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<SEC-DOCUMENT>0001157523-08-008744.txt : 20081103
<SEC-HEADER>0001157523-08-008744.hdr.sgml : 20081103
<ACCEPTANCE-DATETIME>20081103172715
ACCESSION NUMBER:		0001157523-08-008744
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20081103
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20081103
DATE AS OF CHANGE:		20081103

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:		081158527

	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>a5821047.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): November 3, 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 cellspacing="0" style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt; width: 100%">
      <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-left: 0.0px; padding-right: 0.0px; white-space: nowrap; width: 34%" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            000-21326
          </p>
        </td>
        <td style="text-align: center; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; width: 33%" 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 cellspacing="0" style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt; width: 100%">
      <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; color: #000000; height: 1.0 pt; width: 100%">
    <hr style="text-align: center; color: #000000; height: 1.0 pt; width: 100%">


    <p>

    </p>
    <div style="text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt; width: 100%">
      <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 November 3, 2008, Anika Therapeutics, Inc. issued a press release
      announcing its financial results for the third quarter and nine months
      ended September 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 style="text-align: center">
      <br>
      <b>Section 9--Financial Statements and Exhibits</b><br>
    </p>
    <p style="text-align: center">

    </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 style="text-align: left">
      99.1&#160;&#160;Press Release of Anika Therapeutics, Inc. dated November 3, 2008.
    </p>
    <p style="text-align: center">
      <br>
      <br>
      [Remainder of page left blank intentionally]
    </p>
    <div style="text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt; width: 100%">
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        </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 cellspacing="0" style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt; width: 100%">
      <tr>
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        </td>
        <td style="width: 43%">

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

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

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

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

        </td>
      </tr>
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        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px; width: 5%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Dated:
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px; width: 43%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            November 3, 2008
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px; width: 7%" valign="top">
          By:
        </td>
        <td style="text-align: left; padding-left: 0.0px; border-bottom: solid black 1.0pt; width: 30%" 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>
    <p>

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

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

        </div>
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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">Exhibit Index</font><br>
    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="margin-left:auto;margin-right:auto; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt; width: 100%">
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; width: 5%" valign="top">
          99.1
        </td>
        <td style="width: 5%">
          &#160;
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 90%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Press Release of Anika Therapeutics, Inc. dated November 3, 2008.
          </p>
        </td>
      </tr>
    </table>
    </div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a5821047ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
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    <title></title>
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    <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 17% Increase in Third Quarter Product Revenue</b></font>
    </p>
    <p style="text-align: center">
      <i><font style="font-family: Times New Roman; font-size: 12pt"><b>Company
      Reports Strong Initial Sales of ELEVESS in the U.S. Strong Domestic and
      European Sales Drive Increase in Joint Health Revenue</b></font></i>
    </p>
    <p style="text-align: center">

