Anika Therapeutics (NSDQ:ANIK) said last week that it agreed to pay former chief medical officer Dr. Stephen Mascioli $350,000 “for all alleged damages and attorneys’ fees.” In return, Mascioli agreed not to pursue legal action against the Bedford, Mass.-based company.
Mascioli departed from Anika in January this year, after spending less than a year there.
According to a regulatory filing, the company and Mascioli also inked a non-disclosure agreement. Anika denied all wrongdoing in a note filed with the SEC.
Today, Anika said it triggered a $5 million milestone payment after its hyaluronic acid-based osteoarthritis therapy, Monovisc, brought in $100 million in U.S. end-user sales within a consecutive 12-month period. The payment is a part of Anika’s license agreement with an unnamed U.S. commercial partner.
The company said it plans to account for this milestone payment as revenue in the second quarter of this year.
“This significant commercial milestone reflects a strong 12 months of growth in U.S. end-user demand for Monovisc, especially in the second quarter of 2017,” president & CEO Charles Sherwood said in prepared remarks. “We are proud of Monovisc’s growth and success in the U.S., and we remain focused on the global expansion of Monovisc to drive future growth.”
Anika also reported that it anticipates total revenue growth for the second quarter of this year to fall between 23% and 26% compared to the same period last year.
ANIK shares were trading at $46.97 apiece in morning activity today, up +1.1%.