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 CMN COM 00548A106 42,688 2,601,351 SH   DFND 1,2 2,601,351 0 0
ALIMERA SCIENCES CMN COM 016259103 3,931 2,637,969 SH   DFND 1,2 2,637,969 0 0
ARADIGM CORP CMN COM 038505400 6,900 1,002,962 SH   DFND 1,2 1,002,962 0 0
ARDELYX INC CMN COM 039697107 194 15,000 SH   DFND 1,2 15,000 0 0
AVEXIS INC CMN COM 05366U100 15,703 381,095 SH   DFND 1,2 381,095 0 0
PUT/BCRX @ 5 EXP 03/17/2017 PUT 09058V103 3,197 725,000 SH Put DFND 1,2 725,000 0 0
BOVIE MEDICAL CORPORATION CMN COM 10211F100 13,963 2,680,000 SH   DFND 1,2 2,680,000 0 0
CATABASIS PHARMACEUTICALS, INC CMN COM 14875P107 1,540 250,000 SH   DFND 1,2 250,000 0 0
COLUCID PHARMACEUTICALS INC CMN COM 19716T101 15,260 400,000 SH   DFND 1,2 400,000 0 0
DBV TECHNOLOGIES SA SPONSORED ADR CMN COM 23306J101 4,776 131,452 SH   DFND 1,2 131,452 0 0
DERMIRA INC CMN COM 24983L104 22,977 679,403 SH   DFND 1,2 679,403 0 0
DIPEXIUM PHARMACEUTICALS INC CMN COM 25456J104 2,594 178,930 SH   DFND 1,2 178,930 0 0
ENANTA PHARMACEUTICALS INC CMN COM 29251M106 21,022 790,000 SH   DFND 1,2 790,000 0 0
PUT/GWPH @ 95 EXP 10/21/2016 PUT 36197T103 3,159 23,800 SH Put DFND 1,2 23,800 0 0
IGNYTA INC CMN COM 451731103 21,859 3,475,227 SH   DFND 1,2 3,475,227 0 0
INOTEK PHARMACEUTICALS CORP CMN COM 45780V102 892 94,077 SH   DFND 1,2 94,077 0 0
MERRIMACK PHARMACEUTICALS INC CMN COM 590328100 15,508 2,442,159 SH   DFND 1,2 2,442,159 0 0
MIRATI THERAPEUTICS INC CMN COM 60468T105 1,505 227,657 SH   DFND 1,2 227,657 0 0
NEUROCRINE BIOSCIENCES INC CMN COM 64125C109 19,956 394,080 SH   DFND 1,2 394,080 0 0
CALL/NVAX @ 8 EXP 10/21/2016 CALL 670002104 851 409,200 SH Call DFND 1,2 409,200 0 0
OCERA THERAPEUTICS INC CMN CLASS COM 67552A108 5,184 1,963,777 SH   DFND 1,2 1,963,777 0 0
CALL/OPHT @ 80 EXP 01/20/2017 CALL 683745103 157 3,400 SH Call DFND 1,2 3,400 0 0
PDL BIOPHARMA INC CMN COM 69329Y104 2,161 645,000 SH   DFND 1,2 645,000 0 0
SAGE THERAPEUTICS, INC CMN COM 78667J108 12,198 264,893 SH   DFND 1,2 264,893 0 0
SERES THERAPEUTICS, INC. CMN COM 81750R102 1,475 120,000 SH   DFND 1,2 120,000 0 0
PUT/MCRB @ 20 EXP 10/21/2016 PUT 81750R102 1,475 120,000 SH Put DFND 1,2 120,000 0 0
STREAMLINE HEALTH SOLUTNS, INC CMN COM 86323X106 279 151,611 SH   DFND 1,2 151,611 0 0
SUNESIS PHARMACEUTICALS INC CMN COM 867328700 4,648 1,063,573 SH   DFND 1,2 1,063,573 0 0
SYNERGY PHARMACEUTICALS INC CMN COM 871639308 35,386 6,422,232 SH   DFND 1,2 6,422,232 0 0
TENAX THERAPEUTICS INC CMN COM 88032L100 2,568 1,108,593 SH   DFND 1,2 1,108,593 0 0
TETRAPHASE PHARMACEUTICALS INC CMN COM 88165N105 1,733 452,375 SH   DFND 1,2 452,375 0 0
VANDA PHARMACEUTICALS INC. CMN COM 921659108 45,030 2,706,134 SH   DFND 1,2 2,706,134 0 0
ZOGENIX INC CMN COM 98978L204 27,900 2,440,959 SH   DFND 1,2 2,440,959 0 0
FOAMIX PHARMACEUTICALS LIMITED CMN COM M46135105 25,645 2,769,425 SH   DFND 1,2 2,769,425 0 0
CONNECTURE INC COM 20786J106 7,759 4,127,232 SH   DFND 1,2 4,127,232 0 0