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<SEC-DOCUMENT>0001157523-08-005731.txt : 20080723
<SEC-HEADER>0001157523-08-005731.hdr.sgml : 20080723
<ACCEPTANCE-DATETIME>20080722192249
ACCESSION NUMBER:		0001157523-08-005731
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080722
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20080723
DATE AS OF CHANGE:		20080722

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14027
		FILM NUMBER:		08964400

	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>8-K
<SEQUENCE>1
<FILENAME>a5737767.htm
<DESCRIPTION>ANIKA THERAPEUTICS, INC. 8-K
<TEXT>
<html>
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    <title></title>
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    <p style="text-align: center">
      <br>
      <font style="font-family: Times New Roman; font-size: 11pt">UNITED STATES</font><font style="font-family: Times New Roman; font-size: 11pt"><br style="font-size: 11pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 11pt">SECURITIES
      AND EXCHANGE COMMISSION</font><br><br><font style="font-family: Times New Roman; font-size: 11pt">Washington,
      D.C. 20549</font><br><br><font style="font-family: Times New Roman; font-size: 11pt">FORM
      8-K</font><br><br><font style="font-size: 11pt">CURRENT REPORT</font><font style="font-size: 11pt"><br style="font-size: 11pt"></font><font style="font-size: 11pt">PURSUANT
      TO SECTION 13 OR 15(d)</font><font style="font-size: 11pt"><br style="font-size: 11pt"></font><font style="font-size: 11pt">OF
      THE SECURITIES EXCHANGE ACT OF 1934</font><br><br><font style="font-family: Times New Roman; font-size: 11pt">Date
      of Report (Date of earliest event reported): July 22, 2008</font><br><br><font style="font-size: 11pt">Anika
      Therapeutics, Inc.</font><br><i><font style="font-family: Times New Roman; font-size: 10pt">(Exact
      name of registrant as specified in its charter)</font></i><br><font style="font-family: Times New Roman"><b>________________________</b></font><br><br>
    </p>
    <div style="text-align:left">
    <table style="width: 100%; font-family: Times New Roman; font-size: 10pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: center; padding-left: 0.0px; width: 33%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Massachusetts
          </p>
        </td>
        <td style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; width: 34%; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            000-21326
          </p>
        </td>
        <td style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; width: 33%; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            04-314-5961
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; width: 33%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>(State or other jurisdiction of<br>incorporation or
            organization)</i>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 34%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>Commission file number</i>
          </p>
        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 33%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>(I.R.S. Employer<br>Identification No.)</i>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-align:left">
    <table style="width: 100%; font-family: Times New Roman; font-size: 10pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            32 Wiggins Avenue, Bedford, MA&#160;&#160;01730
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>(Address of principal executive offices) (Zip code)</i>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      <i><font style="font-size: 10pt">Registrant&#8217;s telephone number,
      including area code: </font></i><font style="font-size: 10pt">781-457-9000</font><br><br><br><i><font style="font-size: 10pt">(Former
      name or former address, if changed since last report)</font></i>
    </p>
    <p style="text-align: center">
      <br>
      <font style="font-family: Times New Roman"><b>________________________</b></font><br><br><br><br>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font><br><br><br>
    </p>
    <hr style="text-align: center; width: 100%; color: #000000; height: 1.0 pt">
    <hr style="text-align: center; width: 100%; color: #000000; height: 1.0 pt">


    <p>

    </p>
    <div style="width: 100%; text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <b>Section 2--Financial Information</b><br>
    </p>
    <p>

    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Item
      2.02.&#160;&#160;&#160;&#160;&#160;Results of Operations and Financial Condition.</font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-family: Times New Roman; font-size: 10pt"></font>
    </p>
    <p>
      The following information, including the exhibit attached hereto, is
      intended to be furnished and shall not be deemed &quot;filed&quot; for purposes of
      Section 18 of the Securities Exchange Act of 1934 (the &quot;Exchange Act&quot;)
      or otherwise subject to the liabilities of that section, nor shall it be
      deemed incorporated by reference in any filing under the Securities Act
      of 1933 or the Exchange Act, except as expressly set forth by specific
      reference in such filing.
    </p>
    <p>

