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    <nameOfIssuer>ACADIA PHARMACEUTICALS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>004225108</cusip>
    <value>42870</value>
    <shrsOrPrnAmt>
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  <infoTable>
    <nameOfIssuer>ACADIA PHARMACEUTICALS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>004225108</cusip>
    <value>283</value>
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    <votingAuthority>
      <Sole>100000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ACADIA PHARMACEUTICALS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>004225108</cusip>
    <value>130</value>
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    <putCall>Call</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>100000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>AERIE PHARMACEUTICALS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>00771V108</cusip>
    <value>23089</value>
    <shrsOrPrnAmt>
      <sshPrnamt>610000</sshPrnamt>
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    <votingAuthority>
      <Sole>610000</Sole>
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      <None>0</None>
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    <nameOfIssuer>AGENUS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>00847G705</cusip>
    <value>15452</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3750430</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>3750430</Sole>
      <Shared>0</Shared>
      <None>0</None>
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  <infoTable>
    <nameOfIssuer>AGENUS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>00847G705</cusip>
    <value>25</value>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1000000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>AKEBIA THERAPEUTICS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>00972D105</cusip>
    <value>8656</value>
    <shrsOrPrnAmt>
      <sshPrnamt>831515</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>831515</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>ALEXION PHARMACEUTICALS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>015351109</cusip>
    <value>20800</value>
    <shrsOrPrnAmt>
      <sshPrnamt>170000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>170000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ALIMERA SCIENCES INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>016259103</cusip>
    <value>4357</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4034488</sshPrnamt>
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      <Sole>4034488</Sole>
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      <None>0</None>
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    <nameOfIssuer>AMICUS THERAPEUTICS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>03152W109</cusip>
    <value>19967</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4017577</sshPrnamt>
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    <votingAuthority>
      <Sole>4017577</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ARRAY BIOPHARMA INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>04269X105</cusip>
    <value>1406</value>
    <shrsOrPrnAmt>
      <sshPrnamt>160000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>160000</Sole>
      <Shared>0</Shared>
      <None>0</None>
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    <nameOfIssuer>ASCENDIS PHARMA</nameOfIssuer>
    <titleOfClass>Sponsored ADR</titleOfClass>
    <cusip>04351P101</cusip>
    <value>11035</value>
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      <Sole>545203</Sole>
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      <None>0</None>
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    <nameOfIssuer>ASSEMBLY BIOSCIENCES INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>045396108</cusip>
    <value>3284</value>
    <shrsOrPrnAmt>
      <sshPrnamt>270289</sshPrnamt>
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    <votingAuthority>
      <Sole>270289</Sole>
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      <None>0</None>
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    <nameOfIssuer>BIOCRYST PHARMACEUTICALS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>09058V103</cusip>
    <value>10327</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1631502</sshPrnamt>
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    <votingAuthority>
      <Sole>1631502</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>BIODELIVERY SCIENCES INTL INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>09060J106</cusip>
    <value>1127</value>
    <shrsOrPrnAmt>
      <sshPrnamt>644176</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>644176</Sole>
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      <None>0</None>
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    <nameOfIssuer>BIOMARIN PHARMACEUTICAL INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>09061G101</cusip>
    <value>33136</value>
    <shrsOrPrnAmt>
      <sshPrnamt>400000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>400000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>BRISTOL MYERS SQUIBB CO.</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>110122108</cusip>
    <value>16655</value>
    <shrsOrPrnAmt>
      <sshPrnamt>285000</sshPrnamt>
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      <Sole>285000</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>CASCADIAN THERAPEUTICS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>14740B606</cusip>
    <value>3971</value>
    <shrsOrPrnAmt>
      <sshPrnamt>921248</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>921248</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>CATALYST PHARMACEUTICALS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>14888U101</cusip>
    <value>1198</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1141149</sshPrnamt>
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      <Sole>1141149</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>CELLECTIS - ADR</nameOfIssuer>
    <titleOfClass>Sponsored ADR</titleOfClass>
    <cusip>15117K103</cusip>
    <value>1646</value>
    <shrsOrPrnAmt>
      <sshPrnamt>97096</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>97096</Sole>
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      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>CORVUS PHARMACEUTICALS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>221015100</cusip>
    <value>3098</value>
    <shrsOrPrnAmt>
      <sshPrnamt>216619</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <votingAuthority>
      <Sole>216619</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>DERMIRA INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>24983L104</cusip>
    <value>23224</value>
    <shrsOrPrnAmt>
      <sshPrnamt>765709</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>765709</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>FORTRESS BIOTECH INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>34960Q109</cusip>
    <value>3241</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1200342</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1200342</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>GLOBAL BLOOD THERAPEUTICS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>37890U108</cusip>
    <value>14390</value>
    <shrsOrPrnAmt>
      <sshPrnamt>995838</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>995838</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>IMMUNOMEDICS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>452907108</cusip>
    <value>33996</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9263340</sshPrnamt>
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      <Sole>9263340</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>IMMUNOMEDICS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>452907108</cusip>
    <value>23</value>
    <shrsOrPrnAmt>
      <sshPrnamt>300800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <putCall>Call</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>300800</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>LION BIOTECHNOLOGIES INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>53619R102</cusip>
    <value>31418</value>
    <shrsOrPrnAmt>
      <sshPrnamt>4520643</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>4520643</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>MIRATI THERAPEUTICS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>60468T105</cusip>
    <value>7164</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1508201</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1508201</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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    <nameOfIssuer>NEUROCRINE BIOSCIENCES INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>64125C109</cusip>
    <value>20937</value>
    <shrsOrPrnAmt>
      <sshPrnamt>541000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>541000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>NEURODERM LTD</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>M74231107</cusip>
    <value>23450</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1056303</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1056303</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ONCOBIOLOGICS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>68235M105</cusip>
    <value>2057</value>
    <shrsOrPrnAmt>
      <sshPrnamt>683531</sshPrnamt>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>683531</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ONCOBIOLOGICS INC - WARRANT A</nameOfIssuer>
    <titleOfClass>Warrant</titleOfClass>
    <cusip>68235M113</cusip>
    <value>44</value>
    <shrsOrPrnAmt>
      <sshPrnamt>233333</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>233333</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ONCOBIOLOGICS INC - WARRANT B</nameOfIssuer>
    <titleOfClass>Warrant</titleOfClass>
    <cusip>68235M121</cusip>
    <value>184</value>
    <shrsOrPrnAmt>
      <sshPrnamt>233333</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>233333</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>PERNIX THERAPEUTICS HOLDINGS INC</nameOfIssuer>
    <titleOfClass>Convertible Debt</titleOfClass>
    <cusip>71426VAK4</cusip>
    <value>1479</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6000000</sshPrnamt>
      <sshPrnamtType>PRN</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>6000000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SAREPTA THERAPEUTICS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>803607100</cusip>
    <value>615</value>
    <shrsOrPrnAmt>
      <sshPrnamt>150000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <putCall>Put</putCall>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>150000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SAREPTA THERAPEUTICS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>803607100</cusip>
    <value>27713</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1010300</sshPrnamt>
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    <votingAuthority>
      <Sole>1010300</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>SEATTLE GENETICS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>812578102</cusip>
    <value>15595</value>
    <shrsOrPrnAmt>
      <sshPrnamt>295533</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>295533</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>SORRENTO THERAPEUTICS INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>83587F202</cusip>
    <value>7135</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1456056</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1456056</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TELIGENT INC</nameOfIssuer>
    <titleOfClass>Common</titleOfClass>
    <cusip>87960W104</cusip>
    <value>10997</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1663619</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
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