Anika Therapeutics, Inc. has reached a mutual agreement with OrthoNeutrogena, a division of Ortho-McNeil Pharmaceuticals, for the termination of its development and commercialization contract for Anika's hyaluronic acid based cosmetic tissue augmentation (CTA) product, effective August 31, 2005.

Anika, subsequent to such termination, has filed a pre-market approval application (PMA) with the US Food and Drug Administration for its CTA product and is currently exploring options for its worldwide commercialization.

Anika Therapeutics, Inc. develops, manufactures and commercializes therapeutic products and devices intended to promote the repair, protection and healing of bone, cartilage and soft tissue.