    </p>
    <p>
      On July 22, 2008, Anika Therapeutics, Inc. issued a press release
      announcing its financial results for the second quarter and six months
      ended June 30, 2008.&#160;&#160;The full text of the press release is furnished as
      Exhibit 99.1 hereto and is incorporated herein by reference.
    </p>
    <p>

    </p>
    <p style="text-align: center">
      <b>Section 9--Financial Statements and Exhibits</b><br>
    </p>
    <p>

    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Item
      9.01.&#160;&#160;&#160;&#160;&#160;Financial Statements and Exhibits.</font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-family: Times New Roman; font-size: 10pt"></font>
    </p>
    <p style="white-space: nowrap">

    </p>
    <p style="white-space: nowrap">
      (d)&#160;&#160;Exhibits.<br>
    </p>
    <p>

    </p>
    <p style="text-align: left">
      99.1&#160;&#160;Press Release of Anika Therapeutics, Inc. dated July 22, 2008.<br>
    </p>
    <p style="text-align: left">

    </p>
    <p style="text-align: left">

    </p>
    <p style="text-align: center">
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          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt">SIGNATURE</font><br>
    </p>
    <p style="text-align: left">
      Pursuant to the requirements of the Securities Exchange Act of 1934, the
      registrant has duly caused this report to be filed on its behalf by the
      undersigned hereunto duly authorized.
    </p>
    <p style="text-align: center">

    </p>
    <div style="text-align:left">
    <table style="width: 100%; font-family: Times New Roman; font-size: 10pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 43%">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Anika Therapeutics, Inc.
          </p>
        </td>
        <td style="width: 15%">

        </td>
      </tr>
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        <td style="width: 5%">

        </td>
        <td style="width: 43%">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 15%">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 5%; padding-bottom: 2.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Dated:
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 43%; padding-bottom: 2.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            July 22, 2008
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 7%; padding-bottom: 2.0px" valign="top">
          By:
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 30%; border-bottom: solid black 1.0pt" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/ Kevin W. Quinlan
          </p>
        </td>
        <td style="width: 15%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 43%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 7%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 30%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Kevin W. Quinlan
          </p>
        </td>
        <td style="width: 15%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 43%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 7%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 30%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Chief Financial Officer
          </p>
        </td>
        <td style="width: 15%">

        </td>
      </tr>
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        <td style="width: 5%">

        </td>
        <td style="width: 43%">

        </td>
        <td style="width: 7%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 30%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 15%">

        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      Exhibit Index<br>
    </p>
    <p style="text-align: left">
      99.1&#160;&#160;Press Release of Anika Therapeutics, Inc. dated July 22, 2008.<br>
    </p>
    <p style="text-align: left">

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a5737767ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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  <head>
    <title></title>
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  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Anika
      Therapeutics Reports 28% Increase in Revenue for Second Quarter 2008</b></font>
    </p>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <i><font style="font-family: Times New Roman; font-size: 12pt"><b>Joint
      Health Revenues Increase by 79% on Strong Domestic and European Sales</b></font></i>
    </p>
    <p style="text-align: center">

