Caligan Partners Issues Open Letter to Anika Board

Rhea-AI Summary

Caligan Partners LP, a significant shareholder of Anika Therapeutics (NASDAQ: ANIK), has publicly criticized the current board for strategic missteps and poor capital allocation, contributing to the company's underperformance. In a letter dated February 21, 2023, Caligan highlighted the substantial losses in Anika's joint preservation segment and the failure to leverage its viscosupplement portfolio effectively. They are advocating for a strategic review and have proposed three specific actions aimed at driving significant changes to enhance shareholder value.

Positive

• Caligan Partners is advocating for a strategic review to enhance company value.
• The open letter indicates engaged shareholders are pushing for change.

Negative

• Anika is experiencing heavy losses in its joint preservation segment.
• Failure to maximize the value of Anika's viscosupplement portfolio has been highlighted.

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.

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.

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SOURCE Caligan Partners LP

FAQ

What concerns did Caligan Partners raise about Anika Therapeutics on February 21, 2023?

Caligan Partners criticized Anika's board for strategic missteps and highlighted significant losses in its joint preservation segment.

What actions does Caligan suggest to improve Anika Therapeutics' performance?

Caligan proposed a strategic review and three specific actions to improve shareholder value.

How has Anika Therapeutics' stock performed recently according to Caligan's letter?

Caligan noted that Anika's stock has significantly underperformed due to poor capital allocation and financial losses.

What is the primary focus of Caligan Partners LP?

Caligan Partners LP focuses on active engagement with small and midcap life sciences companies.