Antares Pharma, Inc. (ATRS)

[jab91252]

No. If those insiders could buy shares, it would mean they are not in possession of material non-public information. Gonella has a ton of shares, he may be overweighted in his ATRS investment.

As far as Wotton and Apple, these two are very active in the business and therefore unable to buy. I asked Jack once this directly: "if Wotton and Apple could buy shares during an open window period, could they buy?" He said yes. "Then how come we don't see any purchases?" He said, "they can't because they are in possession of material information." He then added, we are so busy at this point, I don't know if they will get an opportunity to buy, then he further added, "look at it this way, if they do buy, it means not much is going on with the company and what they are working on."

Sometimes, with all the gnashing of teeth about wanting to see insider buys (just do it kind of mentality), and if those insiders tried to get in some buys to appease the public trading entity, they could very well have the SEC breathing down their necks with possible violation of 'insider trading.' Then what would happen to the stock price if we saw a PR release about the SEC investigating some Antares insiders trades?

Antares website says this:

CODE OF BUSINESS CONDUCT AND ETHICS


Insider Trading. Company Personnel are prohibited from trading in securities
while in possession of material inside information. Among other things, trading
while in possession of material inside information can subject such Company
Personnel to criminal or civil penalties. Any insider trading policy adopted by the
Company from time to time is incorporated by reference into this Code of Conduct.
1-PH/2786018.3 5



CORPORATE GOVERNANCE GUIDELINES


Share Ownership by Directors and Executive Officers. The Board believes
that the number of shares of the Company’s capital stock owned by each
director and executive officer is a personal decision, but encourages stock
ownership.