What potential, specifically? Let's just suppose the relationship with U of M is not what they say it is. Market cap of $2 million or so tells me it might not be.
Then what?
The dispute with MCIT doesn't look good and has the potential to put OXIS right under. They have no cash.
If you were invested in this stock about two years ago and held it long term you would currently be down about 99.6%. If your were invest the last time their was a reverse split and held it long term you would be down about 98.67%.
Not a very good return for people who are already long-term investors.