Redeye views AroCell’s management transition as a sound solution to Michael Brobjer’s resignation, appointing CFO Anders Hultman as the new CEO. We emphasize Anders Hultman working closely alongside the CEO since they joined the company in late 2018 and argue that this will mitigate the risk of disturbance related to its commercialization. Moreover, Michael Brobjer will remain a consultant during the US launch phase, which we expect to accelerate towards the second half of 2021. The coming eventual FDA approval, which fully enables commercialization, is the most critical catalyst for the share which is currently leaving a 130% potential to our Base Case of SEK 5 per share.

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