Position : Vice President Sales And Marketing.

Exhibit 10.33


[Anika Therapeutics, Inc. Letterhead]


February 21, 2003


Mr. Roger C. Stikeleather

6166 Stover's Mill Road

Doylestown, PA 18901


Dear Roger:


I am pleased to present our offer to you to join Anika Therapeutics, Inc. as an employee. The terms of our offer are outlined below:


Position : Vice President Sales and Marketing.


Description of duties : You will have responsibility for the sales and marketing activities of the Company including the design and direction of all commercial and product line strategies. You will be responsible for attaining the sales and market share objectives as defined by the Company's annual operating budget. You will have total responsibility for all commercialization activities including product management, marketing services, business development, market research, sales and sales management, national accounts, distributor relationships, contract administration, and customer service.


Reporting to : Charles H. Sherwood, Ph.D., President and Chief Executive Officer.


Employment date : Your anticipated start date is no later than March 17, 2003.


Rate of pay : $7,115.39 per bi-weekly payroll (annualized $185,000).


Management bonus plan : Target 20% of salary at plan. Bonus is payable shortly after year-end based on Company performance and personal performance against key objectives. In accordance with the Management Bonus Plan, your bonus for 2003 will be prorated based on the number of months of your employment.


Stock options : You will be granted an option on 75,000 shares of common stock of the Company, subject to approval by the Compensation Committee of the Board of Directors.


Benefits : You will be eligible to participate in the Anika employee benefit programs upon commencement of employment. This program currently covers comprehensive medical and dental benefits, life and disability insurance, supplemental disability insurance, and a Section 125 Plan. You will be eligible to participate in our 401(k) Savings and Investment Plan at the first enrollment date following your date of hire. Under the current terms, the 401(k) plan entitles you to contribute up to the maximum limit established by the IRS. The Company will match 100% of your contribution up to 5% of your salary. Your participation in the benefit plans will be governed by and subject to the plan terms as described in the official documents and Summary Plan Descriptions.


Roger C. Stikeleather


Vacation : You will accrue three weeks of vacation during your first year of employment and are subject to the terms of accrual and use set forth in Anika's policies.

Relocation : Anika will pay you a lump-sum relocation of $50,000 to be used in any manner that you choose. You will be responsible for paying all nece ...