"Their are plenty of companies with no revenues that are worth...

"Their are plenty of companies with no revenues that are worth more."

Yes there are, and investing real capital in them is a huge risk.

"It comes down to the IP, stage of development, management, etc."

It was a post you made early in Jan that summarised the risk of ISN. I am not going to scroll through looking for it, but you were bang on the risks of their business model.

Regarding the past experience of the management that everyone here keeps touting as the reason why this will succeed, have a good look at Sommnemed (SOM). I was an early stage investor in that business. The management team walked straight out of Resmed, and the market was always told that Resmed would scoop the business up as a nice little add on to their sleep apnea suite of products. Well they built that business up from scratch, building manufacturing plants, a distribution business...and all of this for a business that is a clear stand out as far as snoring solutions for under $1000 and not intrusive....unlike the Resmed machine you need to hook upto for the entire night.

Well 6 years on, revenues are starting to look good but it highlights the actual time it really takes to gain momentum and get a business plan up....Just look at INT Nathanblack, as you know with my personal experience....no real competition anywhere, great business model, every developer who sees it wants to partner with INT...yet it has taken 3 years to get to where we expected to be in 6 months.....these things, no matter how good and market leading simply take longer than anyone estimates.

And in that time, raising after raising, Bergen after La Jolla after Acme funding company...the early stage investors diluted into nothingness. Lets come back in 18 months and see what the market cap is and how many shares on issue.

I agree with one point of yours though, Bergen will soon be out of the register...and with it the huge volume of trades.

Kiril.