Caligan Partners Issues Open Letter to Anika Board

Believes Current Board's Strategic Missteps and Poor Capital Allocation Has Led to Significant Underperformance

Offers Three Actions for Significant Change, Including Strategic Review

NEW YORK, Feb. 21, 2023 /PRNewswire/ -- Caligan Partners LP ("Caligan"), one of the largest shareholders of Anika Therapeutics, Inc. (NASDAQ: ANIK) ("Anika" or the "Company"), today issued an open letter to the board of directors of Anika in connection with Anika's poor share performance, caused by the heavy losses it is incurring in its joint preservation segment, and its failure to maximize the value of Anika's viscosupplement portfolio.

The full text of the letter is in the attached PDF.

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About Caligan Partners LP

Caligan Partners LP ("Caligan") is an SEC-registered investment advisor focused on active engagement with small and midcap companies within life sciences.

SOURCE Caligan Partners LP