    </p>
    <p>
      BEDFORD, Mass.--(BUSINESS WIRE)--November 3, 2008--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 third quarter of 2008.
    </p>
    <p>
      &#8220;This was another excellent quarter for Anika, as we executed on our
      strategic goals of bringing our ELEVESS product line to market and
      broadening our product portfolio and geographic reach in joint health
      therapies,&#8221; said Charles H. Sherwood, Ph.D., Anika&#8217;s president and chief
      executive officer. &#8220;It is clear to us that the significant investments
      we have made during the past year are positioning us well for continued
      strong revenue growth, not only domestically, but worldwide in each of
      the markets we serve.&#8221;
    </p>
    <p>
      During the quarter, Anika expanded its global position in joint health
      therapies with the announcement of a new distribution agreement in Latin
      America for ORTHOVISC<sup>&#174;</sup> and ORTHOVISC <i>mini</i>, as
      well as sales into the European Union for its single-injection
      osteoarthritis product MONOVISC<sup>&#8482;</sup>, for the relief of
      knee pain. Domestic revenue from its flagship ORTHOVISC product
      increased by 26 percent in the United States and Anika also reported
      strong initial revenue and positive market reception for its
      breakthrough cosmetic dermal filler product, ELEVESS<sup>TM</sup>.
    </p>
    <p>
      <b>Revenue</b>
    </p>
    <p>
      Anika&#8217;s product revenue increased by 17% to $8,524,000 for the third
      quarter of 2008, compared with $7,283,000 in the same period last year.
      Product revenue for the nine-month period of 2008 grew 30% to
      $24,770,000 from $18,989,000 in the nine-month period of 2007. The
      increase in product revenue for the quarter was primarily attributable
      to strong domestic and international revenue from the Company&#8217;s
      ORTHOVISC product line, as well as gains from its equine osteoarthritis
      product, HYVISC, and MONOVISC sales within the European Union.
    </p>
    <p>
      Total revenue for the third quarter of 2008 increased 16% to $9,205,000,
      compared with $7,965,000 in the third quarter of 2007. Total revenue for
      the nine-month period of 2008 increased 26% to $26,814,000 compared with
      $21,203,000 for the same period in 2007.
    </p>
    <p>
      <b>Product Gross Margin</b>
    </p>
    <p>
      Product gross margin for the third quarter of 2008 increased to 59% from
      57% in last year&#8217;s third quarter. For the nine-month period of 2008,
      product gross margin increased to 58% compared with 54% for the same
      period in 2007. The improvement in gross margin for both periods was
    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-bottom: 10pt; margin-right: 0pt; width: 100%">
      <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>
      due primarily to unit growth and strong domestic and international
      ORTHOVISC revenue as well as the impact of sales from our new products.
    </p>
    <p>
      <b>Other Operating Expenses</b>
    </p>
    <p>
      In accordance with the Company&#8217;s plans, research and development expense
      increased 60% to $1,801,000, compared with $1,256,000 for the same
      period last year, primarily due to clinical trials in the U.S. and
      Europe for MONOVISC, manufacturing scale-up activities for ELEVESS and
      MONOVISC, and development activities in joint health.
    </p>
    <p>
      As planned, selling, general and administrative expense increased 41% to
      $2,567,000, compared with $1,821,000 for the same period last year, due
      to facility costs at Anika&#8217;s Bedford facility which commenced in May 1,
      2007, increased personnel costs and marketing expenses in connection
      with new products in the joint health and aesthetic franchises, and
      higher professional costs related to strategic and corporate projects.
      Total operating expenses, excluding cost of product revenue, were
      $4,369,000 for the third quarter of 2008 compared with $2,947,000 for
      the third quarter of 2007. Total operating expenses, excluding cost of
      product revenue, for the nine-month period of 2008 were $13,470,000
      compared with $8,081,000 for the same period in 2007.
    </p>
    <p>
      <b>Net Income</b>
    </p>
    <p>
      Net income for the third quarter of 2008 was $1,104,000, or $0.10 per
      diluted share, compared with $1,796,000, or $0.16 per diluted share, for
      the same period last year. Net income for the nine months of 2008 was
      $2,535,000, or $0.22 per diluted share, compared with $4,362,000, or
      $0.38 per diluted share, for the same period in 2007. The decrease in
      net income in the third quarter and nine-month periods of 2008 over last
      year was due to higher operating expenses, consistent with the company&#8217;s
      plans to invest in its new facility, product development and market
      expansion.
    </p>
    <p>
      <b>Other</b>
    </p>
    <p>
      Anika&#8217;s cash, cash equivalents and short-term investments at September
      30, 2008 were $35,368,000, compared with $39,406,000 at December 31,
      2007. The decrease reflects the Company&#8217;s investment in its new facility
      to increase capacity and upgrade its new product development
      capabilities. As of September 30, 2008, the Company has expended
      $27,000,000 of its $30,000,000 project capital budget, of which it has
      borrowed $8,000,000 under its facility related line-of-credit, and
      expects to borrow up to an additional $8,000,000 by the end of the year
      for a total debt outstanding of $16 million.
    </p>
    <p>
      <b>Management Commentary</b>
    </p>
    <p>
      &#8220;Our joint health franchise continues to be a key driver of Anika&#8217;s
      growth, with revenue from our flagship joint health product, ORTHOVISC,
      up 25 percent compared with the third quarter of 2007,&#8221; said Charles H.
      Sherwood, Ph.D., Anika&#8217;s president and chief executive officer. &#8220;During
      the quarter, we broadened our geographic reach for this product line
      with the establishment of a new Latin America distributor agreement with
      our long-time partner DePuy Mitek. Our recently launched MONOVISC
      single-injection osteoarthritis product is being well received in
      Europe. We recently completed a six-month clinical study in the EU with
      very positive preliminary data and are looking forward to introducing
      MONOVISC to additional European markets that are predisposed to a
      single-injection osteoarthritis treatment option. We also are 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="text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt; width: 100%">
      <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 highlight of the quarter was the fast launch of our ELEVESS
      cosmetic dermal filler in the U.S. with our partner Artes Medical,&#8221;
      continued Sherwood. &#8220;In less than two months, we achieved strong sales
      and are on track to reach our target of between $1.0 and $1.5 million in
      revenue for Anika by the end of the year. The product has been well
      received by both doctors and patients alike and we are very pleased with
      the capabilities of the Artes team in introducing this product to the
      marketplace. ELEVESS has generated great interest in other areas around
      the world, and shortly after the close of the quarter, we signed a
      distribution agreement for the fast-growing Canadian market, as well as
      recently announced agreements for Mexico, Chile, Peru and Korea.&#8221;
    </p>
    <p>
      &#8220;In our other product lines, HYVISC for equine arthritis continued to
      outperform our expectations by posting a 28 percent increase in unit
      sales for the quarter. We are one of the recognized leaders in the field
      with this product and look forward to continued growth. Our ophthalmic
      surgery products, also considered the gold standard in the market,
      continued to perform well. We also are seeing interest in a number of
      markets for our INCERT<sup>&#174;</sup> line of adhesion prevention
      products.&#8221;
    </p>
    <p>
      &#8220;For the remainder of the year, we will continue to focus on growing our
      joint health franchise in the U.S. and around the globe, adding
      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>
      Anika will hold a conference call to discuss its financial results,
      business highlights and outlook on Tuesday, November 4, 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 800-295-4740 (International
      callers dial 617-614-3925) and use the passcode 25554560. 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;
      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
    </p>
    <div style="text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt; width: 100%">
      <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>
      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>
    <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;expanded,&quot; &quot;building,&quot;
      &quot;continued,&quot; &quot;progress,&quot; &#8220;plan(s),&#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; &#8220;invest,&#8221;
      &#8220;signing,&#8221; &#8220;on track&#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 continued strong revenue growth from the
      current year&#8217;s expenditures on R&amp;D and marketing, as well as our new
      facility buildout, (v)our expectations to complete enrollment in the
      U.S. MONOVISC clinical trial in the fourth quarter of 2008, and (vi)
