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
ABIOMED INC COM 003654100 6,573 100,000 SH   DFND 1 100,000 0 0
ACCURAY INC COM 004397105 6,740 1,000,000 SH   DFND 1 1,000,000 0 0
ADMA BIOLOGICS INC COM 000899104 8,928 964,193 SH   DFND 1 964,193 0 0
ADVAXIS INC COM NEW 007624208 29,480 1,450,094 SH   DFND 1 1,450,094 0 0
AEGERION PHARMACEUTICALS INC COM 00767E102 54,113 2,852,578 SH   DFND 1 2,852,578 0 0
ALCOBRA LTD SHS M2239P109 10,332 1,579,806 SH   DFND 1 1,579,806 0 0
ALERE INC COM 01449J105 23,865 452,423 SH   DFND 1 452,423 0 0
AMARIN CORP PLC SPONS ADR NEW 023111206 8,672 3,525,216 SH   DFND 1 3,525,216 0 0
AMPHASTAR PHARMACEUTICALS IN COM 03209R103 24,928 1,417,956 SH   DFND 1 1,417,956 0 0
ANGIODYNAMICS INC COM 03475V101 39,336 2,398,527 SH   DFND 1 2,398,527 0 0
ANTARES PHARMA INC COM 036642106 15,756 7,575,000 SH   DFND 1 7,575,000 0 0
ANTHERA PHARMACEUTICALS INC COM NEW 03674U201 11,813 1,370,457 SH   DFND 1 1,370,457 0 0
AQUINOX PHARMACEUTICALS INC COM 03842B101 3,690 531,768 SH   DFND 1 531,768 0 0
ARATANA THERAPEUTICS INC COM 03874P101 17,114 1,131,865 SH   DFND 1 1,131,865 0 0
ARDELYX INC COM 039697107 8,877 649,290 SH   DFND 1 649,290 0 0
ATRICURE INC COM 04963C209 11,910 483,354 SH   DFND 1 483,354 0 0
BIODELIVERY SCIENCES INTL IN COM 09060J106 1,990 250,000 SH Call DFND 1 250,000 0 0
BIODELIVERY SCIENCES INTL IN COM 09060J106 3,980 500,000 SH Call DFND 1 500,000 0 0
BIODEL INC COM NEW 09064M204 5,747 5,580,034 SH   DFND 1 5,580,034 0 0
BIODELIVERY SCIENCES INTL IN COM 09060J106 28,211 3,544,060 SH   DFND 1 3,544,060 0 0
BIOLINERX LTD SPONSORED ADR 09071M106 8,246 3,100,000 SH   DFND 1 3,100,000 0 0
BIOTA PHARMACEUTIALS INC COM 090694100 5,406 2,611,711 SH   DFND 1 2,611,711 0 0
BOVIE MEDICAL CORP COM 10211F100 2,643 947,400 SH   DFND 1 947,400 0 0
CAPRICOR THERAPEUTICS INC COM 14070B101 596 118,002 SH   DFND 1 118,002 0 0
CARBYLAN THERAPEUTICS INC COM 141384107 8,429 1,178,941 SH   DFND 1 1,178,941 0 0
CARDICA INC COM 14141R101 4,429 8,874,992 SH   DFND 1 8,874,992 0 0
CAS MED SYS INC COM PAR $0.004 124769209 3,351 2,618,296 SH   DFND 1 2,618,296 0 0
CATALYST PHARMACEUTICALS INC COM 14888U101 17,277 4,183,177 SH   DFND 1 4,183,177 0 0
CIDARA THERAPEUTICS INC COM 171757107 2,103 150,000 SH   DFND 1 150,000 0 0
COLLEGIUM PHARMACEUTICAL INC COM 19459J104 5,302 297,200 SH   DFND 1 297,200 0 0
CONTRAFECT CORP COM 212326102 5,957 1,418,440 SH   DFND 1 1,418,440 0 0
CORIUM INTL INC COM 21887L107 20,600 1,504,762 SH   DFND 1 1,504,762 0 0