    </p>
    <p>
      BEDFORD, Mass.--(BUSINESS WIRE)--Anika Therapeutics, Inc. (Nasdaq:
      ANIK), a leader in products for tissue protection, healing and repair
      based on hyaluronic acid (&#8220;HA&#8221;) technology, today reported strong
      revenue growth for the quarter ending June 30, 2008. Anika continued to
      strengthen its global position in joint health therapies with the
      European launch of its single-injection osteoarthritis product, MONOVISC<sup>&#8482;</sup>,
      for the relief of knee pain as well as the further domestic and
      international penetration of its flagship joint health product, ORTHOVISC<sup>&#174;</sup>.
      The Company also recently partnered with Artes Medical to market and
      distribute its cosmetic dermal filler, ELEVESS<sup>&#8482;</sup>, in the
      United States.
    </p>
    <p>
      <b>Revenue</b>
    </p>
    <p>
      Anika&#8217;s product revenue increased by 32% to $8,379,000 for the second
      quarter of 2008, compared with $6,332,000 in the same period last year.
      Product revenue for the first six months of 2008 grew 39% to $16,246,000
      from $11,706,000 in the first six months of 2007. The increase in
      product revenue for the quarter was primarily attributable to strong
      domestic and international sales of the Company&#8217;s ORTHOVISC product
      line, as well as gains from its equine osteoarthritis product, HYVISC,
      and initial MONOVISC sales.
    </p>
    <p>
      Total revenue for the second quarter of 2008 increased 28% to
      $9,060,000, compared with $7,100,000 in the second quarter of 2007.
      Total revenue for the first six months of 2008 increased 33% to
      $17,609,000 compared with $13,238,000 for the same period in 2007.
    </p>
    <p>
      <b>Product Gross Margin</b>
    </p>
    <p>
      Product gross margin for the second quarter of 2008 increased to 57%
      from 52% in last year&#8217;s second quarter. For the first six months of
      2008, product gross margin was 58% compared with 53% for the same period
      in 2007. The improvement in gross margin was due primarily to overall
      unit growth as well as growth in domestic and international ORTHOVISC
      sales.
    </p>
    <p>
      <b>Other Operating Expenses</b>
    </p>
    <p>
      Research and development expense increased 65% in the second quarter to
      $1,645,000 compared with $996,000 for the same period last year.
      Research and development expense for the first six months of 2008 were
      $3,153,000 compared with $1,843,000 for the same period last year. The
      increases in both the second quarter and year-to-date periods were
      primarily due to clinical trials in the U.S. and Europe for MONOVISC,
      scale-up activities for MONOVISC in connection with the European launch,
      and development activities in joint health.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      Selling, general and administrative expense increased 68% in the second
      quarter to $2,880,000 compared with $1,716,000 for the same period last
      year. Selling, general and administrative expense for the first six
      months of 2008 were $5,949,000 compared with $3,291,000 for the same
      period in 2007. The increases in both the second quarter and
      year-to-date periods were primarily the result of marketing expenses
      associated with the launch of our new products, increased personnel
      costs, expenses related to the Company&#8217;s new headquarters facility, and
      higher legal and consulting costs related to strategic projects.
    </p>
    <p>
      <b>Net Income</b>
    </p>
    <p>
      Net income for the second quarter of 2008 was $813,000, or $0.07 per
      diluted share, compared with $1,365,000, or $0.12 per diluted share, for
      the same period last year. Net income for the first six months of 2008
      was $1,430,000, or $0.12 per diluted share, compared with $2,566,000, or
      $0.23 per diluted share, for the first six months of 2007. The decrease
      in net income in the second quarter and first six months of 2008 over
      last year was due to the Company&#8217;s planned investment in clinical
      trials, product development and higher operating expenses as outlined
      above.
    </p>
    <p>
      <b>Other</b>
    </p>
    <p>
      Anika&#8217;s cash and cash equivalents at June 30, 2008 were $37,297,000
      compared with $39,406,000 at December 31, 2007. The decrease reflects
      the Company&#8217;s investment in its Bedford facility to increase capacity
      and upgrade its new product development capabilities. As of June 30,
      2008, the Company has borrowed $8,000,000 under its $16,000,000
      line-of-credit in connection with its Bedford facility build-out.
    </p>
    <p>
      <b>FDA Warning Letter</b>
    </p>
    <p>
      Anika Therapeutics recently received a Warning Letter from the FDA in
      response to an earlier FDA Form 483 Notice of Observations issued to the
      Company following an inspection at the Company&#8217;s Woburn facility. Anika
      has fully cooperated with the FDA to address the issues in the Form 483
      filing and has issued a response to the FDA&#8217;s Warning Letter. The
      Company has developed a corrective action plan, will provide the FDA
      with progress reports as promised, and looks forward to our next
      inspection. Product quality is the highest concern to Anika Therapeutics
      and the Company is committed to the continual improvement of its quality
      systems and investing to make those systems best-in-class.
    </p>
    <p>
      <b>Management Commentary</b>
    </p>
    <p>
      &#8220;We performed well in the second quarter from both a financial and
      operational standpoint,&#8221; said Charles H. Sherwood, Ph.D., Anika&#8217;s
      president and chief executive officer. &#8220;Our joint health franchise
      continues to gain traction in domestic and international markets, with
      sales from our flagship joint health product line, ORTHOVISC, up 70
      percent compared with the second quarter of 2007. Our HYVISC product for
      equine arthritis also posted nice growth with a 46 percent increase in
      sales.&#8221;
    </p>
    <p>
      &#8220;The quarter was punctuated with the achievement of two major
      milestones,&#8221; continued Sherwood. &#8220;First, we executed on our strategy to
      broaden our joint health franchise with new indications and
      differentiated features with the European launch of MONOVISC, our
      single-injection osteoarthritis product for the relief of knee pain.
      MONOVISC is based on Anika&#8217;s proprietary cross-linking technology and
      feedback from patients and physicians has been very positive. We&#8217;re
      making good progress on our U.S. pivotal trial for MONOVISC and expect
      to complete enrollment in the fourth quarter of this year.&#8221;
    </p>
    <div style="width: 100%; text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      &#8220;Another recent major milestone was our agreement with Artes Medical to
      be Anika&#8217;s marketing and distribution partner for ELEVESS, our cosmetic
      dermal filler,&#8221; added Sherwood. &#8220;With an existing, highly complementary
      dermal filler product, and a seasoned, 42-person sales force experienced
      in this space and very well trained, Artes Medical is an ideal partner
      to bring ELEVESS to market. With the pending launch of ELEVESS in the
      U.S., we are now aggressively seeking international marketing and
