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Anika Therapeutics Announces Exclusive Canadian Distribution Agreement for ELEVESS(R) with Canderm Pharma Inc.

BEDFORD, Mass.-(Business Wire)-October 2, 2008 - Anika Therapeutics, Inc. (NASDAQ:ANIK), a leader in products for tissue protection, healing and repair based on hyaluronic acid (HA) technology, announced today that it has signed an exclusive agreement with Canderm Pharma, Inc., Canada’s leading independent skincare company, to distribute and market ELEVESS throughout Canada. ELEVESS is an injectable filler that reduces the appearance of lines and wrinkles on the face, and was the first HA-based dermal filler approved by the U.S. Food and Drug Administration to incorporate the anesthetic lidocaine to improve patient comfort.

“This agreement expands the distribution of ELEVESS into a new and important market for Anika,” said Anika President and Chief Executive Officer Charles H. Sherwood, Ph.D. “Canderm Pharma has held a long-term leadership position in the Canadian dermatology market. They have a deep knowledge of the injectable dermal filler landscape and have established relationships with Canada’s leading cosmetic dermatologists and physicians. Our hopes are high for this product and we are eager for doctors and patients in an increasing number of geographies to experience its benefits.”

“We are excited to introduce ELEVESS to patients throughout Canada,” said Barry Vogel, president of Canderm Pharma. “Its unique combination of lidocaine for pain relief combined with Anika’s proprietary cross linked dermal filler technology will give patients a more comfortable, long-lasting alternative to existing dermal fillers.”

About ELEVESS:

Anika’s ELEVESS was the first FDA approved injectable soft-tissue filler to combine hyaluronic acid (HA) and lidocaine, a local anesthetic that improves patient comfort, and provides physicians with a new alternative for their aesthetic practice. Hyaluronic acid is a naturally occurring polymer found throughout the body and is present in the skin, where it supports skin structure and elasticity. ELEVESS is indicated for injection into the mid- to deep dermis for the correction of moderate to severe facial wrinkles and folds (such as nasolabial folds). Designed for longer durability based on its proprietary cross-linking technology and its high concentration of Anika’s chemically modified hyaluronic acid, ELEVESS has been approved for sale in the United States, the European Union and Canada. ELEVESS is distributed throughout the United States by Artes Medical, Inc. (NASDAQ:ARTE), a medical aesthetics company.

About Canderm Pharma, Inc.

Canderm Pharma is Canada’s leading independent skincare company. The company has built this reputation over 50 years with a portfolio of innovative products acquired through both internal development and partner sourcing. The company’s skincare product range includes cosmeceutical products, physician-practiced cosmetic procedures, physician recommended dermatological products, and Over-the-Counter products. Canderm Pharma also offers a full range of injectable dermal filler products. Canderm Pharma’s goal is to bring to market the best skincare technology the world has to offer. For more information about Canderm Pharma, please visit the Company’s website at www.canderm.com.

About Anika Therapeutics, Inc.

Headquartered in Bedford, Mass., Anika Therapeutics, Inc. develops, manufactures and commercializes therapeutic products for tissue protection, healing and repair. These products are based on hyaluronic acid (HA), a naturally occurring, biocompatible polymer found throughout the body. Anika’s products include ORTHOVISC^®, a treatment for osteoarthritis of the knee available internationally and marketed in the U.S. by DePuy Mitek; HYVISC®, a treatment for equine osteoarthritis marketed in the U.S. by Boehringer Ingelheim Vetmedica, Inc.; the ELEVESS™ family of aesthetic dermatology products for facial wrinkles, scar remediation and lip augmentation; AMVISC®, AMVISC® Plus, STAARVISC™-II and Shellgel™ injectable viscoelastic HA products for ophthalmic surgery; INCERT^®, an HA-based anti-adhesive for surgical applications; ORTHOVISC^® Mini a treatment for osteoarthritis targeting small joints and available in Europe; MONOVISC™ a single-injection osteoarthritis product based on its proprietary cross-linking technology and available in Europe; and next generation products for joint health and aesthetic dermatology based on the Company’s proprietary, chemically modified HA.

Forward Looking Statements

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, including, without limitation, statements that may be identified by words such as "expects," "anticipate," "intended," "opportunities," "will," "target," “hopes,” and other expressions which are predictions of or indicate future events and trends and which do not constitute historical matters identify forward-looking statements. These statements also include: (i) the Company's expectations and hopes concerning ELEVESS, and (ii) statements concerning the expected growth for the dermal filler market in Canada and throughout the world. These statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks, uncertainties and other factors. 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. These factors include the risk that (i) this new distribution arrangement for Canada will not result in meaningful sales of ELEVESS, (ii) competitive products will adversely impact the Company's product sales, or (ii) the estimated growth of the Canadian market which the Company has targeted for ELEVESS will fail to be achieved. Certain other factors that might cause the Company's actual results to differ materially from those in the forward-looking statements include those set forth under the headings "Business," "Risk Factors" 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, 2007 and on Form 10-Q for the quarters ended March 31 and June 30, 2008, as well as those described in the Company's other press releases and SEC filings.