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Shares of Anika Therapeutics (NASDAQ:ANIK) jumped more than 20% on Tuesday after the company announced it had received an approval letter from the FDA regarding its Cosmetic Tissue Augmentation [CTA] product.

CTA is an injectable filler used for facial wrinkles and other cosmetic procedures. It is based on Anika's proprietary modified hyaluronic acid, and includes the common anesthetic Lidocaine.

The company expects final approval by end of 2006 and commercialization by mid-2007. The company intends on refiling with the FDA and European Union to enhance product features before commercial launch.

The company's financials have been looking great as both revenues and net earning have been increasing over the last few years.

The company holds almost $50 million in cash and no debt, and is currently worth less than $150 million on the market.

Shares of Anika closed on Tuesday at $13.90 a share, near its 52-week high of $15.37

ANIK 1-yr chart:

ANIK 28 11 06

Source: Anika Therapeutics Jumps 20% on FDA Letter