You can compare it with RAP ( 225 mil MC ) not with lifespot . Rod is correct that MC is high but EV of 34.6 is not that bad . For long term , its a good business to be in but in a short term , its all depend on how small and tight is it !! I went into pre IPO with a small bid . I might add more in IPO after studying their clinical trail results due next month and also Usability test results .Cheers .