Antares Pharma Surges Following Announcement Of CEO Change

Shares of Antares Pharma Inc ATRS, a small-cap specialty pharmaceutical company, surged higher by more than 13 percent on Tuesday after the company announced a CEO transition.

Antares Pharma's Board of Directors promoted Robert Apple to the position of President and CEO from his prior position as Executive Vice President and Chief Operating Officer.

Apple joined Antares Pharma in early 2006 as Senior Vice President and Chief Financial Officer. He will replace Eamonn Hobbs whose employment with Antares Pharma came to an end on January 24. He has also resigned as a member of the company's Board of Directors.

"I believe that we are poised to deliver on several catalysts over the next 12 months including the mid-year launch of the sumatriptan auto injector, the filing of the QuickShot testosterone new drug application with the U.S. FDA, a potential approval and launch of the epinephrine auto injector and growth in our alliance business through additional collaborations," Apple said in the company's press release.