If they can get even a trickle of actual revenue coming in (not that I see that as likley in the short term) they don't even really need to do an R/S.
Authorized shares is only ~160 Million. That's actually not too bad for a company at this stage of development in a biotech/nanotech business line.
One good liscencing deal (or even one moderate one) that raises positive perception would have this company trading at mininum 5x - 10x revenues (IMO - if there were any such hypothetical revenues).
That alone would most likely be enough to bounce the stock trading price into the dollars ranges where we would be eligible to apply for an upgrade in trading venue.
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