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Exhibit 10.28

ANIKA THERAPEUTICS, INC.
NON-EMPLOYEE DIRECTOR COMPENSATION POLICY

        The Non-Employee Director Compensation Policy of Anika
Therapeutics, Inc., a Massachusetts company (the "Company"), is effective as of
February 1, 2008 (the "Effective Date").

        Following the Effective Date, all non-employee directors shall be paid
cash compensation for services provided to the Company as set forth below.

 
  Annual Retainer

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  In-Person
Attendance
Per Meeting

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  Telephonic
Attendance
Per Meeting

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Board                   Chairman of the Board   $ 35,000   $ 1,500   $ 500 Other
Directors   $ 20,000   $ 1,500   $ 500
Audit Committee
 
 
 
 
 
 
 
 
  Committee Chairman   $ 10,000   $ 1,000   $ 500 Committee Members   $ 5,000  
$ 1,000   $ 500
Compensation Committee
 
 
 
 
 
 
 
 
  Committee Chairman   $ 8,000   $ 1,000   $ 500 Committee Members   $ 4,000   $
1,000   $ 500
Nominating Committee
 
 
 
 
 
 
 
 
  Committee Chairman   $ 6,000   $ 1,000   $ 500 Committee Members   $ 3,000   $
1,000   $ 500

        The Annual Retainer will be paid quarterly, in arrears, or upon the
earlier resignation or removal of the non-employee director. Amounts owing to
non-employee directors as Annual Retainer shall be annualized, meaning that
non-employee directors who join the board during the calendar year, shall
receive a pro rated amount based on the number of calendar days served by such
director. Directors serving on committees of the Board shall receive no
additional compensation for attending any committee meeting held in connection
with a meeting of the Board of Directors.

        The non-employee directors shall also be eligible to participate in the
Company's stock option plans. Following the Effective Date, each person who is
initially appointed or elected to the Board of Directors as a non-employee
director shall be eligible to receive a grant of stock appreciation rights of a
value of approximately $70,000, based on a Black-Scholes analysis (the "Initial
Director Grant"), which Initial Director Grant shall vest in four equal annual
installments from the date of grant. Following the Effective Date, each person
who is re-elected to the Board of Directors as a non-employee director shall be
eligible to receive a grant of restricted stock units of a value of
approximately $30,000, based on a Black Scholes analysis (the "Annual Director
Grant"), which Annual Director Grant shall vest in three equal annual
installments from the date of grant. The Initial Director Grant and Annual
Director Grant shall become immediately exercisable upon the death, disability
or retirement of a director who is in good standing or upon a change in control
of the Company. Any non-employee director in good standing who resigns from the
Board of Directors shall have all unvested equity accelerated in full. In
addition, the form of stock appreciation rights agreement and restricted stock
unit agreement, as applicable, will give directors up to one year following
cessation of service as a director to exercise the awards, as applicable,
provided that the director has not been removed for cause. All of the foregoing
awards will be granted at fair market value on the date of grant.

        The foregoing compensation will be in addition to reimbursement of all
out-of-pocket expenses incurred by directors in attending meetings of the Board
of Directors.

        All non-employee directors shall hold equity of the Company equal to
three times (3x) the non-employee director's annual retainer to be achieved
within five (5) years.

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Exhibit 10.28

ANIKA THERAPEUTICS, INC. NON-EMPLOYEE DIRECTOR COMPENSATION POLICY