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news.Anika Therapeutics has entered into a multi-year US licensing and supply agreement with orthopedic sports medicine company, DePuy Mitek, for its Monovisc, a purified, high molecular weight form of hyaluronic acid to treat pain resulting from osteoarthritis of the knee.
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Under the terms of the collaboration, Anika will receive an initial payment of $2.5m besides being entitled to receive additional payments from after the launch of the product and on achieving regulatory, clinical, and sales milestones.
Monovisc has been designed to relieve pain and stiffness and improve joint mobility.
Anika CEO Charles H Sherwood said the deal with DePuy Mitek for their initial viscosupplementation product, Orthovisc, was mutually beneficial.
"We are very pleased to strengthen this strong and productive alliance with the addition of the Monovisc product," Sherwood added.
Monovisc is currently pending approval by the US FDA.
The product has been marketed outside of the US since 2008 in Canada and many European and Middle Eastern nations.