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 1,098 247,812 SH   SOLE   247,812 0 0
Anacor Pharmaceuticals Inc COM 032420101 30,935 1,545,999 SH   SOLE   1,545,999 0 0
BioCryst Pharmaceuticals Inc COM 09058V103 18,455 1,744,356 SH   SOLE   1,744,356 0 0
Chelsea Therapeutics International Ltd COM 163428105 4,352 788,370 SH   SOLE   788,370 0 0
DBV Technologies COM F2927N109 11,980 480,000 SH   SOLE   480,000 0 0
Dyax Corp COM 26746E103 17,968 2,000,859 SH   SOLE   2,000,859 0 0
Flamel Technologies S.A. COM 338488109 6,700 500,000 SH   SOLE   500,000 0 0
GW Pharmaceuticals COM 36197T103 38,257 644,376 SH   SOLE   644,376 0 0
Heron Therapeutics Inc COM 427746102 15,242 1,095,734 SH   SOLE   1,095,734 0 0
Ironwood Pharmaceuticals Inc COM 46333X108 11,088 900,000 SH   SOLE   900,000 0 0
Keryx Biopharmaceuticals Inc COM 492515101 17,045 1,000,273 SH   SOLE   1,000,273 0 0
Neurocrine Biosciences Inc COM 64125C109 4,886 303,503 SH   SOLE   303,503 0 0
Ocera Therapeutics COM 67552A108 7,424 703,730 SH   SOLE   703,730 0 0
TherapeuticsMD Inc COM 88338N107 5,341 846,500 SH   SOLE   846,500 0 0
Versartis Inc COM 92529L102 571 19,000 SH   SOLE   19,000 0 0
Xencor Inc COM 98401F105 1,037 88,400 SH   SOLE   88,400 0 0