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
ADAMAS PHARMACEUTICALS INC COM 00548A106 20,258 772,600 SH   DFND 1,2 772,600 0 0
ALIMERA SCIENCES INC COM 016259103 7,759 1,683,162 SH   DFND 1,2 1,683,162 0 0
ANTARES PHARMA INC COM 036642106 5,824 2,800,000 SH   DFND 1,2 2,800,000 0 0
ARADIGM CORP COM NO PAR VALUE 038505400 7,402 1,002,962 SH   DFND 1,2 1,002,962 0 0
ASCENDIS PHARMA A S SPONSORED ADR 04351P101 5,502 311,222 SH   DFND 1,2 311,222 0 0
ATHERSYS INC COM 04744L106 121 100,000 SH Put DFND 1,2 100,000 0 0
ATHERSYS INC COM 04744L106 977 807,700 SH Call DFND 1,2 807,700 0 0
AURINIA PHARMACEUTICALS INC COM 05156V102 5,812 1,941,144 SH   DFND 1,2 1,941,144 0 0
BIODELIVERY SCIENCES INTL IN COM 09060J106 82 10,300 SH   DFND 1,2 10,300 0 0
BIODEL INC COM NEW 09064M204 4,132 4,011,511 SH   DFND 1,2 4,011,511 0 0
BOVIE MEDICAL CORP COM 10211F100 7,477 2,680,000 SH   DFND 1,2 2,680,000 0 0
CALADRIUS BIOSCIENCES INC COM 128058104 4,630 2,476,120 SH   DFND 1,2 2,476,120 0 0
DERMA SCIENCES INC COM PAR $.01 249827502 2,005 280,000 SH   DFND 1,2 280,000 0 0
DYAX CORP COM 26746E103 12,528 472,739 SH   DFND 1,2 472,739 0 0
ENANTA PHARMACEUTICALS INC COM 29251M106 1,575 35,000 SH   DFND 1,2 35,000 0 0
ESPERION THERAPEUTICS INC NE COM 29664W105 687 8,400 SH   DFND 1,2 8,400 0 0
EXELIXIS INC COM 30161Q104 2,801 745,000 SH Put DFND 1,2 745,000 0 0
FIVE PRIME THERAPEUTICS INC COM 33830X104 16,856 678,595 SH   DFND 1,2 678,595 0 0
OCERA THERAPEUTICS INC COM 67552A108 7,463 1,963,777 SH   DFND 1,2 1,963,777 0 0
OREXIGEN THERAPEUTICS INC COM 686164104 2,178 440,000 SH   DFND 1,2 440,000 0 0
PARATEK PHARMACEUTICALS INC COM 699374302 10,703 415,338 SH   DFND 1,2 415,338 0 0
RELYPSA INC COM 759531106 7,942 240,000 SH   DFND 1,2 240,000 0 0
SAGENT PHARMACEUTICALS INC COM 786692103 3,450 141,900 SH   DFND 1,2 141,900 0 0
STEMLINE THERAPEUTICS INC COM 85858C107 5,593 475,200 SH   DFND 1,2 475,200 0 0
STREAMLINE HEALTH SOLUTIONS COM 86323X106 424 151,611 SH   DFND 1,2 151,611 0 0
SUNESIS PHARMACEUTICALS INC COM NEW 867328601 7,650 2,541,459 SH   DFND 1,2 2,541,459 0 0
SYNERGY PHARMACEUTICALS DEL COM NEW 871639308 16,683 2,009,984 SH   DFND 1,2 2,009,984 0 0
TENAX THERAPEUTICS INC COM 88032L100 4,091 1,108,593 SH   DFND 1,2 1,108,593 0 0
VANDA PHARMACEUTICALS INC COM 921659108 17,939 1,413,599 SH   DFND 1,2 1,413,599 0 0
VERICEL CORP COM 92346J108 7,447 2,086,028 SH   DFND 1,2 2,086,028 0 0
XENOPORT INC COM 98411C100 2,973 485,000 SH   DFND 1,2 485,000 0 0
ZOGENIX INC COM 98978L105 4,200 2,500,000 SH   DFND 1,2 2,500,000 0 0
ALCOBRA LTD SHS M2239P109 7,777 1,189,086 SH   DFND 1,2 1,189,086 0 0
CONNECTURE INC COM 20786J106 43,584 4,127,232 SH   DFND 1,2 4,127,232 0 0