Business

Mass. Movers

FDA upholds rejection of Anika treatment

Anika develops hyaluronic acid-based products for tissue repair. The FDA rejected its knee treatment.

Brian Feulner for the Globe/File

Anika develops hyaluronic acid-based products for tissue repair. The FDA rejected its knee treatment.

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Shares of Anika Therapeutics Inc. skidded lower after the Bedford company said that the Food and Drug Administration had upheld its decision against approving Anika’s osteoarthritis treatment, Monovisc. The company said it will schedule a meeting with the FDA and then decide on its next steps. Monovisc is designed to treat pain in patients who suffer from ­osteoarthritis of the knee. It has been on the market in ­Europe since 2008 and was ­approved in Canada in 2009.

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