation Committee awarded Dr.&nbsp;Sherwood a cash bonus of $180,000. </FONT></P>

<P><FONT SIZE=2>The
Compensation Committee is presently engaged in a comprehensive review of Anika Therapeutics' overall compensation program. In connection with this review, the Compensation Committee has retained
an outside compensation consulting firm to provide advice as to proper short term and long term compensation levels and incentives, including the appropriate levels of cash and equity (and forms of
equity compensation). The Compensation Committee expects to complete this review during fiscal 2005, with the goal of implementing any revisions to the compensation structure prior to the beginning of
2006. </FONT></P>

<P><FONT SIZE=2>The
Compensation Committee of the Board of Directors </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 ALIGN="CENTER"><FONT SIZE=2>12</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_ce1480_1_13"> </A>

<P><FONT SIZE=2><B>THE FOREGOING REPORT SHOULD NOT BE DEEMED INCORPORATED BY REFERENCE INTO ANY FILING UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, BY ANY GENERAL STATEMENT INCORPORATING BY REFERENCE THIS PROXY STATEMENT EXCEPT TO THE EXTENT THAT ANIKA THERAPEUTICS 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>Dr.&nbsp;Sherwood has an at-will employment relationship with us, the terms of which are evidenced by an offer letter which was countersigned by Dr.&nbsp;Sherwood at the
commencement of his employment. Under the offer letter, Dr.&nbsp;Sherwood was awarded, 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 Dr.&nbsp;Sherwood is terminated without cause, the offer letter entitles him to severance in the amount of six
months base salary and six months medical benefits. Mr.&nbsp;Knight and Dr.&nbsp;Toth entered into similar arrangements at the commencement of their employment. Mr.&nbsp;Luppino also has an
at-will employment relationship with us, the terms of which are evidenced by an offer letter which was countersigned at the commencement of his employment. </FONT></P>

<P><FONT SIZE=2>Dr.&nbsp;Sherwood
is also party to a change in control, bonus and severance agreement dated July&nbsp;8, 2002, Mr.&nbsp;Luppino is party to a change in control agreement dated June&nbsp;9,
2003 and Dr.&nbsp;Toth is party to a change in control agreement dated October&nbsp;6, 2004. Mr.&nbsp;Knight was party to a change in control, bonus and severance agreement while employed by
Anika Therapeutics. 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). In the event of a change in control, and if after such change of control their employment 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><B>2003 Stock Option and Incentive Plan  </B></FONT></P>

<P><FONT SIZE=2>In 2003, Anika Therapeutics adopted the 2003 Plan to provide incentives to officers, employees, non-employee directors and other key persons. The 2003 Plan is administered by
the Compensation Committee of the Board of Directors, which, in its discretion, may grant stock-based awards, including incentive stock options, non-qualified stock options, stock appreciation rights,
deferred stock, restricted stock, unrestricted stock, performance shares and dividend equivalent rights. The 2003 Plan provides that in the event of a "change of control" as defined in the 2003 Plan,
generally all stock options and stock appreciation rights will automatically become fully exercisable and that the restrictions and conditions on all awards of restricted stock, deferred stock awards
and performance share awards will automatically be deemed waived. At December&nbsp;31, 2004, the total number of remaining options and shares of Common Stock that may be issued under the 2003 Plan
was 999,850. </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 Anika Therapeutics. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>13</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->

<P><FONT SIZE=2><A
NAME="page_cg1480_1_14"> </A> </FONT> <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 return on our Common Stock, based on the market price of our 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, 1999 and ending on December&nbsp;31, 2004. The calculation of total cumulative return assumes a $100 investment in the Anika Therapeutics' Common Stock, the Nasdaq Stock Market
Index and the Nasdaq Pharmaceutical Index on December&nbsp;31, 1999, and the reinvestment of all dividends, of which none have been paid. The historical information set forth below is not
necessarily indicative of future performance. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>
<IMG SRC="g603789.jpg" ALT="GRAPHIC" WIDTH="669" HEIGHT="439">
  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="101%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="46%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Dec-99</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Dec-00</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Dec-01</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Dec-02</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Dec-03</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Dec-04</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>Nasdaq Pharmaceutical Market</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>100</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>125</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>106</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>69</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>101</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>107</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>Nasdaq US Market</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>100</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>60</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>48</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>33</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>49</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>54</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>Anika Therapeutics</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>100</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>11</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>14</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>14</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>138</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%" ALIGN="RIGHT"><FONT SIZE=2>130</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

