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
ALIMERA SCIENCES INC COM 016259103 9,630 1,610,316 SH   DFND 1,2 1,610,316 0 0
AMBIT BIOSCIENCES CORP COM 02318X100 7,282 1,053,895 SH   DFND 1,2 1,053,895 0 0
ANTHERA PHARMACEUTICALS INC COM NEW 03674U201 5,085 1,500,000 SH   DFND 1,2 1,500,000 0 0
ARADIGM CORP COM NO PAR NEW 038505400 8,922 1,008,062 SH   DFND 1,2 1,008,062 0 0
AVANIR PHARMACEUTICALS INC CL A NEW 05348P401 2,538 450,000 SH   DFND 1,2 450,000 0 0
AVEO PHARMACEUTICALS INC COM 053588109 4,255 2,325,000 SH   DFND 1,2 2,325,000 0 0
CARA THERAPEUTICS INC COM 140755109 3,408 200,219 SH   DFND 1,2 200,219 0 0
CUTERA INC COM 232109108 3,156 303,713 SH   DFND 1,2 303,713 0 0
DERMA SCIENCES INC COM PAR $.01 249827502 13,275 1,148,292 SH   DFND 1,2 1,148,292 0 0
DIPEXIUM PHARMACEUTICALS INC COM 25456J104 1,204 124,125 SH   DFND 1,2 124,125 0 0
ENDOLOGIX INC COM 29266S106 2,940 193,282 SH   DFND 1,2 193,282 0 0
EXACT SCIENCES CORP COM 30063P105 4,273 250,900 SH Put DFND 1,2 250,900 0 0
HYPERION THERAPEUTICS INC COM 44915N101 17,174 657,984 SH   DFND 1,2 657,984 0 0
INFINITY PHARMACEUTICALS INC COM 45665G303 12,213 958,600 SH   DFND 1,2 958,600 0 0
INOVIO PHARMACEUTICALS INC COM NEW 45773H201 1,362 126,000 SH Put DFND 1,2 126,000 0 0
KALOBIOS PHARMACEUTICALS INC COM 48344T100 2,076 910,699 SH   DFND 1,2 910,699 0 0
KARYOPHARM THERAPEUTICS INC COM 48576U106 3,491 75,000 SH   DFND 1,2 75,000 0 0
NEUROCRINE BIOSCIENCES INC COM 64125C109 22,432 1,512,103 SH   DFND 1,2 1,512,103 0 0
OCERA THERAPEUTICS INC COM 67552A108 2,269 296,944 SH   DFND 1,2 296,944 0 0
ONCOGENEX PHARMACEUTICAL IN COM 68230A106 7,876 2,111,590 SH   DFND 1,2 2,111,590 0 0
ONCOTHYREON INC COM 682324108 2,565 791,800 SH   DFND 1,2 791,800 0 0
ONCONOVA THERAPEUTICS INC COM 68232V108 594 109,449 SH   DFND 1,2 109,449 0 0
OPHTHOTECH CORP COM 683745103 10,582 250,100 SH   DFND 1,2 250,100 0 0
OXYGEN BIOTHERAPEUTICS INC COM PAR $0.0001 69207P308 8,631 2,115,497 SH   DFND 1,2 2,115,497 0 0
PAIN THERAPEUTICS INC COM 69562K100 9,742 1,694,256 SH   DFND 1,2 1,694,256 0 0
PROTALIX BIOTHERAPEUTICS INC COM 74365A101 612 167,787 SH   DFND 1,2 167,787 0 0
PSIVIDA CORP COM 74440J101 1,645 379,060 SH   DFND 1,2 379,060 0 0
RECRO PHARMA INC COM 75629F109 4,171 520,776 SH   DFND 1,2 520,776 0 0
SOPHIRIS BIO INC COM NEW 83578Q209 3,551 1,585,500 SH   DFND 1,2 1,585,500 0 0
STREAMLINE HEALTH SOLUTIONS COM 86323X106 728 151,611 SH   DFND 1,2 151,611 0 0
SUNSHINE HEART INC COM 86782U106 2,375 424,208 SH   DFND 1,2 424,208 0 0
THORATEC CORP COM NEW 885175307 12,550 360,000 SH   DFND 1,2 360,000 0 0
VERACYTE INC COM 92337F107 7,896 461,210 SH   DFND 1,2 461,210 0 0
VICAL INC COM 925602104 2,551 2,090,954 SH   DFND 1,2 2,090,954 0 0
VOLCANO CORPORATION COM 928645100 4,097 232,645 SH   DFND 1,2 232,645 0 0
ALCOBRA LTD SHS M2239P109 5,763 332,908 SH   DFND 1,2 332,908 0 0
ORTHOFIX INTL N V COM N6748L102 10,900 300,700 SH   DFND 1,2 300,700 0 0
MEI PHARMA INC COM NEW 55279B202 1,000 157,661 SH   DFND 1 157,661 0 0