Anika Therapeutics (NSDQ:ANIK) said today that regulatory authorities in India approved its single injection viscosupplement, Monovisc, as a therapy for pain associated with osteoarthritis in synovial joints.
The Bedford, Mass.-based company’s product is already available in the U.S. Canada and Europe. Anika said it hopes to expand into Australia, New Zealand and other international markets in the next nine months.
The company has partnered with Modi-Mundipharma to market Monovisc in India.
“Expanding our global commercial footprint is one of our key strategic pillars of growth, and the approval of Monovisc in India is a proof point for our ability to execute against the benchmarks we define each year,” president & CEO Charles Sherwood said in prepared remarks. “There is a growing demand for non-invasive, long-acting treatments for osteoarthritis in emerging countries such as India where knee replacement surgery is often the last option or not an option at all, due to limited medical resources outside major cities and high costs of surgery and postsurgical care. With its ability to safely relieve pain for up to six months with fewer office visits, lower treatment costs and no downtime after treatment, Monovisc is poised to be well-received by physicians and patients in India.”