      statements concerning market reception and revenue growth .</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.</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 periods ended March 31,and June 30, 2008, as well as
      those described in the company's other press releases and SEC filings.</i>
    </p>
    <div style="text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt; width: 100%">
      <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 cellspacing="0" style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt; width: 100%">
      <tr>
        <td colspan="13" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Anika Therapeutics, Inc. and Subsidiary</b>
        </td>
      </tr>
      <tr>
        <td colspan="13" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Consolidated Statements of Operations</b>
        </td>
      </tr>
      <tr>
        <td colspan="13" style="text-align: center; padding-left: 0.0px" valign="top">
          <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 colspan="5" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Quarter Ended</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="5" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          <b>September 30,</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="5" style="text-align: center; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          <b>September 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-left: 0.0px; padding-right: 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-left: 0.0px; padding-right: 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-left: 0.0px; padding-right: 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-left: 0.0px; padding-right: 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-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          8,523,765
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          7,283,129
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          24,770,230
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          18,989,133
        </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-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          681,250
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          682,251
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          2,043,753
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          2,213,855
        </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-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          9,205,015
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          7,965,380
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          26,813,983
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          21,202,988
        </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-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          3,504,986
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          3,138,307
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          10,365,586
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          8,655,010
        </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-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1,801,561
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1,125,826
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          4,954,520
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          2,969,218
        </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-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          2,567,000
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          1,820,998
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          8,515,772
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          5,112,147
        </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-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          7,873,547
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          6,085,131
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          23,835,878
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          16,736,375
        </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-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1,331,468
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1,880,249
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          2,978,105
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          4,466,613
        </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-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          130,486
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          550,014
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          477,767
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          1,692,622
        </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-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1,461,954
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          2,430,263
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          3,455,872
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          6,159,235
        </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-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          357,751
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          634,033
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          921,182
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          1,797,377
        </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-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          1,104,203
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          1,796,230
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          2,534,690
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          4,361,858
        </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-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.10
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.16
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.22
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.40
        </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-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          11,329,422
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          11,152,686
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          11,294,928
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          11,018,208
        </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-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.10
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.16
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.22
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          0.38
        </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-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          11,485,989
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          11,568,074
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          11,479,797
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          11,438,673
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt; width: 100%">
      <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 cellspacing="0" style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt; width: 100%">
      <tr>
        <td colspan="7" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Anika Therapeutics, Inc. and Subsidiary</b>
        </td>
      </tr>
      <tr>
        <td colspan="7" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Consolidated Balance Sheets</b>
        </td>
      </tr>
      <tr>
        <td colspan="7" style="text-align: center; padding-left: 0.0px" valign="top">
          <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 colspan="2" style="text-align: center; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="top">
          <b>September 30,</b>
        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="top">
          <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-left: 0.0px; padding-right: 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-left: 0.0px; padding-right: 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-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          35,368,244
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 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-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          6,529,709
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 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-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          5,040,565
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 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-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          332,283
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 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: 65.0px" valign="top">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          48,927,808
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 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-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          41,179,203
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 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-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          (9,852,157)
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          31,327,046
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 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-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          561,334
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 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-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          950,981