      distribution partners to commercialize ELEVESS around the globe. We have
      had a significant number of companies approach us and we are evaluating
      partners with characteristics and capabilities similar to Artes Medical.&#8221;
    </p>
    <p>
      &#8220;During the second half of the year, we will continue to focus on
      increasing the penetration of our joint health franchise in the U.S. and
      around the globe, capitalizing on the launch of ELEVESS in the U.S.,
      signing international distribution partners for ELEVESS, and making the
      investments needed to leverage our industry-leading HA technology into
      new products,&#8221; concluded Sherwood.
    </p>
    <p>
      <b>Conference Call Information</b>
    </p>
    <p>
      As previously announced, Anika will hold a conference call to discuss
      its financial results, business highlights and outlook on Wednesday,
      July 23, 2008, at 9:00 a.m. ET. In addition, the Company will answer
      questions concerning business and financial developments and trends, and
      other business and financial matters affecting the Company, some of the
      responses to which may contain information that has not been previously
      disclosed.
    </p>
    <p>
      To listen to the conference call, dial 800-573-4840 (International
      callers dial 617-224-4326) and use the passcode 55241076. Please call
      approximately 10 minutes before the starting time and reference Anika
      Therapeutics. In addition, the conference call will be available to
      interested parties through a live audio Internet broadcast at <u>www.anikatherapeutics.com</u>.
      The call will be archived and accessible on the same website shortly
      after the conclusion of the call.
    </p>
    <p>
      <b>About Anika Therapeutics, Inc.</b>
    </p>
    <p>
      Headquartered in Bedford, Mass., Anika Therapeutics, Inc. develops,
      manufactures and commercializes therapeutic products for tissue
      protection, healing and repair. These products are based on hyaluronic
      acid (HA), a naturally occurring, biocompatible polymer found throughout
      the body. Anika&#8217;s products include ORTHOVISC<sup>&#174;</sup>, a
      treatment for osteoarthritis of the knee available internationally and
      marketed in the U.S. by DePuy Mitek; HYVISC<sup>&#174;</sup>, a
      treatment for equine osteoarthritis marketed in the U.S. by Boehringer
      Ingelheim Vetmedica, Inc.; the ELEVESS&#8482; family of aesthetic dermatology
      products for facial wrinkles, scar remediation and lip augmentation
      marketed in the U.S. by Artes Medical, Inc.; AMVISC<sup>&#174;</sup>,
      AMVISC<sup>&#174;</sup> Plus, STAARVISC&#8482;-II and Shellgel&#8482; injectable
      viscoelastic HA products for ophthalmic surgery; INCERT<sup>&#174;</sup>,
      an HA-based anti-adhesive for surgical applications; ORTHOVISC<sup>&#174;</sup>
      <i>Mini</i> a treatment for osteoarthritis targeting small joints and
      available in Europe; MONOVISC&#8482; a single-injection osteoarthritis product
      based on our proprietary cross-linking technology and also available in
      Europe; and next generation products for joint health and aesthetic
      dermatology based on the Company&#8217;s proprietary, chemically modified HA.
    </p>
    <div style="width: 100%; text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <i>The statements made in this press release which are not statements of
      historical fact are forward-looking statements within the meaning of
      Section 27A of the Securities Act of 1933 and Section 21E of the
      Securities Exchange Act of 1934, including, without limitation,
      statements that may be identified by words such as &quot;expectations,&quot;
      &quot;remains,&quot; &quot;focus,&quot; &quot;expected,&quot; &quot;prospective,&quot; &quot;expanding,&quot; &quot;building,&quot;
      &quot;continue,&quot; &quot;progress,&quot; &#8220;plan,&#8221; &quot;efforts,&quot; &quot;hope,&quot; &quot;believe,&quot;
      &quot;objectives,&quot; &quot;opportunities,&quot; &quot;will,&quot; &quot;seek,&quot; &#8220;expect&#8221; and other
      expressions which are predictions of or indicate future events and
      trends and which do not constitute historical matters identify
      forward-looking statements.</i> <i>These statements also include: (i)
      the company's expectations regarding its cosmetic dermatology product,
      ELEVESS<sup>&#8482;</sup>, (ii) product gross margin (iii) the company&#8217;s
      expectations concerning its MONOVISC product, (iv) statements concerning
      revenue growth, and (v) statements concerning Artes Medical and ELEVESS.</i>
      <i>These statements are based upon the current beliefs and expectations
      of the company's management and are subject to significant risks,
      uncertainties and other factors.</i> <i>The company's actual results
      could differ materially from any anticipated future results, performance
      or achievements described in the forward-looking statements as a result
      of a number of factors including: (i) the company&#8217;s expectations
      regarding its cosmetic dermatology product, ELEVESS, and its
      expectations regarding a launch by Artes Medical; (ii) the company's
      ability to successfully commence and/or complete clinical trials of its
      products on a timely basis or at all, obtain clinical data to support a
      pre-market approval application and/or FDA approval, and/or receive FDA
      or other regulatory approvals of its products, or that such approvals
      will not be obtained in a timely manner or without the need for
      additional clinical trials; (iii) the company's research and product
      development efforts and their relative success, including whether the
      company has any meaningful sales of any new products resulting from such
      efforts; (vi) the cost effectiveness and efficiency of our manufacturing
      operations and production planning; (v) the strength of the economies in
      which the company operates or will be operating, as well as the
      political stability of any of those geographic areas; (vi) future
      determinations by the company to allocate resources to products and in
      directions not presently contemplated;and (vii) the company&#8217;s
      distribution of MONOVISC in Europe.</i> <i>Any delay in receiving any
      regulatory approvals may adversely affect the company's competitive
      position.</i> <i>Even if regulatory approvals are obtained, there is a
      risk that meaningful sales of the products may not be achieved.</i> <i>There
      is also a risk that (i) the company's existing distributors (including
      its distributor in Turkey) or customers will not continue to place
      orders at historical levels or that any of them will seek to modify or
      terminate existing arrangements, (ii) the company's efforts to enter
      into long-term marketing and distribution arrangements, including with
      new international distributors for ORTHOVISC, MONOVISC, and ELEVESS,
      will not be successful, (iii) new distribution arrangements, including
      the agreement with Artes Medical pertaining to its ELEVESS product, will
      not result in meaningful sales of the company's products, (iv) the
      company will be unable to achieve performance and sales threshold
      milestones in its distribution agreements, (v) competitive products will
      adversely impact the company's product sales, (vi) the estimated size(s)
      of the markets which the company has targeted its products will fail to
