It looks like 9M shares to me, which is far less than 25%. The shares get multiply reported when in a subsidiary.
It will not even be close to 5% once the additional shares start flowing (though they do get some of these).
The real news comes in just under 2 weeks. The don't have nearly enough cash to get to the ASM (when they get more shares to sell). Maybe the can pull a rabbit out of their hats, but it is certainly possible that they will give Deerfield the house keys and walk away.
I honestly think that the "game plan" is to somehow spin off Fibro Technology (the supposed R&D side). That would be owned by Deerfield, the suckers that buy in, management, and a few token shares for the FCSC shareholders.
Then they can finaly let FCSC and laViv vanish into the night.
http://data.cnbc.com/quotes/FCSC/tab/8 not sure how accurate this is, have not taken a look at 13G filing yet, will do this evening. looks like PR machine has been turned off on laviv still hold small position, don't pay much attention to it at this point.