UPDATE: Credit Suisse Initiates Coverage on Macrocure Ltd. with Outperform Rating, $15 PT on Potential Game Changer

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In a report published Monday, Credit Suisse analyst Matthew Keeler initiated coverage on

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Macrocure Ltd.

(NASDAQ: MCUR) with an Outperform rating and $15.00 price target.In the report, Credit Suisse noted, “MCUR has two phase III trials for its CureXcell in diabetic foot ulcers (DFU) and venous leg ulcers (VLU), with data expected in 2015. CureXcell is a human-blood-derived product that uses activated macrophages to close hard-to-heal wounds. Currently, there are ~2M chronic DFUs & VLUs annually, which implies a $10B opportunity, given our assumed ~$5,000 per patient WW ASP for CureXcell. DFUs and VLUs are only modestly penetrated by existing AWC products due to a lack of clinical data, equivocal efficacy, product administration difficulties, and uneven reimbursement, which suggests a long runway for MCUR if its trials are successful.”Macrocure Ltd. closed on Friday at $9.51.