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

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_cg1480_1_15"> </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 our Common Stock as of February&nbsp;1, 2005, by: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>each
director;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>each
of the Named Executive Officers named in the Summary Compensation Table set forth under the caption "Executive Compensation;"
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>each
other person which is known by us to beneficially own 5% or more of our Common Stock; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>all
current directors and executive officers as a group. </FONT></DD></DL>
</UL>
<BR>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="89%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="57%" ALIGN="LEFT"><FONT SIZE=1><B>Beneficial Owner<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="21%" ALIGN="CENTER"><FONT SIZE=1><B>Number of Shares<BR>
Beneficially Owned(1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="4%"><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="57%" VALIGN="TOP"><FONT SIZE=2>Joseph L. Bower</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>107,006</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP"><FONT SIZE=2>(3)</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="White" VALIGN="BOTTOM">
<TD WIDTH="57%" 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="21%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>85,926</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP"><FONT SIZE=2>(4)</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" 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="57%" VALIGN="TOP"><FONT SIZE=2>Samuel F. McKay</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" 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="57%" 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="21%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>51,926</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP"><FONT SIZE=2>(5)</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" 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="57%" VALIGN="TOP"><FONT SIZE=2>Steven E. Wheeler</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>113,396</FONT></TD>
<TD WIDTH="4%" 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="57%" 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="21%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>394,750</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP"><FONT SIZE=2>(6)</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>3.7</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="57%" VALIGN="TOP"><FONT SIZE=2>Frank Luppino</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>83,750</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP"><FONT SIZE=2>(7)</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" 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="57%" VALIGN="TOP"><FONT SIZE=2>James E. O'Neill</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>24,170</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP"><FONT SIZE=2>(8)</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" 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="57%" VALIGN="TOP"><FONT SIZE=2>All current directors and current executive officers as a group (9&nbsp;persons)</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT"><FONT SIZE=2>860,924</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(9)</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT"><FONT SIZE=2>7.8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="57%" 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="21%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" 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="57%" VALIGN="TOP"><FONT SIZE=2>Federated Investors, Inc.<BR>
Federated Investors Tower<BR>
Pittsburgh, PA 15522</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>1,390,000</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP"><FONT SIZE=2>(10)</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>13.6</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="57%" VALIGN="TOP"><FONT SIZE=2>Herbert H. Hastings and Euretta L. Hastings<BR>
c/o Morrison &amp; Foerster LLP<BR>
19900 MacArthur Blvd., 12<SUP>th</SUP> Floor<BR>
Irvine, CA 92612-2445</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>640,000</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP"><FONT SIZE=2>(11)</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>6.2</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="57%" VALIGN="TOP"><FONT SIZE=2>Eliot Rose Asset Management, LLC and Gary S. Siperstein<BR>
10 Weybosset Street<BR>
Suite 401<BR>
Providence, RI 02903</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="21%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>794,810</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP"><FONT SIZE=2>(12)</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2>7.7</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, 2005. 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, 2005.
<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 10,257,472 shares of Common Stock outstanding as of February&nbsp;1, 2005, plus any shares subject to outstanding
stock options that were exercisable within 60&nbsp;days of February&nbsp;1, 2005, 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 55,926 shares subject to stock options that are exercisable on or before April&nbsp;2, 2004. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>15</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_cg1480_1_16"> </A>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD><FONT SIZE=2>This
amount includes (i)&nbsp;55,926&nbsp;shares subject to stock options that are exercisable on or before April&nbsp;2, 2004 and (ii)&nbsp;1,350&nbsp;shares
owned by Dr.&nbsp;Davidson's spouse, with respect to which Dr.&nbsp;Davidson disclaims beneficial ownership.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD><FONT SIZE=2>This
amount includes 47,926 shares subject to stock options that are exercisable on or before April&nbsp;2, 2005.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD><FONT SIZE=2>This
amount includes 393,750 shares subject to stock options that are exercisable on or before April&nbsp;2, 2005.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD><FONT SIZE=2>This
amount includes 83,750 shares subject to stock options that are exercisable on or before April&nbsp;2, 2005.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(8)</FONT></DT><DD><FONT SIZE=2>This
amount includes 23,750 shares subject to stock options that are exercisable on or before April&nbsp;2, 2005.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(9)</FONT></DT><DD><FONT SIZE=2>This
amount includes 716,954 shares in the aggregate subject to stock options that are exercisable on or before April&nbsp;2, 2005.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(10)</FONT></DT><DD><FONT SIZE=2>Such
information is provided based upon information contained in the Schedule&nbsp;13G/A publicly filed by Federated Investors,&nbsp;Inc. on February&nbsp;14,
2005 for calendar year 2004.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(11)</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;8,
2005 for calendar year 2004.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(12)</FONT></DT><DD><FONT SIZE=2>Such
information is provided based upon information contained in the Schedule&nbsp;13G/A publicly filed by Eliot Rose Asset Management,&nbsp;Inc. and Gary S.
Siperstein on February&nbsp;11, 2005 for calendar year 2004. </FONT></DD></DL>
<BR>

