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      <None>0</None>
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    <nameOfIssuer>AUDENTES THERAPEUTICS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>05070R104</cusip>
    <value>137</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7500</sshPrnamt>
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      <None>0</None>
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    <titleOfClass>COM</titleOfClass>
    <cusip>05337M104</cusip>
    <value>14424</value>
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    <cusip>053588109</cusip>
    <value>1678</value>
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    <cusip>05502L105</cusip>
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      <sshPrnamt>227272</sshPrnamt>
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    <nameOfIssuer>BARCLAYS BANK IPATH SandP 500 VIX SHORT TERM FUTURES ETN EXP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>06740Q252</cusip>
    <value>1046</value>
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    <cusip>090572207</cusip>
    <value>4451</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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    <nameOfIssuer>BIOCRYST PHARMACEUTICALS</nameOfIssuer>
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    <cusip>09058V103</cusip>
    <value>8420</value>
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    <cusip>09062X103</cusip>
    <value>545</value>
    <shrsOrPrnAmt>
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    <titleOfClass>COM</titleOfClass>
    <cusip>09061G101</cusip>
    <value>21</value>
    <shrsOrPrnAmt>
      <sshPrnamt>250</sshPrnamt>
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      <None>0</None>
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    <nameOfIssuer>BLUEPRINT MEDICINES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>09627Y109</cusip>
    <value>7680</value>
    <shrsOrPrnAmt>
      <sshPrnamt>273820</sshPrnamt>
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    <cusip>101137107</cusip>
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    <nameOfIssuer>BRAINSTORM CELL  THERAPEUTICS</nameOfIssuer>
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    <cusip>10501E201</cusip>
    <value>1016</value>
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    <cusip>116794108</cusip>
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    <shrsOrPrnAmt>
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    <nameOfIssuer>CAPITAL SENIOR LIVING</nameOfIssuer>
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    <cusip>140475104</cusip>
    <value>5222</value>
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    <nameOfIssuer>CAPRICOR THERAPEUTICS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>14070B101</cusip>
    <value>11</value>
    <shrsOrPrnAmt>
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    <cusip>14740B606</cusip>
    <value>2355</value>
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    <cusip>148806102</cusip>
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    <shrsOrPrnAmt>
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    <cusip>151020104</cusip>
    <value>3010</value>
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    <nameOfIssuer>CHAMPIONS ONCOLOGY</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>15870P307</cusip>
    <value>942</value>
    <shrsOrPrnAmt>
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    <nameOfIssuer>CHINA BIOLOGIC PRODUCTS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>16938C106</cusip>
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    <shrsOrPrnAmt>
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    <titleOfClass>COM</titleOfClass>
    <cusip>171757107</cusip>
    <value>8043</value>
    <shrsOrPrnAmt>
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    <titleOfClass>COM</titleOfClass>
    <cusip>185063104</cusip>
    <value>6365</value>
    <shrsOrPrnAmt>
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    <cusip>189464100</cusip>
    <value>7452</value>
    <shrsOrPrnAmt>
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    <titleOfClass>COM</titleOfClass>
    <cusip>19459J104</cusip>
    <value>3063</value>
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    <cusip>19716T101</cusip>
    <value>23346</value>
    <shrsOrPrnAmt>
      <sshPrnamt>641364</sshPrnamt>
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    <nameOfIssuer>CORBUS PHARMACEUTICALS HOLDINGS INC  CALL 15 01/20/2017</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>21833P103</cusip>
    <value>0</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1600</sshPrnamt>
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    <putCall>Call</putCall>
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      <None>0</None>
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    <nameOfIssuer>CORBUS PHARMACEUTICALS HOLDINGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>21833P103</cusip>
    <value>9571</value>
    <shrsOrPrnAmt>
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    <nameOfIssuer>CROSS COUNTRY HEALTHCARE</nameOfIssuer>
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    <cusip>227483104</cusip>
    <value>544</value>
    <shrsOrPrnAmt>
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    <nameOfIssuer>CRYOLIFE</nameOfIssuer>
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    <cusip>228903100</cusip>
    <value>2</value>
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      <sshPrnamt>123</sshPrnamt>
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    <nameOfIssuer>CYNOSURE   CLASS A</nameOfIssuer>
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    <cusip>232577205</cusip>
    <value>82</value>
    <shrsOrPrnAmt>
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      <None>0</None>
