Anika Therapeutics, Inc. — Director's Dealing 2004

Nov 17, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ANIKA THERAPEUTICS INC (ANIK)
CIK: 0000898437
Period of Report: 2004-11-15

Reporting Person: MCKAY SAMUEL F (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-11-15	Common Stock	S	10726	$9.6042	Disposed	0	Indirect
2004-11-16	Common Stock	M	10000	$4.25	Acquired	10000	Indirect
2004-11-16	Common Stock	S	1000	$9.514	Disposed	9000	Indirect
2004-11-16	Common Stock	S	1874	$9.5544	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-11-16	Stock Option (Right to Purchase)	$4.25	M	10000	Disposed	2006-02-01	Common Stock (10000)	Direct

Footnotes

F1: The reporting person disclaims beneficial ownership of such shares except to the extent o f his pecuniary interest therein which is less than 10%.

F2: Pursuant to a pre-existing agreement with Axiom Venture Partners Limited Partnership (Axiom), of which the reporting person is a general partner, the economic interest in the shares of Anika common stock underlying these stock options were to be held for the benefit of Axiom. Accordingly, Axiom took possession of the shares of Anika common stock immediately following the exercise of the stock options by the registrant.