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Exhibit 99.1
Anika Therapeutics and Galderma Agree to Terminate License,
Development
and Supply Agreements
Anika Therapeutics' to Reacquire Worldwide Rights to ELEVESS
Brand
BEDFORD, Mass.--(BUSINESS WIRE)--Nov. 20, 2007--Anika
Therapeutics, Inc. (Nasdaq: ANIK) today announced that it has
agreed
with Galderma Pharma S.A. and Galderma S.A. (together,
"Galderma") to
terminate its license, development and supply agreements for
the
ELEVESS family of products. The agreement is subject to
certain
closing conditions and is expected to close before the end
of
November.
Under the termination agreement, Anika will reacquire the
worldwide control of the future development and marketing of
ELEVESS.
Anika will pay Galderma $4,250,000 for the worldwide rights
and
ownership of the "ELEVESS" trademark, and all related
packaging,
marketing and promotional materials, as well as the clinical
studies,
marketing research, and training materials developed by
Galderma. The
Company had previously announced that it is in negotiations
to
terminate the license and supply agreements with Galderma.
"We believe the future is bright for ELEVESS," said Charles
H.
Sherwood, Ph.D., Anika's President and Chief Executive Officer.
"Our
product is ready for market and we want to proceed
expeditiously
toward commercialization. With an enhanced product that now
is
approved in the United States, the European Union and Canada, we
would
like to launch the product as soon as possible in 2008 with a
new
partner or initially on our own. There already has been
considerable
interest expressed by new potential partners, which we are
pursuing.
In the meantime, Anika sponsored pre-launch activities
continue
including reaching out to opinion leaders."
About ELEVESS
ELEVESS is the first injectable soft-tissue filler for
facial
wrinkles, scar remediation and lip augmentation to
incorporate
lidocaine, a local anesthetic that improves patient comfort
and
satisfaction and provides physicians with a new alternative for
their
aesthetic practice. Designed for longer durability based on its
new
proprietary cross-linking technology and its higher
concentration of
Anika's chemically modified hyaluronic acid (HA), ELEVESS has
been
approved for sale in the United States, the European Union and
Canada.
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(R), a
treatment for osteoarthritis of the knee available
internationally and
marketed in the U.S. by DePuy Mitek; HYVISC(R), a treatment for
equine
osteoarthritis marketed in the U.S. by Boehringer Ingelheim
Vetmedica,
Inc.; the ELEVESS(TM) family of aesthetic dermatology products
for
facial wrinkles, scar remediation and lip augmentation;
AMVISC(R),
AMVISC(R) Plus, STAARVISC(TM)-II and Shellgel(TM) injectable
viscoelastic HA products for ophthalmic surgery; INCERT(R),
an
HA-based anti-adhesive for surgical applications; and next
generation
products for joint health and aesthetic dermatology based on
the
Company's proprietary, chemically modified HA.
The statements made in this press release which ar
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