Is there any hope for this dendrobium?

[Foogoo]

I offered to take my friend's dying dendro to see what I can do for it, but I'm not sure what that is.

My modus operandi is to first repot, but I'm afraid that will shock the plant of it's final bit of life. There is however, what appears to be a small growth coming out of the larger cane. What would you recommend I do with this? Is it doomed or is recovery possible? Thanks.