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    <nameOfIssuer>CYTOMX THERAPEUTICS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>23284F105</cusip>
    <value>10152</value>
    <shrsOrPrnAmt>
      <sshPrnamt>923763</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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    <nameOfIssuer>DANAHER</nameOfIssuer>
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    <cusip>235851102</cusip>
    <value>0</value>
    <shrsOrPrnAmt>
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      <None>0</None>
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    <nameOfIssuer>DAVITA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>23918K108</cusip>
    <value>0</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3</sshPrnamt>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>DBV TECHNOLOGIES ADR REPRESENTING 0.5</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>23306J101</cusip>
    <value>21452</value>
    <shrsOrPrnAmt>
      <sshPrnamt>610643</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <Sole>0</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>DERMIRA</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>24983L104</cusip>
    <value>9875</value>
    <shrsOrPrnAmt>
      <sshPrnamt>325583</sshPrnamt>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>DYNAVAX TECHNOLOGIES CALL 4 01/2017</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>268158201</cusip>
    <value>5</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15600</sshPrnamt>
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    <putCall>Call</putCall>
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      <Shared>0</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>EAGLE PHARMACEUTICALS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>269796108</cusip>
    <value>39527</value>
    <shrsOrPrnAmt>
      <sshPrnamt>498198</sshPrnamt>
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    <cusip>28249U105</cusip>
    <value>1836</value>
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      <sshPrnamt>157679</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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      <None>0</None>
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    <nameOfIssuer>ELI LILLY &amp; CO  CALL 90 01/20/2017</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>532457108</cusip>
    <value>3</value>
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      <sshPrnamt>100000</sshPrnamt>
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    <putCall>Call</putCall>
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      <Sole>0</Sole>
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    <nameOfIssuer>ENDO INTERNATIONAL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G30401106</cusip>
    <value>213</value>
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      <sshPrnamt>12920</sshPrnamt>
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      <Sole>0</Sole>
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      <None>0</None>
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    <nameOfIssuer>ENZO BIOCHEM</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>294100102</cusip>
    <value>582</value>
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      <sshPrnamt>83893</sshPrnamt>
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    <nameOfIssuer>EVOLENT HEALTH   CLASS A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30050B101</cusip>
    <value>4555</value>
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      <sshPrnamt>307800</sshPrnamt>
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    <nameOfIssuer>EXACT SCIENCES CORP  PUT 17 01/20/2017</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30063P105</cusip>
    <value>670</value>
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      <sshPrnamt>200000</sshPrnamt>
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    <putCall>Put</putCall>
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    <titleOfClass>COM</titleOfClass>
    <cusip>30161Q104</cusip>
    <value>691</value>
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      <sshPrnamt>46361</sshPrnamt>
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    <nameOfIssuer>EXPRESS SCRIPTS HOLDING</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>30219G108</cusip>
    <value>457</value>
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      <sshPrnamt>6639</sshPrnamt>
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    <nameOfIssuer>FERRARI</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>N3167Y103</cusip>
    <value>360</value>
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      <sshPrnamt>6200</sshPrnamt>
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    <nameOfIssuer>FIAT CHRYSLER AUTOMOBILES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>N31738102</cusip>
    <value>565</value>
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      <sshPrnamt>62000</sshPrnamt>
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    <nameOfIssuer>FIVE PRIME THERAPEUTICS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>33830X104</cusip>
    <value>8181</value>
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      <sshPrnamt>163255</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
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    <nameOfIssuer>FIVE STAR QUALITY CARE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>33832D106</cusip>
    <value>183</value>
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      <sshPrnamt>67797</sshPrnamt>
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    <nameOfIssuer>FLEX PHARMA</nameOfIssuer>
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    <cusip>33938A105</cusip>
    <value>1</value>
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      <sshPrnamt>237</sshPrnamt>
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    <nameOfIssuer>FOAMIX PHARMACEUTICALS</nameOfIssuer>
