Anika Therapeutics Receives FDA Approval for Cosmetic Tissue Enhacement Product

| About: Anika Therapeutics (ANIK)

Anika Therapeutics (NASDAQ:ANIK) announced last week that it had received final market approval from the FDA for its Cosmetic Tissue Augmentation [CTA] product.

The company jumped 20% back on November 28 after receiving an approvable letter from the FDA, and in that press release the company expected a final approval by year's end. They were right!

CTA is an injectable form of hyaluronic acid that fills in tissue underneath the outer skin surface, giving a tighter more youthful appearance.

Anika has been seeing a surge in its revenue and profit numbers over the last three years fro its currently approved products. These include, OrthoVisc, a treatment for osteoarthritis of the knee; Hyvisc, a treatment for equine osteoarthritis; and Amvisc and Amvisc Plus, HA viscoelastic products for ophthalmic surgery.

Adding CTA could bolster the company's sales significantly by 2008, as the marketing of the product is expected by mid 2007.

Shares of Anika Therapeutics were closed at $13.55 on Friday.

ANIK 1-yr chart: