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
ACELRX PHARMACEUTICALS INC COM 00444T100 2,402 200,000 SH   DFND 1 200,000 0 0
ACHILLION PHARMACEUTICALS IN COM 00448Q201 3,290 1,000,000 SH   DFND 1 1,000,000 0 0
AEGERION PHARMACEUTICALS INC COM 00767E102 16,163 350,000 SH   DFND 1 350,000 0 0
AGENUS INC COM NEW 00847G705 3,344 1,055,000 SH   DFND 1 1,055,000 0 0
AIR METHODS CORP COM PAR $.06 009128307 5,343 100,000 SH   DFND 1 100,000 0 0
AMAG PHARMACEUTICALS INC COM 00163U106 16,779 867,117 SH   DFND 1 867,117 0 0
AMARIN CORP PLC SPONS ADR NEW 023111206 1,810 1,000,000 SH   DFND 1 1,000,000 0 0
ANACOR PHARMACEUTICALS INC COM 032420101 20,027 1,000,869 SH   DFND 1 1,000,869 0 0
ANGIODYNAMICS INC COM 03475V101 40,834 2,592,649 SH   DFND 1 2,592,649 0 0
ANTARES PHARMA INC COM 036642106 8,050 2,300,000 SH   DFND 1 2,300,000 0 0
ANTHERA PHARMACEUTICALS INC COM NEW 03674U201 2,567 766,329 SH   DFND 1 766,329 0 0
AQUINOX PHARMACEUTICALS INC COM 03842B101 6,499 510,500 SH   DFND 1 510,500 0 0
ARATANA THERAPEUTICS INC COM 03874P101 12,388 667,435 SH   DFND 1 667,435 0 0
ATRICURE INC COM 04963C209 13,402 712,495 SH   DFND 1 712,495 0 0
AUXILIUM PHARMACEUTICALS INC COM 05334D107 11,174 411,100 SH   DFND 1 411,100 0 0
BIODEL INC COM NEW 09064M204 3,631 1,330,034 SH   DFND 1 1,330,034 0 0
BIODELIVERY SCIENCES INTL IN COM 09060J106 29,304 3,472,054 SH   DFND 1 3,472,054 0 0
BIOSCRIP INC COM 09069N108 1,536 220,000 SH   DFND 1 220,000 0 0
BIOTA PHARMACEUTIALS INC COM 090694100 3,890 636,700 SH   DFND 1 636,700 0 0
CARDICA INC COM 14141R101 641 640,346 SH   DFND 1 640,346 0 0
CARDIOME PHARMA CORP COM NO PAR 14159U301 1,582 200,000 SH   DFND 1 200,000 0 0
CAS MED SYS INC COM PAR $0.004 124769209 3,092 1,424,796 SH   DFND 1 1,424,796 0 0
CATAMARAN CORP COM 148887102 20,959 468,263 SH   DFND 1 468,263 0 0
CELSUS THERAPEUTICS PLC SPONSORED ADR NE 15119A202 3,056 470,877 SH   DFND 1 470,877 0 0
CEMPRA INC COM 15130J109 11,032 955,147 SH   DFND 1 955,147 0 0
CHEMOCENTRYX INC COM 16383L106 6,962 1,050,000 SH   DFND 1 1,050,000 0 0
CONCERT PHARMACEUTICALS INC COM 206022105 2,690 200,000 SH   DFND 1 200,000 0 0
CUTERA INC COM 232109108 2,417 215,962 SH   DFND 1 215,962 0 0
DEPOMED INC COM 249908104 46,267 3,190,816 SH   DFND 1 3,190,816 0 0
DERMA SCIENCES INC COM PAR $.01 249827502 21,173 1,669,777 SH   DFND 1 1,669,777 0 0
DIGIRAD CORP COM 253827109 1,140 332,480 SH   DFND 1 332,480 0 0
DIPEXIUM PHARMACEUTICALS INC COM 25456J104 4,635 459,800 SH   DFND 1 459,800 0 0
DISCOVERY LABORATORIES INC N COM NEW 254668403 17,342 8,066,000 SH   DFND 1 8,066,000 0 0
DURECT CORP COM 266605104 5,858 4,404,495 SH   DFND 1 4,404,495 0 0
DYNAVAX TECHNOLOGIES CORP COM 268158102 13,846 7,660,100 SH   DFND 1 7,660,100 0 0
ELEVEN BIOTHERAPEUTICS INC COM 286221106 13,989 861,933 SH   DFND 1 861,933 0 0
EMERGENT BIOSOLUTIONS INC COM 29089Q105 45,621 1,805,352 SH   DFND 1 1,805,352 0 0
FLAMEL TECHNOLOGIES SA SPONSORED ADR 338488109 70,590 5,267,911 SH   DFND 1 5,267,911 0 0
FLEXION THERAPEUTICS INC COM 33938J106 4,330 263,204 SH   DFND 1 263,204 0 0
HERON THERAPEUTICS INC COM 427746102 31,063 2,233,173 SH   DFND 1 2,233,173 0 0
HORIZON PHARMA INC COM 44047T109 65,099 4,305,469 SH   DFND 1 4,305,469 0 0
IDERA PHARMACEUTICALS INC COM NEW 45168K306 13,059 3,200,700 SH   DFND 1 3,200,700 0 0
