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
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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
ACADIA PHARMACEUTICALS INC COM 004225108 7,299 300,000 SH   DFND 1 300,000 0 0
ACELRX PHARMACEUTICALS INC COM 00444T100 9,008 750,000 SH   DFND 1 750,000 0 0
AGENUS INC COM NEW 00847G705 3,170 1,000,000 SH   DFND 1 1,000,000 0 0
ALKERMES PLC SHS G01767105 8,818 200,000 SH   DFND 1 200,000 0 0
ALNYLAM PHARMACEUTICALS INC COM 02043Q107 3,357 50,000 SH   DFND 1 50,000 0 0
AQUINOX PHARMACEUTICALS INC COM 03842B101 3,143 246,877 SH   DFND 1 246,877 0 0
ARRAY BIOPHARMA INC COM 04269X105 8,225 1,750,000 SH   DFND 1 1,750,000 0 0
ARROWHEAD RESEARCH CORP COM NEW 042797209 16,420 1,000,000 SH   DFND 1 1,000,000 0 0
AUSPEX PHARMACEUTICALS INC COM 05211J102 3,076 100,000 SH   DFND 1 100,000 0 0
BIOCRYST PHARMACEUTICALS INC COM 09058V103 12,357 1,168,000 SH   DFND 1 1,168,000 0 0
BIOGEN IDEC INC COM 09062X103 3,059 10,000 SH   DFND 1 10,000 0 0
BIOMARIN PHARMACEUTICAL INC COM 09061G101 20,463 300,000 SH   DFND 1 300,000 0 0
CELSUS THERAPEUTICS PLC SPONSORED ADR NE 15119A202 668 103,000 SH   DFND 1 103,000 0 0
CHIMERIX INC COM 16934W106 6,852 300,000 SH   DFND 1 300,000 0 0
CLOVIS ONCOLOGY INC COM 189464100 8,312 120,000 SH   DFND 1 120,000 0 0
CUBIST PHARMACEUTICALS INC COM 229678107 21,945 300,000 SH   DFND 1 300,000 0 0
DEXCOM INC COM 252131107 12,408 300,000 SH   DFND 1 300,000 0 0
DYAX CORP COM 26746E103 17,960 2,000,000 SH   DFND 1 2,000,000 0 0
EAGLE PHARMACEUTICALS INC COM 269796108 5,100 400,000 SH   DFND 1 400,000 0 0
GALECTIN THERAPEUTICS INC COM NEW 363225202 5,328 348,000 SH   DFND 1 348,000 0 0
GENVEC INC COM NEW 37246C307 3,523 1,329,300 SH   DFND 1 1,329,300 0 0
GERON CORP COM 374163103 3,135 1,500,000 SH   DFND 1 1,500,000 0 0
GLYCOMIMETICS INC COM 38000Q102 7,665 469,400 SH   DFND 1 469,400 0 0
IDENIX PHARMACEUTICALS INC COM 45166R204 15,075 2,500,000 SH   DFND 1 2,500,000 0 0
IDERA PHARMACEUTICALS INC COM NEW 45168K306 1,632 400,000 SH   DFND 1 400,000 0 0
INTERCEPT PHARMACEUTICALS IN COM 45845P108 16,490 50,000 SH   DFND 1 50,000 0 0
JAZZ PHARMACEUTICALS PLC SHS USD G50871105 13,868 100,000 SH   DFND 1 100,000 0 0
KARYOPHARM THERAPEUTICS INC COM 48576U106 8,649 280,000 SH   DFND 1 280,000 0 0
MEDIVATION INC COM 58501N101 38,622 600,000 SH   DFND 1 600,000 0 0
MERCK & CO. INC NEW COM 58933Y105 11,354 200,000 SH   DFND 1 200,000 0 0
NANOSTRING TECHNOLOGIES INC COM 63009R109 8,260 400,000 SH   DFND 1 400,000 0 0
NOVAVAX INC COM 670002104 4,530 1,000,000 SH   DFND 1 1,000,000 0 0
OMEROS CORP COM 682143102 6,035 500,000 SH   DFND 1 500,000 0 0
PACIRA PHARMACEUTICALS INC COM 695127100 3,500 50,000 SH   DFND 1 50,000 0 0
PORTOLA PHARMACEUTICALS INC COM 737010108 5,180 200,000 SH   DFND 1 200,000 0 0
PROTHENA CORP PLC SHS G72800108 13,409 350,000 SH   DFND 1 350,000 0 0
PTC THERAPEUTICS INC COM 69366J200 14,377 550,000 SH   DFND 1 550,000 0 0
PUMA BIOTECHNOLOGY INC COM 74587V107 21,609 207,500 SH   DFND 1 207,500 0 0
RECEPTOS INC COM 756207106 18,873 450,000 SH   DFND 1 450,000 0 0
RECRO PHARMA INC COM 75629F109 3,660 500,000 SH   DFND 1 500,000 0 0
REGULUS THERAPEUTICS INC COM 75915K101 1,804 200,000 SH   DFND 1 200,000 0 0
ROCKWELL MED INC COM 774374102 5,064 400,000 SH   DFND 1 400,000 0 0
SANGAMO BIOSCIENCES INC COM 800677106 10,848 600,000 SH   DFND 1 600,000 0 0
SORRENTO THERAPEUTICS INC COM NEW 83587F202 8,974 700,000 SH   DFND 1 700,000 0 0
TESARO INC COM 881569107 8,844 300,000 SH   DFND 1 300,000 0 0
ULTRAGENYX PHARMACEUTICAL IN COM 90400D108 2,933 60,000 SH   DFND 1 60,000 0 0