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
ADMA BIOLOGICS INC COM 000899104 6,624 1,113,293 SH   DFND 1 1,113,293 0 0
ADVAXIS INC COM NEW 007624208 13,676 1,690,517 SH   DFND 1 1,690,517 0 0
AEGERION PHARMACEUTICALS INC COM 00767E102 5,975 4,010,291 SH   DFND 1 4,010,291 0 0
ALCOBRA LTD SHS M2239P109 6,991 1,557,106 SH   DFND 1 1,557,106 0 0
AMARIN CORP PLC SPONS ADR NEW 023111206 10,098 4,675,216 SH   DFND 1 4,675,216 0 0
ANGIODYNAMICS INC COM 03475V101 51,837 3,607,282 SH   DFND 1 3,607,282 0 0
ANTARES PHARMA INC COM 036642106 15,630 14,885,393 SH   DFND 1 14,885,393 0 0
ANTHERA PHARMACEUTICALS INC COM NEW 03674U201 3,568 1,154,674 SH   DFND 1 1,154,674 0 0
ARALEZ PHARMACEUTICALS INC COM 03852X100 13,553 4,106,990 SH   DFND 1 4,106,990 0 0
ARATANA THERAPEUTICS INC COM 03874P101 21,670 3,428,865 SH   DFND 1 3,428,865 0 0
AVIRAGEN THERAPEUTICS INC COM 053761102 4,881 3,486,711 SH   DFND 1 3,486,711 0 0
BIODELIVERY SCIENCES INTL IN COM 09060J106 12,246 5,188,794 SH   DFND 1 5,188,794 0 0
CARDIOVASCULAR SYS INC DEL COM 141619106 22,555 1,227,501 SH   DFND 1 1,227,501 0 0
CAS MED SYS INC COM PAR $0.004 124769209 1,492 810,852 SH   DFND 1 810,852 0 0
CATALYST PHARMACEUTICALS INC COM 14888U101 5,822 8,200,000 SH   DFND 1 8,200,000 0 0
CIDARA THERAPEUTICS INC COM 171757107 1,720 166,875 SH   DFND 1 166,875 0 0
CONTRAFECT CORP COM 212326102 1,886 652,505 SH   DFND 1 652,505 0 0
CORIUM INTL INC COM 21887L107 6,661 1,919,721 SH   DFND 1 1,919,721 0 0
DEPOMED INC COM 249908104 6,370 324,657 SH   DFND 1 324,657 0 0
DERMA SCIENCES INC COM PAR $.01 249827502 10,095 2,562,104 SH   DFND 1 2,562,104 0 0
DEXTERA SURGICAL INC COM 252366109 1,552 862,499 SH   DFND 1 862,499 0 0
DIPEXIUM PHARMACEUTICALS INC COM 25456J104 444 44,774 SH   DFND 1 44,774 0 0
DURECT CORP COM 266605104 3,538 2,900,000 SH   DFND 1 2,900,000 0 0
DYNAVAX TECHNOLOGIES CORP COM NEW 268158201 7,987 547,810 SH   DFND 1 547,810 0 0
EGALET CORP COM 28226B104 5,628 1,134,750 SH   DFND 1 1,134,750 0 0
EGALET CORP NOTE 5.500 4/0 28226BAB0 7,600 10,000,000 SH   DFND 1 10,000,000 0 0
ENDO INTL PLC SHS G30401106 16,039 1,028,802 SH   DFND 1 1,028,802 0 0
ENDO INTL PLC SHS G30401106 3,118 200,000 SH Call DFND 1 200,000 0 0
ENDOLOGIX INC COM 29266S106 12,460 1,000,000 SH   DFND 1 1,000,000 0 0
FLAMEL TECHNOLOGIES SA SPONSORED ADR 338488109 47,197 4,394,464 SH   DFND 1 4,394,464 0 0
GENOMIC HEALTH INC COM 37244C101 7,002 270,400 SH   DFND 1 270,400 0 0
HERON THERAPEUTICS INC COM 427746102 22,564 1,250,104 SH   DFND 1 1,250,104 0 0
HORIZON PHARMA PLC SHS G4617B105 113,048 6,863,848 SH   DFND 1 6,863,848 0 0
HORIZON PHARMA PLC SHS G4617B105 8,235 500,000 SH Call DFND 1 500,000 0 0
IDERA PHARMACEUTICALS INC COM NEW 45168K306 4,735 3,094,745 SH   DFND 1 3,094,745 0 0
