PROSPECTUS SUPPLEMENT DATED NOVEMBER 26, 1997
 
                           [ANIKA LOGO APPEARS HERE]
 
  Anika Therapeutics, Inc. (the "Company") calls your attention to the
disclosure under the caption "Business--Legal Proceedings" on page 42 of its
Prospectus dated November 25, 1997, in which the Company refers to certain
correspondence received from a competitor. The Company has been informed
subsequent to the preparation of the Prospectus, that on November 25, 1997,
the competitor, Biomatrix, Inc., filed a complaint against the Company in the
United States District Court for the District of Massachusetts seeking
injunctive relief and damages with respect to certain of the claims made in
the correspondence. Such claims allege, among other things, that the Company
has made false and misleading statements about a Biomatrix product and one of
the Company's products. The Company believes that these claims are without
merit and will vigorously seek to protect its rights regarding such claims.
While the Company is still investigating the matter, it does not believe the
matter will have a material adverse effect on its business, financial position
or results of operations.