Center for Medicare & Medicaid Services Announces That A Unique Reimbursement Code Is Assigned To Anika's MONOVISC Product

Anika Therapeutics, Inc.

today announced that the Center for Medicare & Medicaid Services (“CMS”) has assigned a unique Healthcare Common Procedure Coding System (“HCPCS”) code, or J-Code, to its product MONOVISC®. The issuance of this code by CMS sets national Medicare reimbursement rates for the product. The new J-Code becomes effective on January 1, 2015. “We are pleased to receive the unique J-Code for MONOVISC. It represents another important milestone for the product launch,” said Dr. Charles H. Sherwood, President and Chief Executive Officer of Anika. “MONOVISC has been very well received by the physician and patient community since its initial U.S. launch in April of this year. The unique J-Code will significantly streamline the reimbursement claims process for orthopedic physician practices, and it facilitates greater patient access to this superior single-injection product.” MONOVISC is a single injection supplement to the synovial fluid of an osteoarthritic joint, used to treat pain and improve joint mobility in patients suffering from osteoarthritis of the knee. MONOVISC is marketed in the U.S. by DePuy Synthes Mitek Sports Medicine. As a result of achieving the unique J-Code for MONOVISC, the Company will receive a one-time milestone payment from Mitek Sports Medicine of $5 million under the terms of a license agreement previously executed between the Company and Mitek Sports Medicine.