IGNYTA INC COM 451731103 12,230 2,256,546 SH   DFND 1 2,256,546 0 0
INTERSECT ENT INC COM 46071F103 9,188 710,600 SH   DFND 1 710,600 0 0
LA JOLLA PHARMACEUTICAL CO COM PAR $.0001 2 503459604 20,502 1,281,373 SH   DFND 1 1,281,373 0 0
LION BIOTECHNOLOGIES INC COM 53619R102 25,683 3,170,759 SH   DFND 1 3,170,759 0 0
MEDGENICS INC COM NEW 58436Q203 18,705 3,370,306 SH   DFND 1 3,370,306 0 0
MEDICINES CO COM 584688105 8,596 255,600 SH   DFND 1 255,600 0 0
MEDIWOUND LTD ORD SHS M68830104 4,189 530,985 SH   DFND 1 530,985 0 0
MIRATI THERAPEUTICS INC COM 60468T105 3,788 693,863 SH   DFND 1 693,863 0 0
NEVRO CORP COM 64157F103 28,940 392,355 SH   DFND 1 392,355 0 0
NEXVET BIOPHARMA PUB LTD CO ORD SHS G6503X109 4,640 1,000,000 SH   DFND 1 1,000,000 0 0
NOVADAQ TECHNOLOGIES INC COM 66987G102 53,778 5,465,216 SH   DFND 1 5,465,216 0 0
OPHTHOTECH CORP COM 683745103 9,053 177,400 SH   DFND 1 177,400 0 0
PACIRA PHARMACEUTICALS INC COM 695127100 3,150 93,380 SH   DFND 1 93,380 0 0
PARATEK PHARMACEUTICALS INC COM 699374302 11,174 803,332 SH   DFND 1 803,332 0 0
PROGENICS PHARMACEUTICALS IN COM 743187106 37,774 8,951,169 SH   DFND 1 8,951,169 0 0
PROTALIX BIOTHERAPEUTICS INC COM 74365A101 1,296 2,025,268 SH   DFND 1 2,025,268 0 0
PERNIX THERAPEUTICS HLDGS IN DBCV 4.250% 4/0 71426VAK4 3,565 15,500,000 SH   DFND 1 15,500,000 0 0
QLT INC COM 746927102 6,313 4,445,527 SH   DFND 1 4,445,527 0 0
RAPTOR PHARMACEUTICAL CORP COM 75382F106 34,637 6,450,000 SH   DFND 1 6,450,000 0 0
RECRO PHARMA INC COM 75629F109 16,378 2,060,086 SH   DFND 1 2,060,086 0 0
REDHILL BIOPHARMA LTD SPONSORED ADS 757468103 8,009 737,156 SH   DFND 1 737,156 0 0
RETROPHIN INC COM 761299106 47,421 2,662,591 SH   DFND 1 2,662,591 0 0
RITTER PHARMACEUTICALS INC COM 767836109 1,176 768,418 SH   DFND 1 768,418 0 0
RXI PHARMACEUTICALS CORP NEW COM 74979C501 1,172 488,425 SH   DFND 1 488,425 0 0
SCYNEXIS INC COM 811292101 3,206 1,477,273 SH   DFND 1 1,477,273 0 0
SEASPINE HLDGS CORP COM 81255T108 11,528 1,100,007 SH   DFND 1 1,100,007 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 115,211 550,000 SH Put DFND 1 550,000 0 0
STRATA SKIN SCIENCES INC COM 86272A107 586 961,422 SH   DFND 1 961,422 0 0
STRONGBRIDGE BIOPHARMA PLC SHS USD G85347105 6,594 1,656,706 SH   DFND 1 1,656,706 0 0
TELIGENT INC NEW COM 87960W104 17,968 2,516,501 SH   DFND 1 2,516,501 0 0
TENAX THERAPEUTICS INC COM 88032L100 5,040 1,968,631 SH   DFND 1 1,968,631 0 0
TONIX PHARMACEUTICALS HLDG C COM NEW 890260201 863 433,911 SH   DFND 1 433,911 0 0
TREVENA INC COM 89532E109 3,100 492,000 SH   DFND 1 492,000 0 0
WINDTREE THERAPEUTICS INC COM 97382D105 1,501 777,797 SH   DFND 1 1,501 0 0
ZOGENIX INC COM NEW 98978L204 7,103 882,312 SH   DFND 1 882,312 0 0