Excerpt from our Wall Street Breakfast, a one-page summary of this morning's key market-moving and stock-moving stories:
Summary: Anika Therapeutics Inc. announced yesterday it received conditional FDA approval for its injectable face-wrinkle filler, and expects to get final approval by year-end. Anika did not specify on what final approval hinged, though its confidence over the pending approval seems to indicate the conditions were not difficult to satisfy. Besides getting rid of wrinkles the soft tissue filler, based on chemically modified hyaluronic acid, can also be used to treat scars and for lip augmentation. Anika plans to market an "enhanced version" pending further approval in mid-2007. The global cosmetic filler market is estimated at $400-500 million. Anika shares were up $3.73 (20%) to $15.29 on the news.
Related links: Press release. Media coverage: Business Week, MSN Money. Commentary: Anika Therapeutics Jumps 20% on FDA Letter • Anika Therapeutics Outshines its Peers
Potentially impacted stocks and ETFs: Anika Therapeutics Inc. (NASDAQ:ANIK), Lifecore Biomedical Inc. (LCBM), Orthologic Corp. (OLGC)
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