Frog,
Whatever the accuracy of your figures, their 20 months away before the dilution you're talking about takes effect.
If gomez and gabriel are successful in getting just one drug already in the pipeline to market during that time, it could be two or three, and those drugs are blockbuster drugs with a blockbuster drug efficacy for a dreaded disease, well, you and I both know, all bets are off.
A Nasdaq listing would help as well.
I think the decision has been made that if a r/s were ever needed,(there's nothing to suggest the board has changed from Dr Frudakis's long held position) it won't be until enough revenue has been generated to make the split workable with no loss of value except multiples, which even then would stay significant enough not to cut too sharply into our longtime dreams.