CYNAPSUS THERAPEUTICS INC COM PAR NO PAR 23257Y859 13,876 878,117 SH   DFND 1 878,117 0 0
DEPOMED INC COM 249908104 25,053 1,167,442 SH   DFND 1 1,167,442 0 0
DERMA SCIENCES INC COM PAR $.01 249827502 16,593 2,317,489 SH   DFND 1 2,317,489 0 0
DIPEXIUM PHARMACEUTICALS INC COM 25456J104 6,042 475,000 SH   DFND 1 475,000 0 0
DISCOVERY LABORATORIES INC N COM NEW 254668403 5,319 7,822,500 SH   DFND 1 7,822,500 0 0
DURECT CORP COM 266605104 5,247 2,195,378 SH   DFND 1 2,195,378 0 0
DYNAVAX TECHNOLOGIES CORP COM NEW 268158201 17,944 766,010 SH   DFND 1 766,010 0 0
EGALET CORP COM 28226B104 6,273 434,750 SH   DFND 1 434,750 0 0
EMERGENT BIOSOLUTIONS INC COM 29089Q105 58,009 1,760,519 SH   DFND 1 1,760,519 0 0
EPIRUS BIOPHARMACEUTICALS IN COM 29428P107 4,425 775,000 SH   DFND 1 775,000 0 0
FATE THERAPEUTICS INC COM 31189P102 8,411 1,300,000 SH   DFND 1 1,300,000 0 0
FLAMEL TECHNOLOGIES SA SPONSORED ADR 338488109 105,424 4,975,184 SH   DFND 1 4,975,184 0 0
FLEXION THERAPEUTICS INC COM 33938J106 7,622 348,204 SH   DFND 1 348,204 0 0
GENOCEA BIOSCIENCES INC COM 372427104 13,686 996,760 SH   DFND 1 996,760 0 0
HERON THERAPEUTICS INC COM 427746102 74,681 2,396,681 SH   DFND 1 2,396,681 0 0
HORIZON PHARMA PLC SHS G4617B105 167,301 4,815,807 SH   DFND 1 4,815,807 0 0
HORIZON PHARMA PLC SHS G4617B105 20,844 600,000 SH Call DFND 1 600,000 0 0
HORIZON PHARMA PLC SHS G4617B105 17,370 500,000 SH Call DFND 1 500,000 0 0
IDERA PHARMACEUTICALS INC COM NEW 45168K306 21,013 5,663,845 SH   DFND 1 5,663,845 0 0
IGI LABS INC COM 449575109 14,413 2,287,728 SH   DFND 1 2,287,728 0 0
IGNYTA INC COM 451731103 34,051 2,256,546 SH   DFND 1 2,256,546 0 0
IRADIMED CORP COM 46266A109 8,277 355,684 SH   DFND 1 355,684 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 93,645 750,000 SH Put DFND 1 750,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 124,860 1,000,000 SH Put DFND 1 1,000,000 0 0
KEMPHARM INC COM 488445107 15,207 827,810 SH   DFND 1 827,810 0 0
LA JOLLA PHARMACEUTICAL CO COM PAR $.0001 2 503459604 18,615 759,470 SH   DFND 1 759,470 0 0
LION BIOTECHNOLOGIES INC COM 53619R102 16,620 1,812,419 SH   DFND 1 1,812,419 0 0
MEDGENICS INC COM NEW 58436Q203 6,828 1,113,900 SH   DFND 1 1,113,900 0 0
MEDIWOUND LTD ORD SHS M68830104 847 119,868 SH   DFND 1 119,868 0 0
MELA SCIENCES INC COM NEW 55277R308 441 383,625 SH   DFND 1 383,625 0 0
MIRATI THERAPEUTICS INC COM 60468T105 11,319 359,661 SH   DFND 1 359,661 0 0
NEVRO CORP COM 64157F103 22,551 419,559 SH   DFND 1 419,559 0 0