      be achieved, (vii) lack of adequate coverage and reimbursement provided
      by governments and other third party payers for our products and
      services, including non-reimbursement of ORTHOVISC in Turkey, could have
      a material adverse effect on our results of operations, or (viii)
      increased sales of the company's products, including HYVISC<sup>&#174;</sup>,
      ORTHOVISC, or its ophthalmic products, will not continue or sales will
      decrease or not reach historical sales levels, or even if such increases
      occur that such increases will improve gross margins, any of which may
      have a material adverse effect on the company's business and operations.</i>
      <i>There can be no assurance that the company&#8217;s business won&#8217;t be
      materially impacted by the recent receipt of an FDA Warning Letter.</i> <i>Certain
      other factors that might cause the company's actual results to differ
      materially from those in the forward-looking statements include those
      set forth under the headings &quot;Business,&quot; &quot;Risk Factors&quot; and
      &quot;Management's Discussion and Analysis of Financial Condition and Results
      of Operations&quot; in each of the company's Annual Report on Form 10-K for
      the year ended December 31, 2007 and on Form 10-Q for the period ended
      March 31, 2008, as well as those described in the company's other press
      releases and SEC filings.</i>
    </p>
    <div style="width: 100%; text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="13">
          <b>Anika Therapeutics, Inc. and Subsidiary</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="13">
          <b>Consolidated Statements of Operations</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="13">
          <b>(unaudited)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="5">
          <b>Quarter Ended</b>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="5">
          <b>Six Months Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top" colspan="5">
          <b>June 30,</b>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top" colspan="5">
          <b>June 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2008</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2007</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2008</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2007</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Product revenue
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          8,378,936
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          6,331,966
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          16,246,465
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,706,004
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px" valign="top">
          Licensing, milestone and contract revenue
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          681,253
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          767,596
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          1,362,503
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          1,531,604
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Total revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          9,060,189
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          7,099,562
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          17,608,968
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          13,237,608
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Operating expenses:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Cost of product revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3,644,530
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3,023,781
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          6,860,600
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          5,516,703
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Research &amp; development
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,644,619
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          996,051
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3,152,959
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,843,392
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px" valign="top">
          Selling, general &amp; administrative
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          2,880,156
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          1,716,099
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          5,948,772
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          3,291,149
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px" valign="top">
          Total operating expenses
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          8,169,305
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          5,735,931
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          15,962,331
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          10,651,244
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Income from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          890,884
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,363,631
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,646,637
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2,586,364
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px" valign="top">
          Interest income, net
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          157,875
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          575,831
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          347,281
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          1,142,608
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,048,759
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,939,462
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,993,918
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3,728,972
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px" valign="top">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          235,830
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          574,611
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          563,431
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          1,163,344
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px" valign="top">
          Net income
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          812,929
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          1,364,851
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          1,430,487
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          2,565,628
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Basic net income per share:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Net income
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.07
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.12
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.13
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.23
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Basic weighted average common shares outstanding
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,327,457
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,018,053
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,276,871
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          10,949,629
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Diluted net income per share:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Net income
