BEDFORD, Mass. (AP) -- Shares of Anika Therapeutics Inc. skidded lower Wednesday after the company said the Food and Drug Administration upheld its decision against approving the company's osteoarthritis treatment Monovisc.
The company said it will schedule a meeting with the FDA to determine its next steps.
Monovisc is designed to treat pain in patients suffering from osteoarthritis of the knee. It has been on the market in Europe since 2008 and was approved in Canada in 2009.
Anika Therapeutics stock declined $2.57, or 21.5 percent, to $9.38 in midday trading. The company's shares have traded between $8.07 and $17.70 over the last year.