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

<P><FONT SIZE=2>The Exchange Act requires that Anika Therapeutics' officers, directors and persons who own more than 10% of Anika Therapeutics' Common Stock file initial reports of ownership
and reports of changes in ownership with the SEC and Nasdaq. Officers, directors and persons who beneficially own more than 10% of Anika Therapeutics' Common Stock are also required to furnish us with
a copy of all forms they file pursuant to Section&nbsp;16(a) of the Exchange Act. To Anika Therapeutics' knowledge, based solely upon a review of Forms 3, 4 and 5 and amendments thereto furnished to
us under Rule&nbsp;16a-3(e) of the Exchange Act for the year period ended December&nbsp;31, 2004, no officer, director or person who owns more than 10% of Anika Therapeutics' outstanding shares of
Common Stock failed to file such reports on a timely basis. </FONT></P>

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

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<P><FONT SIZE=2><A
NAME="page_ci1480_1_17"> </A> </FONT></P>

<!-- TOC_END -->

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

<P><FONT SIZE=2>None. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ci1480_independent_registered_public_accounting_firm"> </A>
<A NAME="toc_ci1480_1"> </A>
<BR></FONT><FONT SIZE=2><B>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM    <BR>    </B></FONT></P>

<P><FONT SIZE=2>The accounting firm of PricewaterhouseCoopers LLP has served as Anika Therapeutics' principal independent auditor since the fiscal year 2002. A representative of
PricewaterhouseCoopers is expected to be present at the Annual Meeting of stockholders and will have the opportunity to make a statement if he desires to do so and will be available to respond to
appropriate questions from stockholders. </FONT></P>


<P><FONT SIZE=2><I>Fees Paid to Anika Therapeutics' Principal Independent Auditor  </I></FONT></P>