IGI LABS INC COM 449575109 8,475 1,500,000 SH   DFND 1 1,500,000 0 0
IGNYTA INC COM 451731103 5,326 641,700 SH   DFND 1 641,700 0 0
IMPAX LABORATORIES INC COM 45256B101 16,748 633,929 SH   DFND 1 633,929 0 0
INFINITY PHARMACEUTICALS INC COM 45665G303 15,766 1,326,000 SH   DFND 1 1,326,000 0 0
INOVIO PHARMACEUTICALS INC COM 45773H102 4,163 1,250,000 SH   DFND 1 1,250,000 0 0
INTRA CELLULAR THERAPIES INC COM 46116X101 4,077 224,234 SH   DFND 1 224,234 0 0
LA JOLLA PHARMACEUTICAL CO COM PAR $.0001 2 503459604 3,240 300,000 SH   DFND 1 300,000 0 0
LANNET INC COM 516012101 24,417 683,564 SH   DFND 1 683,564 0 0
LIBERATOR MEDICAL HLDGS INC COM 53012L108 12,020 3,058,644 SH   DFND 1 3,058,644 0 0
MELA SCIENCES INC COM 55277R100 2,967 4,000 SH   DFND 1 4,000 0 0
MIRATI THERAPEUTICS INC COM 60468T105 3,523 184,756 SH   DFND 1 184,756 0 0
MOLINA HEALTHCARE INC COM 60855R100 10,329 275,000 SH   DFND 1 275,000 0 0
NANOSPHERE INC COM 63009F105 2,150 1,000,000 SH   DFND 1 1,000,000 0 0
NANOSTRING TECHNOLOGIES INC COM 63009R109 5,247 254,068 SH   DFND 1 254,068 0 0
NATUS MEDICAL INC DEL COM 639050103 19,735 764,915 SH   DFND 1 764,915 0 0
NOVADAQ TECHNOLOGIES INC COM 66987G102 27,329 1,226,617 SH   DFND 1 1,226,617 0 0
OMEROS CORP COM 682143102 3,621 300,000 SH   DFND 1 300,000 0 0
OMNICARE INC COM 681904108 10,442 175,000 SH   DFND 1 175,000 0 0
ORTHOFIX INTL N V COM N6748L102 3,015 100,000 SH   DFND 1 100,000 0 0
OXYGEN BIOTHERAPEUTICS INC COM PAR $0.0001 69207P308 5,510 992,857 SH   DFND 1 992,857 0 0
PAIN THERAPEUTICS INC COM 69562K100 4,290 780,000 SH   DFND 1 780,000 0 0
PERNIX THERAPEUTICS HLDGS IN COM 71426V108 14,980 3,500,000 SH   DFND 1 3,500,000 0 0
POZEN INC COM 73941U102 8,665 1,083,087 SH   DFND 1 1,083,087 0 0
PROGENICS PHARMACEUTICALS IN COM 743187106 22,847 5,586,169 SH   DFND 1 5,586,169 0 0
QLT INC COM 746927102 4,364 784,893 SH   DFND 1 784,893 0 0
RECRO PHARMA INC COM 75629F109 4,612 630,000 SH   DFND 1 630,000 0 0
REDHILL BIOPHARMA LTD SPONSORED ADS 757468103 3,708 263,160 SH   DFND 1 263,160 0 0
RETROPHIN INC COM 761299106 34,126 1,609,696 SH   DFND 1 1,609,696 0 0
RIGEL PHARMACEUTICALS INC COM NEW 766559603 21,166 5,455,119 SH   DFND 1 5,455,119 0 0
RXI PHARMACEUTICALS CORP NEW COM NEW 74979C303 4,810 1,126,482 SH   DFND 1 1,126,482 0 0
SAGENT PHARMACEUTICALS INC COM 786692103 8,885 380,188 SH   DFND 1 380,188 0 0
SAREPTA THERAPEUTICS INC COM 803607100 3,644 151,655 SH   DFND 1 151,655 0 0
SYNERON MEDICAL LTD ORD SHS M87245102 12,515 1,005,221 SH   DFND 1 1,005,221 0 0
TETRAPHASE PHARMACEUTICALS I COM 88165N105 21,868 2,008,125 SH   DFND 1 2,008,125 0 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 15,410 291,636 SH   DFND 1 291,636 0 0
THERAPEUTICSMD INC COM 88338N107 2,895 458,859 SH   DFND 1 458,859 0 0
THORATEC CORP COM NEW 885175307 4,364 121,867 SH   DFND 1 121,867 0 0
TONIX PHARMACEUTICALS HLDG C COM NEW 890260201 4,868 467,639 SH   DFND 1 467,639 0 0
TREVENA INC COM 89532E109 4,716 600,000 SH   DFND 1 600,000 0 0
UNIVERSAL AMERN CORP NEW COM 91338E101 6,233 881,605 SH   DFND 1 881,605 0 0
VOCERA COMMUNICATIONS INC COM 92857F107 2,623 160,597 SH   DFND 1 160,597 0 0
XENCOR INC COM 98401F105 9,089 774,881 SH   DFND 1 774,881 0 0
ZOGENIX INC COM 98978L105 14,617 5,137,645 SH   DFND 1 5,137,645 0 0