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 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-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          6,524,229
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 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-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          88,291,398
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 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-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          2,736,450
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 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-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          2,768,668
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 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-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          2,813,024
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 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-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          494,067
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 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-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          729,271
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 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-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          11,475,001
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 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-left: 0.0px; padding-right: 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-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          -
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 65.0px" valign="top">
          Total liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          29,016,481
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 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-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          113,534
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 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-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          42,473,909
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 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-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          16,687,474
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 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: 65.0px; 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-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          59,274,917
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 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-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          88,291,398
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          79,496,684
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt; width: 100%">
      <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 cellspacing="0" style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt; width: 100%">
      <tr>
        <td colspan="21" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Anika Therapeutics, Inc. and Subsidiary</b>
        </td>
      </tr>
      <tr>
        <td colspan="21" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Supplemental Financial Data -</b>
        </td>
      </tr>
      <tr>
        <td colspan="21" style="text-align: center; padding-left: 0.0px" valign="top">
          <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 colspan="21" style="text-align: center; padding-left: 0.0px" valign="top">
          <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 colspan="9" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Quarter Ended</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          2,703,095
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          32%
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          2,893,906
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          40%
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          8,283,984
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          33%
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          8,068,611
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          4,676,247
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          3,596,395
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          49%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          13,563,901
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          8,894,752
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          47%
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Veterinary
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          706,553
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          552,773
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          2,427,570
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1,682,870
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          9%
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Aesthetics
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          383,320
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          222,220
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          399,370
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          224,220
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          1%
        </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-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          54,550
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          1%
        </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-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          17,835
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          0%
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          95,405
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 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-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          118,680
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 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-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          8,523,765
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 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-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          7,283,129
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          100%
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          24,770,230
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 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-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          18,989,133
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 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-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          5,018,779
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          4,144,822
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          14,404,644
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          10,334,123
        </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-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          59%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          54%
        </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 colspan="21" style="text-align: center; padding-left: 0.0px" valign="top">
          <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 colspan="9" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Quarter Ended</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          6,062,837
        </td>
        <td>

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

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          5,057,754
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          69%
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          18,180,180
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          73%
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          14,176,658
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          75%
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px" valign="top">
          International
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          2,460,928
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 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-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          2,225,375
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          31%
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          6,590,050
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          27%
        </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-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          4,812,475
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt" valign="bottom">
          25%
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          8,523,765
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 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-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          7,283,129
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          100%
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          24,770,230
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 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-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt" valign="bottom">
          18,989,133
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; padding-left: 0.0px; padding-right: 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>
  </body>
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</DOCUMENT>
</SEC-DOCUMENT>
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