NOVADAQ TECHNOLOGIES INC COM 66987G102 6,344 523,863 SH   DFND 1 523,863 0 0
OHR PHARMACEUTICAL INC COM NEW 67778H200 4,455 1,775,000 SH   DFND 1 1,775,000 0 0
ONCOTHYREON INC COM 682324108 6,358 1,700,000 SH   DFND 1 1,700,000 0 0
ORASURE TECHNOLOGIES INC COM 68554V108 3,695 685,528 SH   DFND 1 685,528 0 0
PARATEK PHARMACEUTICALS INC COM 699374302 13,665 530,283 SH   DFND 1 530,283 0 0
PERNIX THERAPEUTICS HLDGS IN COM 71426V108 30,049 5,075,929 SH   DFND 1 5,075,929 0 0
PROGENICS PHARMACEUTICALS IN COM 743187106 4,476 600,000 SH Call DFND 1 600,000 0 0
PROGENICS PHARMACEUTICALS IN COM 743187106 66,776 8,951,169 SH   DFND 1 8,951,169 0 0
PERNIX THERAPEUTICS HLDGS IN DEBT 4.250% 4/0 71426VAJ7 13,837 15,500,000 SH   DFND 1 15,500,000 0 0
QLT INC COM 746927102 18,360 4,445,527 SH   DFND 1 4,445,527 0 0
RAPTOR PHARMACEUTICAL CORP COM 75382F106 20,841 1,319,883 SH   DFND 1 1,319,883 0 0
RECRO PHARMA INC COM 75629F109 18,263 1,413,533 SH   DFND 1 1,413,533 0 0
REDHILL BIOPHARMA LTD SPONSORED ADS 757468103 6,767 384,281 SH   DFND 1 384,281 0 0
RETROPHIN INC COM 761299106 71,701 2,162,928 SH   DFND 1 2,162,928 0 0
RIGEL PHARMACEUTICALS INC COM NEW 766559603 18,864 5,876,752 SH   DFND 1 5,876,752 0 0
RITTER PHARMACEUTICALS INC COM 767836109 3,462 778,000 SH   DFND 1 778,000 0 0
RXI PHARMACEUTICALS CORP NEW COM NEW 74979C303 3,002 6,126,482 SH   DFND 1 6,126,482 0 0
SCYNEXIS INC COM 811292101 6,812 775,000 SH   DFND 1 775,000 0 0
SPECTRUM PHARMACEUTICALS INC COM 84763A108 18,126 2,650,000 SH   DFND 1 2,650,000 0 0
SYNERON MEDICAL LTD ORD SHS M87245102 10,675 1,005,221 SH   DFND 1 1,005,221 0 0
TEARLAB CORP COM 878193101 1,847 914,499 SH   DFND 1 914,499 0 0
TENAX THERAPEUTICS INC COM 88032L100 7,264 1,968,631 SH   DFND 1 1,968,631 0 0
TONIX PHARMACEUTICALS HLDG C COM NEW 890260201 6,824 760,748 SH   DFND 1 760,748 0 0
TORNIER N V SHS N87237108 2,499 100,000 SH   DFND 1 100,000 0 0
TREVENA INC COM 89532E109 8,821 1,409,153 SH   DFND 1 1,409,153 0 0
TRIVASCULAR TECHNOLOGIES INC COM 89685A102 32 6,032 SH   DFND 1 6,032 0 0
UNILIFE CORP NEW COM 90478E103 2,473 1,150,000 SH   DFND 1 1,150,000 0 0
VERACYTE INC COM 92337F107 8,201 736,196 SH   DFND 1 736,196 0 0
VERASTEM INC COM 92337C104 7,917 1,050,000 SH   DFND 1 1,050,000 0 0
SPDR SERIES TRUST S&P BIOTECH 78464A870 71,888 285,000 SH Put DFND 1 285,000 0 0
XOMA CORP DEL COM 98419J107 5,820 1,500,000 SH   DFND 1 1,500,000 0 0
ZOGENIX INC COM 98978L105 18,039 10,737,645 SH   DFND 1 10,737,645 0 0
ZOSANO PHARMA CORP COM 98979H103 3,516 485,000 SH   DFND 1 485,000 0 0