Anika Therapeutics Releases First Quarter Results

Anika Therapeutics Inc. (Woburn, MA) today reported net income for the first quarter ended March 31 of $345,000, or $.03 per diluted share. Revenues for the quarter rose 17% to $3,225,000 from $2,754,000 for the first quarter of 1998.

J. Melville Engle, chairman, president and CEO, stated that the increase in sales was due to higher international sales of ORTHOVISC, which rose 104% from the previous year's quarter. Engle added that the company's primary objective for the second quarter is to enroll a majority of the patients required for the ORTHOVISC Phase III clinical study. Plans call for the trial to be conducted by leading orthopedic surgeons and rheumatologists at up to 20 clinical centers in the U.S. and Canada.

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