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
Alexza Pharmaceuticals Inc COM 015384100 1,736 399,999 SH   SOLE 0 399,999 0 0
Anacor Pharmaceuticals Inc COM 032420101 9,005 1,610,856 SH   SOLE 0 1,610,856 0 0
Anthera Pharmaceuticals Inc COM 03674U102 666 1,437,623 SH   SOLE 0 1,437,623 0 0
BioCryst Pharmaceuticals Inc COM 09058V103 1,571 1,013,442 SH   SOLE 0 1,013,442 0 0
Biodel Inc COM 09064M105 6,046 1,446,413 SH   SOLE 0 1,446,413 0 0
Chelsea Therapeutics International Ltd COM 163428105 5,789 2,516,870 SH   SOLE 0 2,516,870 0 0
Dyax Corp COM 26746E103 14,382 4,156,508 SH   SOLE 0 4,156,508 0 0
GTx Inc COM 40052B108 3,300 500,000 SH   SOLE 0 500,000 0 0
GW Pharmaceuticals COM 36197T103 7,381 837,800 SH   SOLE 0 837,800 0 0
Hyperion Therapeutics Inc COM 44915N101 5,610 255,000 SH   SOLE 0 255,000 0 0
Ironwood Pharmaceuticals Inc COM 46333X108 17,874 1,800,000 SH   SOLE 0 1,800,000 0 0
Keryx Biopharmaceuticals Inc COM 492515101 15,304 2,048,773 SH   SOLE 0 2,048,773 0 0
Neurocrine Biosciences Inc COM 64125C109 26,287 1,964,673 SH   SOLE 0 1,964,673 0 0
Stemline Therapeutics Inc COM 85858C107 1,192 50,000 SH   SOLE 0 50,000 0 0
TESARO Inc COM 881569107 8,549 261,130 SH   SOLE 0 261,130 0 0
Threshold Pharmaceuticals Inc COM 885807206 3,598 684,000 SH   SOLE 0 684,000 0 0
Vanda Pharmaceuticals Inc COM 921659108 6,363 787,459 SH   SOLE 0 787,459 0 0