Anika shares skyrocket on Canadian drug approval

Shares of Anika Therapeutics soared as much as 62 percent this morning after the Bedford, MA-based developer announced that its osteoarthritis therapy won marketing approval in Canada. Monovisc injection is designed to treat osteoarthritis in the knee. It's already available for sale in Europe and Health Canada's action raised hopes that the therapy is poised for entry soon in the U.S.

"Health Canada approval marks an important next step as we continue to expand the geographic reach of our novel osteoarthritis treatment therapy and establish Monovisc as the premier single-injection product on the market worldwide," said Anika CEO Charles H. Sherwood, Ph.D. "We are successfully moving forward on our goal of achieving the U.S Food and Drug Administration approval for Monovisc in the U.S." 

- check out the Anika release
- read the Reuters report