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.07
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.12
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.12
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          0.23
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Diluted weighted average common shares outstanding
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,516,177
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,376,673
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,502,720
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11,342,280
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="7">
          <b>Anika Therapeutics, Inc. and Subsidiary</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="7">
          <b>Consolidated Balance Sheets</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="7">
          <b>(unaudited)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="2">
          <b>June 30,</b>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="2">
          <b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2008</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2007</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <b>ASSETS</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Current assets:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          37,297,479
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          35,903,569
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Short term investment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3,501,974
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Accounts receivable, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          5,932,086
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          5,795,973
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4,782,480
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4,390,118
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Current portion deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,657,007
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,657,007
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px" valign="top">
          Prepaid expenses and other
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          513,283
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          1,194,081
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 55.0px" valign="top">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          50,182,335
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          52,442,722
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Property and equipment, at cost
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          39,526,388
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          28,101,422
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px" valign="top">
          Less: accumulated depreciation
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          (9,442,234)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          (8,731,706)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          30,084,154
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          19,369,716
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Long-term deposits and other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          591,927
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          433,081
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Intangible asset, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          965,686
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          995,098
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px" valign="top">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          6,492,348
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          6,256,067
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px" valign="top">
          Total Assets
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          88,316,450
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          79,496,684
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <b>LIABILITIES AND STOCKHOLDERS&#8217; EQUITY</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Accounts payable
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3,146,677
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4,866,619
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Accrued expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3,436,066
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2,760,010
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Deferred revenue, current
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2,819,274
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2,806,778
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Income taxes payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          291,537
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          203,954
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Other long-term liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          670,285
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          398,365
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Long-term deferred revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          12,150,001
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          13,500,001
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px" valign="top">
          Long-term debt
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          8,000,000
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          -
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 55.0px" valign="top">
          Total liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          30,513,840
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          24,535,727
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Preferred stock
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Common stock
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          113,279
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          112,233
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Additional paid-in-capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          42,106,060
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          40,695,940
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px; padding-bottom: 2.0px" valign="top">
          Retained earnings
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          15,583,271
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          14,152,784
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 55.0px; padding-bottom: 2.0px" valign="top">
          Total stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          57,802,610
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          54,960,957
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px" valign="top">
          Total Liabilities and Stockholders&#8217; Equity
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          88,316,450
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          79,496,684
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="21">
          <b>Anika Therapeutics, Inc. and Subsidiary</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="21">
          <b>Supplemental Financial Data -</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="21">
          <b>(unaudited)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="21">