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    <cusip>M46135105</cusip>
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      <sshPrnamt>1322994</sshPrnamt>
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    <nameOfIssuer>FORWARD PHARMA ADR REPRESENTING 1</nameOfIssuer>
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    <cusip>34986J105</cusip>
    <value>5918</value>
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      <sshPrnamt>394241</sshPrnamt>
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    <titleOfClass>COM</titleOfClass>
    <cusip>36315X101</cusip>
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    <cusip>37246C406</cusip>
    <value>180</value>
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      <sshPrnamt>56131</sshPrnamt>
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    <value>10</value>
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      <sshPrnamt>300</sshPrnamt>
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    <nameOfIssuer>GLOBAL BLOOD THERAPEUTICS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>37890U108</cusip>
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    <nameOfIssuer>HISTOGENCIS CORP</nameOfIssuer>
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    <nameOfIssuer>HUMANA INC  CALL 210 04/21/2017</nameOfIssuer>
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    <cusip>444859102</cusip>
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      <sshPrnamt>40000</sshPrnamt>
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    <nameOfIssuer>IMMUNE DESIGN</nameOfIssuer>
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    <value>428</value>
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    <nameOfIssuer>IMPAX LABORATORIES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>45256B101</cusip>
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    <nameOfIssuer>INC RESEARCH HOLDINGS   CLASS A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>45329R109</cusip>
    <value>665</value>
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      <sshPrnamt>12636</sshPrnamt>
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    <value>563</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5619</sshPrnamt>
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    <nameOfIssuer>INTELLIA THERAPEUTICS</nameOfIssuer>
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    <cusip>45826J105</cusip>
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    <nameOfIssuer>INVITAE</nameOfIssuer>
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    <cusip>46185L103</cusip>
    <value>3970</value>
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      <sshPrnamt>500000</sshPrnamt>
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    <nameOfIssuer>IRHYTHM TECHNOLOGIES</nameOfIssuer>
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    <nameOfIssuer>ISHARES 20 PLUS YEAR TREASURY BOND ETF</nameOfIssuer>
    <titleOfClass>NOTE</titleOfClass>
    <cusip>464287432</cusip>
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    <nameOfIssuer>ISHARES CORE SandP 500 ETF</nameOfIssuer>
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    <cusip>464287200</cusip>
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    <nameOfIssuer>ISHARES RUSSELL MID-CAP VALUE ETF</nameOfIssuer>
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    <cusip>464287473</cusip>
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    <titleOfClass>COM</titleOfClass>
    <cusip>G50871105</cusip>
    <value>5670</value>
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      <sshPrnamt>52000</sshPrnamt>
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    <cusip>478160104</cusip>
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      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>QUORUM HEALTH</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74909e106</cusip>
    <value>731</value>
    <shrsOrPrnAmt>
      <sshPrnamt>100604</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>QUOTIENT</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>G73268107</cusip>
    <value>13815</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2854486</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>RA PHARMACEUTICALS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>74933V108</cusip>
    <value>2506</value>
    <shrsOrPrnAmt>
      <sshPrnamt>165000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RADIUS HEALTH</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>750469207</cusip>
    <value>10035</value>
    <shrsOrPrnAmt>
      <sshPrnamt>263872</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>REGENXBIO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>75901B107</cusip>
    <value>23786</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1282286</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>RETROPHIN</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>761299106</cusip>
    <value>50872</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2687412</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SANGAMO BIOSCIENCES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>800677106</cusip>
    <value>1</value>
    <shrsOrPrnAmt>
      <sshPrnamt>272</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SAREPTA THERAPEUTICS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>803607100</cusip>
    <value>75976</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2769829</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SAREPTA THERAPEUTICS INC  PUT 50 01/20/2017</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>803607100</cusip>
    <value>249</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <putCall>Put</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SCYNEXIS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>811292101</cusip>
    <value>546</value>
    <shrsOrPrnAmt>
      <sshPrnamt>171185</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SELECTA BIOSCIENCES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>816212104</cusip>
