The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AMBIT BIOSCIENCES CORP COM 02318X100 0 24 SH   SOLE   24 0 0
AMBIT BIOSCIENCES CORP COM 02318X100 0 22 SH   OTR 1 0 22 0
BIOMARIN PHARMACEUTICAL INC COM 09061G101 13,155 182,300 SH   SOLE   182,300 0 0
DENDREON CORP COM 24823Q107 80 55,548 SH   OTR 1 0 55,548 0
HERON THERAPEUTICS INC COM 427746102 38,287 4,596,318 SH   SOLE   4,596,318 0 0
HERON THERAPEUTICS INC COM 427746102 2,693 323,307 SH   OTR 1 0 323,307 0
HORIZON PHARMA PLC SHS G4617B105 3,684 300,000 SH   SOLE   300,000 0 0
LA JOLLA PHARMACEUTICAL CO COM 503459604 17,957 1,868,622 SH   SOLE   1,868,622 0 0
LA JOLLA PHARMACEUTICAL CO COM 503459604 412 42,840 SH   OTR 1 0 42,840 0
MERRIMACK PHARMACEUTICALS INC NOTE 4.5% 7/15/20 590328AA8 8,496 5,500,000 PRN   SOLE   5,500,000 0 0
MIRATI THERAPEUTICS INC COM 60468T105 5,050 288,432 SH   SOLE   288,432 0 0
OPKO HEALTH INC NOTE 3.0% 2/1/33 68375NAA1 18,760 14,000,000 PRN   SOLE   14,000,000 0 0
PDL BIOPHARMA INC NOTE 2.875% 2/15/15 69329YAE4 37,456 25,974,000 PRN   SOLE   25,974,000 0 0
RXI PHARMACEUTICALS CORP COM 74979C303 100 50,219 SH   SOLE   50,219 0 0
SALIX PHARMACEUTICALS INC COM 795435106 46,872 300,000 SH   SOLE   300,000 0 0