Anika's Monovisc gets FDA approval for osteoarthritis

Anika Therapeutics Inc. (NASDAQ:ANIK) jumped $8.12 (24%) to $42.59 in early after-hours trading on Tuesday after announcing after market close that FDA approved Monovisc to treat osteoarthritis (OA) of the knee. Monovisc is a single injection product that delivers hyaluronic acid from a non-animal source.

Anika said the U.S. launch of the product will be in conjunction with the American Academy of Orthopedic Surgeons meeting in March. The launch will trigger a $5 million milestone payment to Anika from the DePuy Mitek Inc. subsidiary of Johnson & Johnson (NYSE:JNJ), which has exclusive rights to develop and commercialize Monovisc in the U.S. Monovisc is already marketed in the EU and Canada. ...