    <value>2433</value>
    <shrsOrPrnAmt>
      <sshPrnamt>141875</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SEVION THERAPEUTICS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>81834Q104</cusip>
    <value>8</value>
    <shrsOrPrnAmt>
      <sshPrnamt>59220</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR DOW JONES INDUSTRIAL AVERAGE ETF</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78467X109</cusip>
    <value>1</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR GOLD SHARES ETF</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78463V107</cusip>
    <value>0</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR SandP BIOTECH ETF</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78464A870</cusip>
    <value>3</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STEMLINE THERAPEUTICS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>85858C107</cusip>
    <value>115</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10702</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SUCAMPO PHARMACEUTICALS   CLASS A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>864909106</cusip>
    <value>416</value>
    <shrsOrPrnAmt>
      <sshPrnamt>30694</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SUPERNUS PHARMACEUTICALS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>868459108</cusip>
    <value>11</value>
    <shrsOrPrnAmt>
      <sshPrnamt>421</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SYNERGY PHARMACEUTICALS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>871639308</cusip>
    <value>2986</value>
    <shrsOrPrnAmt>
      <sshPrnamt>490300</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TENGION INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>88033G407</cusip>
    <value>1</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1826399</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TESARO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>881569107</cusip>
    <value>92521</value>
    <shrsOrPrnAmt>
      <sshPrnamt>687993</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>THERAPEUTICSMD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>88338N107</cusip>
    <value>1731</value>
    <shrsOrPrnAmt>
      <sshPrnamt>300000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>THERMO FISHER SCIENTIFIC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>883556102</cusip>
    <value>0</value>
    <shrsOrPrnAmt>
      <sshPrnamt>2</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TRACON PHARMACEUTICALS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>89237H100</cusip>
    <value>490</value>
    <shrsOrPrnAmt>
      <sshPrnamt>100000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>UNIQURE</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>N90064101</cusip>
    <value>7089</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1265963</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>UNITED THERAPEUTICS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>91307C102</cusip>
    <value>682</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4753</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>UNITEDHEALTH GROUP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>91324P102</cusip>
    <value>516</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3223</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VBI VACCINES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>91822J103</cusip>
    <value>20354</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6565843</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VERICEL</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92346J108</cusip>
    <value>28</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9385</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VERSARTIS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92529L102</cusip>
    <value>61889</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4153685</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VERTEX PHARMACEUTICALS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>92532F100</cusip>
    <value>6299</value>
    <shrsOrPrnAmt>
      <sshPrnamt>85509</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WAVE LIFE SCIENCES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>Y95308105</cusip>
    <value>18088</value>
    <shrsOrPrnAmt>
      <sshPrnamt>665198</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WELLCARE HEALTHCARE PLANS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>94946T106</cusip>
    <value>693</value>
    <shrsOrPrnAmt>
      <sshPrnamt>5056</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>WEST PHARMACEUTICAL SERVICES</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>955306105</cusip>
    <value>12</value>
    <shrsOrPrnAmt>
      <sshPrnamt>138</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>XENCOR</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>98401F105</cusip>
    <value>46982</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1785018</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>XENON PHARMACEUTICALS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>98420N105</cusip>
    <value>5700</value>
    <shrsOrPrnAmt>
      <sshPrnamt>740272</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ZOETIS   CLASS A</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>98978V103</cusip>
    <value>0</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ZOGENIX</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>98978L204</cusip>
    <value>9149</value>
    <shrsOrPrnAmt>
      <sshPrnamt>752999</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ZYNERBA PHARMACEUTICALS</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>98986X109</cusip>
    <value>13128</value>
    <shrsOrPrnAmt>
      <sshPrnamt>842128</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>0</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
</informationTable>
