Farmas USA

Esto  lo saco del filing de anoche de NVAX

ADDITIONAL RISKS RELATED TO THIS OFFERING

You will experience immediate and substantial dilution.

Since the price per share of our common stock being offered is substantially higher than the net tangible book value per share of our common stock, you will suffer substantial dilution in the net tangible book value of the common stock you purchase in this offering. Based on the assumed public offering of 18,022,657 shares at the assumed price of $9.71 per share (the closing price on The NASDAQ Global Select Market on March 19, 2015), and without deducting underwriting discounts and commissions but after deducting estimated offering expenses payable by us, and based on a net tangible book value of our common stock of $1.31 per share as of December 31, 2014, after giving effect to this offering, if you purchase shares of common stock in this offering, you will suffer immediate and substantial dilution of $8.40 per share in the net tangible book value of common stock. The exercise of our outstanding stock options and vesting of our outstanding restricted stock units could result in further dilution of your investment. See the section entitled “Dilution” below for a more detailed illustration of the dilution you would incur if you participate in this offering.