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Anika Therapeutics Names Sylvia Cheung as Chief Financial Officer



  Anika Therapeutics Names Sylvia Cheung as Chief Financial Officer

  Provides Summary of Fourth Quarter and 2012 Preliminary Financial Results

Business Wire

BEDFORD, Mass. -- January 22, 2013

Anika Therapeutics, Inc. (Nasdaq: ANIK) today announced the appointment of
Sylvia Cheung as the company’s Chief Financial Officer, effective April 1,
2013. Cheung, who has served as Anika’s Vice President for Strategic Processes
since February 2012, will succeed Kevin W. Quinlan, who is leaving Anika
effective March 31, 2013 to pursue other professional opportunities. The
company also today provided its preliminary unaudited revenue results for the
fourth quarter and full year ended December 31, 2012.

Cheung, 38, brings to Anika more than 16 years of financial and general
management experience. Prior to her current position as Vice President of
Strategic Processes, Cheung served as General Manager for the company’s
Italy-based subsidiary, Anika Srl. She joined Anika as Controller in 2005. In
addition to fulfilling wide-ranging financial responsibilities as Controller,
Cheung led the company’s integration of Anika Srl subsequent to its
acquisition in 2009. Prior to Anika, she held a series of progressively
responsible financial management positions at Transkaryotic Therapies, Inc.
Cheung holds a bachelor of business administration degree in accounting from
the University of Massachusetts in Amherst, a master’s degree in business
administration from Boston University, and is a Certified Public Accountant
(inactive).

“Serving as our new Chief Financial Officer will enable Sylvia to apply her
financial acumen and business experience not only in leading Anika’s finance
team, but in playing a key role in our efforts to strategically position the
company for growth,” said Charles H. Sherwood, Ph.D., Anika’s President and
Chief Executive Officer. “Sylvia has the ideal combination of talents, skills
and experience – as well as a record of success as a member of Anika’s senior
management team – to ensure continuity in the CFO position and help advance
our company into the future.”

“On behalf of the board of directors, I extend our thanks to Kevin Quinlan for
his years of dedicated service with Anika,” Sherwood said. “We look forward to
Kevin’s continued contributions during the transition process in the weeks
ahead, and wish him success in his future endeavors.”

Preliminary Financial Results

Based on preliminary unaudited information and subject to the year-end
accounting close and audit, Anika expects total revenue for the fourth quarter
ended December 31, 2012 in the range of $22.0 million to $23.0 million,
compared with $18.4 million in the fourth quarter of 2011. For full-year 2012,
total revenue is expected to be between $70.0 million and $71.6 million,
compared with $64.8 million a year earlier.

Anika expects to equal or exceed its previously announced guidance of $0.74
net income per diluted share for full-year 2012. This includes, as announced
on December 28, 2012, a pre-tax charge of approximately $2.5 million related
to the closure of the company’s tissue engineering facility in Abano Terme,
Italy.

“Anika delivered solid revenue growth in the fourth quarter of 2012,
concluding an excellent year from both operational and financial
perspectives,” said Sherwood. “Our top-line performance continues to be driven
by strong worldwide demand for our flagship orthobiologics product
Orthovisc^®. On the bottom line, improvements in our operating efficiency,
coupled with growing revenue, have enabled us to drive continued growth in
income from operations and strong cash flow.”

Fourth Quarter 2012 Conference Call

Anika expects to release its final financial results for the quarter and year
ended December 31, 2012 on Wednesday, February 27, 2013. The company plans to
hold a conference call the next day, Thursday, February 28, 2013, at 9:00 a.m.
ET, to discuss its financial results, business highlights and outlook. In
addition, management 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.

To listen to the conference call, dial 800-291-5365 (international callers
dial 617-614-3922) and use the passcode 89264114. In addition, the call will
be available through a live audio webcast in the "Investor Relations" section
of Anika’s website, www.anikatherapeutics.com. An accompanying slide
presentation also can be accessed via the Anika Therapeutics website. The call
will be archived and accessible on the same website shortly after its
conclusion.

About Anika Therapeutics, Inc.

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’s
products range from orthopedic/joint health solutions led by Orthovisc^®, a
treatment for osteoarthritis of the knee; to surgical aids in the ophthalmic
and anti-adhesion fields. The company also offers aesthetic dermal fillers for
the correction of facial wrinkles. Anika’s Italian subsidiary, Anika
Therapeutics, S.r.l, provides complementary HA products in orthopedic/joint
health and anti-adhesion, as well as therapeutics in new areas such as
advanced wound treatment and ear, nose and throat care. Its regenerative
technology advances Anika’s vision to offer therapeutic products that go
beyond pain relief to protect and restore damaged tissue.

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, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These statements include, but are
not limited to, those relating to the appointment of Sylvia Cheung as Anika’s
Chief Financial Officer, effective April 1, 2013; the departure of Kevin
Quinlan as the company’s Chief Financial Officer effective March 31, 2013; Mr.
Quinlan’s continued service as Chief Financial Officer and assistance with the
CFO transition process through March 31, 2013; and Anika’s expectations
regarding its financial results for the fourth quarter and year ended December
31, 2012. 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. The company's actual results could differ
materially from any anticipated future results, performance or achievements
described in the forward-looking statements as a result of a number of factors
including (i) the company's ability to successfully commence and/or complete
clinical trials of its products on a timely basis or at all, obtain clinical
data to support a pre-market approval application or timely file and receive
FDA or other regulatory approvals or clearances of its products, or that such
approvals will not be obtained in a timely manner or without the need for
additional clinical trials, other testing or regulatory submissions, as
applicable; (ii) the company's research and product development efforts and
their relative success, including whether the company has any meaningful sales
of any new products resulting from such efforts; (iii) the cost effectiveness
and efficiency of our clinical studies, manufacturing operations and
production planning; (iv) the strength of the economies in which the company
operates or will be operating, as well as the political stability of any of
those geographic areas; (v) future determinations by the company to allocate
resources to products and in directions not presently contemplated, (vi) the
company’s ability to launch Monovisc in the U.S., if at all; (vii) the
company’s ability to successfully resolve its appeal hearing regarding the
FDA’s non-approvable letter for Monovisc, and the timing and results of such
review; (viii) the company’s ability to provide an adequate and timely supply
of its ophthalmic, Orthovisc and other products to its customers, (ix) our
ability to successfully manage and turnaround Anika S.r.l.’s business; (x) the
company’s ability to achieve its stated growth targets; (xi) the risk that the
company does not achieve the operational or financial results that it expects
and (xii) the risk that changes to the company’s preliminary results will be
required as a result of completing the financial reporting closing process and
financial audit. 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 "Business," "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" in the company's Annual Report on Form 10-K for the year ended
December 31, 2011, as well as those described in the company's other press
releases and SEC filings.

Contact:

Anika Therapeutics, Inc.
Charles H. Sherwood, Ph.D., CEO
781-457-9000
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