After nearly three months lacking a permanent company head, stem cells researcher Aastrom Biosciences (NASDAQ:VCEL) announced Wednesday that it has finally settled upon a Chief Executive Officer to replace the one it lost in December.

Back in December, Aastrom CEO Tim Mayleben left the company to take a different CEO job at his previous company, privately held Esperion Therapeutics, thus initiating a short game of musical chairs at Aastrom.

First, Chief Commercial Officer Dan Orlando was forced to keep the CEO's seat warm for a new permanent boss. Then, on Wednesday, the company confirmed that it has hired former Eli Lilly (NYSE:LLY) exec Dominick C. Colangelo to serve as its CEO. Most recently, Colangelo served as CEO of biotech start-up Promedior, for more than three years.

Strangely, Aastrom shares appear to have begun "reacting" to the news before it was announced, rising 7.5% in Wednesday trading, to close at $1.29.