Anika Therapeutics, Inc. PondelWilkinson Klein Charles Sherwood, Ph.D., CEO Susan Klein (508) 358-4315 (781) 932-6616 Rob Whetstone (310) 279-5963 ANIKA THERAPEUTICS ANNOUNCES ADDITION OF NEW BUSIN

THERAPEUTICS ANNOUNCES ADDITION OF NEW BUSINESS DEVELOPMENT

EXECUTIVE; DEPARTURE OF CHIEF FINANCIAL OFFICER

WOBURN, Mass. October 5,

2004 Anika Therapeutics, Inc. (NASDAQ:ANIK) today announced the appointment

of Elizabeth C. Chen as senior vice president of marketing and business

development, a newly created executive position.

Ms. Chen will be responsible for developing and

implementing strategic and tactical initiatives worldwide to drive Anika s

corporate growth. Most recently, she

was general manager of an ICN Pharmaceuticals, Inc. subsidiary, Circe

Biomedical Company, where she also served as chief operating officer from 2000

to 2003. Earlier, Ms. Chen was

president and chief executive officer of Marathon Biopharmaceuticals, LLC,

which was spun out of Seragen and later acquired by Ligand Pharmaceuticals,

Ms. Chen has held several other executive and

consulting positions in the biotechnology and pharmaceutical industries,

including one in international operations for Merck & Company, Inc. She holds a master s degree in business administration

from the Wharton School of the University of Pennsylvania and bachelor s degree

in organizational behavior from Yale University.

Elizabeth has impressive credentials and we expect she will be a tremendous asset

to Anika as we develop our long-range strategy and look to expand our product

portfolio and revenue base, said Charles H. Sherwood, Ph.D., president and chief

Separately, Anika reported the resignation of

William J. Knight as chief financial officer effective October 22. We thank Bill Knight for his contributions to Anika

since he joined the company in 2002 and wish him well in his next venture,

said Dr. Sherwood, noting that Anika has commenced a search for a new chief

About Anika Therapeutics, Inc.

Headquartered in Woburn,

Mass., Anika Therapeutics, Inc. (www.anikatherapeutics.com) develops,

manufactures and commercializes therapeutic products and devices intended to

promote the repair, protection and healing of bone, cartilage and soft

tissue. These products are based on

hyaluronic acid (HA), a naturally occurring, biocompatible polymer found

throughout the body. Anika products

include OrthoVisc , a treatment for osteoarthritis of the knee

available internationally and marketed in the U.S. by Ortho Biotech Products,

L.P., and Hyvisc , a treatment for equine osteoarthritis marketed in

the U.S. by Boehringer Ingelheim Vetmedica, Inc. Anika manufactures Amvisc and Amvisc Plus ,

HA viscoelastic products for ophthalmic surgery, for Bausch & Lomb. It also produces CoEase , which

is marketed by Advanced Medical Optics, Inc., STAARVISC -II

distributed by STAAR Surgical Company and Shellgel for Cytosol

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 and Section 21E of the

Securities Exchange Act of 1934.

Forward-looking statements involve known and unknown risks,

uncertainties and other factors. The

words will, seek, and other expressions which are predictions of or

indicate future events and trends and which do not constitute historical

matters such as statements regarding the Company s efforts to broaden its

franchises, its efforts with respect to its hyaluronic acid technology and

expectations of performance of its vice president of operations, identify

forward-looking statements. All

statements, other than statements of historical facts, are forward-looking

statements based in the current beliefs and assumptions of management and are

subject to significant risks and uncertainties. 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 the

risk that the Company s efforts to enter into long-term strategic relationships

will not be successful or that the Company does not achieve any additional or

significant sales from such relationships and the risk that the Company is

unable to expand its product portfolio and revenue base to the extent

intended. Certain other factors that

might cause the Company actual results to differ materially from those in the

forward-looking statements include those set forth under the headings

Business, Risk Factors and Certain Factors Affecting Future Operating

Results and Management s Discussion and Analysis of Financial Condition and

Results of Operations in each of the Company s Annual Report on Form 10-K for

the year ended December 31, 2003, Quarterly Report on Form 10-Q for the

quarter ended June 30, 2004, and

Current Reports on Form 8-K, as well as those described in the Company s other

press releases and SEC filings.