<P><FONT SIZE=2>The following table summarizes the fees that Anika Therapeutics paid or accrued for audit and other services provided by its principal independent auditor for each of the last
two fiscal years: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="62%" ALIGN="LEFT"><FONT SIZE=1><B>Fee Category<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2004</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>2003</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="62%"><FONT SIZE=2>Audit fees</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>579,000</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>101,000</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="62%"><FONT SIZE=2>Audit-related fees</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>12,500</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="62%"><FONT SIZE=2>Tax fees</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>59,000</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>17,500</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="62%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="62%"><FONT SIZE=2>Total fees</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>638,000</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="13%" ALIGN="RIGHT"><FONT SIZE=2>131,000</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="62%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>For
purposes of the preceding table: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Audit
fees consist of fees for the audit of our consolidated financial statements, the review of the interim financial statements included in our quarterly reports of
Form&nbsp;10-Q, and other professional services provided in connection with statutory and regulatory filings or engagements for those fiscal years. For 2004, audit fees also include the audit of
(a)&nbsp;management's assessment of internal control over financial reporting and (b)&nbsp;the effectiveness of internal control over financial reporting, as required under Section&nbsp;404 of
the Sarbanes-Oxley Act of 2002.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Audit-related
fees consist of fees for assurance and related services that are reasonably related to the peformance of the audit and the review of our finacial statements
and that are not reported under "Audit fees" for those fiscal years. These services include, among other things, accounting consultations and advisory services related to compliance with
Section&nbsp;404 of the Sarbanes-Oxley Act.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Tax
fees consist of fees for tax compliance, tax advice and tax planning services for those fiscal years. Tax fees are primarily for tax compliance services which relate to
preparation and review of original and amended tax returns, claims for refunds and tax payment-planning services. Tax advice and tax planning services relate to miscellaneous items. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>In
considering the nature of the services provided by the principal independent auditor, the Audit Committee determined that such services are compatible with the provision of independent audit
services. The Audit Committee discussed these services with the independent auditor and Anika Therapeutics' management to determine that they are permitted under the rules and regulations concerning
auditor independence promulgated by the SEC to implement the Sarbanes-Oxley Act of 2002, as well as the American Institute of Certified Public
Accountants</FONT><FONT SIZE=2><B>.</B></FONT></P>

<P><FONT SIZE=2>Under
its charter, the Audit Committee must pre-approve all audit and permitted non-audit services to be provided by our principal independent auditor unless an exception to such pre-approval exists
under the Exchange Act or the rules of the SEC. Each year, the Audit Committee approves the retention of the independent auditor to audit our financial statements, including the associated fee. At
this time, the Audit Committee evaluates other known potential engagements of the independent auditor, including the scope of audit-related services, tax services and other services proposed to be
performed and the proposed fees, and approves or rejects each service, taking into account whether the services are </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>17</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_ci1480_1_18"> </A>

<P><FONT SIZE=2>permissible
under applicable law and the possible impact of each non-audit service on the independent auditor's independence from management. </FONT></P>


<P><FONT SIZE=2>Since
the May&nbsp;6, 2003 effective date of the SEC rules stating that an auditor is not independent of an audit client unless the services it provides to the client are appropriately approved,
each new engagement of PricewaterhouseCoopers has been approved in advance by the Audit Committee. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ci1480_other_matters"> </A>
<A NAME="toc_ci1480_2"> </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="ci1480_solicitation_expenses"> </A>
<A NAME="toc_ci1480_3"> </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 Anika Therapeutics. In addition to solicitations by mail, our directors, officers and employees, without additional
remuneration, may solicit proxies by telephone, telegraph and personal interviews. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ci1480_stockholder_proposals"> </A>
<A NAME="toc_ci1480_4"> </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 Anika Therapeutics on or before December&nbsp;30, 2005 in order
to be considered for inclusion
in our 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 our proxy statement and form of proxy and
should be directed to: Secretary, Anika Therapeutics,&nbsp;Inc., 160 New Boston Street, 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 our proxy statement described above, must have the proposal delivered personally to or mailed to and received by the Secretary,
Anika Therapeutics,&nbsp;Inc., 160 New Boston Street, Woburn, Massachusetts 01801. We must receive the proposal on or before March&nbsp;30, 2006; provided, however, that such proposal shall not be
required to be given more than 60&nbsp;days prior to the annual meeting of stockholders. The proposal must also comply with the other requirements contained in our 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 ANIKA THERAPEUTICS' 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, 2004, BY WRITING TO THE SECRETARY, ANIKA THERAPEUTICS,&nbsp;INC., 160 NEW BOSTON STREET, WOBURN, MASSACHUSETTS
01801.</B></FONT></P>

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

<P ALIGN="CENTER"><FONT SIZE=2>18</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<P ALIGN="CENTER"><FONT SIZE=2><B>ANNUAL MEETING OF STOCKHOLDERS OF<BR>
ANIKA THERAPEUTICS,&nbsp;INC.<BR>
Wednesday, June&nbsp;1, 2005  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>Please date, sign and mail your proxy card in the envelope provided as soon as possible.</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><I>Please detach along perforated line and mail in the envelope provided.</I></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>The
Board of Directors recommends a vote "FOR" the Election of Directors. Please sign, date and return promptly in the enclosed envelope. Please mark your vote in blue or black ink as shown here
<FONT FACE="WINGDINGS">&#253;</FONT> </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD><FONT SIZE=2>ELECTION
OF DIRECTORS: to serve as Class&nbsp;III Director for a term of three years. </FONT></DD></DL>
<UL>

<P><FONT SIZE=2>Nominees:
</FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>o</FONT></DT><DD><FONT SIZE=2>Steven
E. Wheeler
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>o</FONT></DT><DD><FONT SIZE=2>Charles
H. Sherwood, Ph.D.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></DT><DD><FONT SIZE=2>FOR
ALL NOMINEES
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></DT><DD><FONT SIZE=2>WITHHOLD
AUTHORITY<BR>
FOR ALL NOMINEES
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></DT><DD><FONT SIZE=2>FOR
ALL EXCEPT<BR>
(See instructions below) </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>(Instruction: To withhold authority to vote for any individual nominee(s), mark "FOR ALL EXCEPT" and fill in the circle next to each nominee you wish to withhold, as shown
here: </FONT><FONT SIZE=3>&#149;</FONT></P>

<DL compact>
<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 ALL NOMINEES IN PROPOSAL 1. </FONT></P>

</UL>

<P><FONT SIZE=2>To
change the address on your account, please check the box at right and indicate your new address in the address space above. Please note that changes to the registered name(s) on the account may not
be submitted via this method. <FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P><FONT SIZE=2>Mark "X" here if you plan to attend the meeting. <FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P><FONT SIZE=2>Signature of Stockholder ______________________ Date: _________________ </FONT></P>

<P><FONT SIZE=2>Signature
of Stockholder ______________________ Date: _________________ </FONT></P>

<P><FONT SIZE=2>Note:
Please sign exactly as your name or names appear on this Proxy. When shares are held jointly, each holder should sign. When signing as executor, administrator, attorney, trustee or guardian,
please give full title as such. If the signer is a corporation, please sign full corporate name by duly authorized
officer, giving full title as such. If signer is a partnership, please sign in partnership name by authorized person. </FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<P ALIGN="CENTER"><FONT SIZE=2><B>ANIKA THERAPEUTICS,&nbsp;INC.<BR>
ANNUAL MEETING OF STOCKHOLDERS<BR>
Wednesday, June&nbsp;1, 2005  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS  </B></FONT></P>

<P><FONT SIZE=2>The undersigned, having received notice of the meeting and management's proxy statement furnished herewith, revoking all prior proxies, hereby appoints Dr.&nbsp;Charles H.
Sherwood and Mr.&nbsp;Frank Luppino, 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,&nbsp;Inc. (the "Company") to be held at the offices of Goodwin Procter LLP, 53 State Street, Boston,
Massachusetts, on Wednesday, June&nbsp;1, 2005, at 10:00&nbsp;a.m., and at any adjournment or postponement thereof, with respect to the matters set forth on the reverse side. 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 Secretary 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><B>(Continued and to be signed on the reverse side)  </B></FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<P><br><A NAME="05BOS1480_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ca1480_1">PROPOSAL 1 ELECTION OF DIRECTORS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ca1480_2">AUDIT COMMITTEE REPORT</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_ci1480_1">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ci1480_2">OTHER MATTERS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ci1480_3">SOLICITATION EXPENSES</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ci1480_4">STOCKHOLDER PROPOSALS</A></FONT><BR>

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