From a technical standpoint, CloudFlare offers authoritative DNS, a function of the domain name system that Web sites use to identify themselves on the Internet, with a twist.

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With applications for nearly 2, 000 new domain names outstanding, each one of which will function as a miniature .com registry under the control of the winning bidder, the new territories will be exponentially harder to monitor than the existing world of .com, .edu, .gov and a handful of generics like .travel and .museum.

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It is these attributes that allow the company to function as a small market cap company but still do the clinical development traditionally limited to the domain of big pharma.

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