          <b>Product Gross Margin and Revenue by Product Line</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="9">
          <b>Quarter Ended</b>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="9">
          <b>Six Months Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top" colspan="9">
          <b>June 30,</b>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top" colspan="9">
          <b>June 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2008</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="top">
          <b>% Ttl</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2007</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="top">
          <b>% Ttl</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2008</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="top">
          <b>% Ttl</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>2007</b>
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="top">
          <b>% Ttl</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Ophthalmic
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2,562,218
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          31%
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2,889,585
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          46%
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          5,580,889
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          34%
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          5,174,706
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          44%
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Joint Health
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4,765,474
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          57%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          2,655,059
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          42%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          8,887,654
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          55%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          5,298,356
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          45%
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Veterinary
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,020,394
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          12%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          701,172
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,721,017
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          11%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          1,130,097
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          10%
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px" valign="top">
          Other
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          30,850
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          0%
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          86,150
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          1%
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          56,905
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          0%
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          102,845
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          1%
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          8,378,936
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          100%
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          6,331,966
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          100%
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          16,246,465
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          100%
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          11,706,004
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          100%
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Product gross profit
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4,734,406
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          3,308,185
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          9,385,865
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          6,189,301
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Product gross margin
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          57%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          52%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          58%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          53%
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="21">
          <b>Product Revenue by Geography</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="9">
          <b>Quarter Ended</b>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="9">
          <b>Six Months Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top" colspan="9">
          <b>June 30,</b>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top" colspan="9">
          <b>June 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2008</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          <b>% Ttl</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2007</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          <b>% Ttl</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2008</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          <b>% Ttl</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          <b>2007</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          <b>% Ttl</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Domestic
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          5,963,233
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          71%
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          4,901,224
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          77%
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          12,117,344
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          75%
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          9,118,905
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap" valign="bottom">
          78%
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            International
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          2,415,703
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          29%
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          1,430,742
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          23%
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          4,129,121
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          25%
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          2,587,099
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          22%
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          8,378,936
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          100%
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          6,331,966
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          100%
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          16,246,465
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          100%
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          11,706,004
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          100%
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>Anika Therapeutics, Inc.<br>Charles H. Sherwood, Ph.D., CEO,
      781-457-9000<br>or<br>Kevin W. Quinlan, CFO, 781-457-9000
    </p>
    <p>

    </p>
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