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
Aquinox Pharmaceuticals, Inc. COM 03842B101 15,427 1,211,851 SH   SOLE   1,211,851 0 0
Celsus Therapeutics COM 15119A202 4,374 673,887 SH   SOLE   673,887 0 0
Heron Therapeutics, Inc. COM 427746102 30,153 2,167,784 SH   SOLE   2,167,784 0 0
Ignyta COM 451731103 4,739 571,000 SH   SOLE   571,000 0 0
La Jolla Pharmaceuticals, Inc. COM 503459604 2,394 221,631 SH   SOLE   221,631 0 0
Retrophin Inc. COM 761299106 4,194 197,178 SH   SOLE   197,178 0 0
Ultragenyx Pharmaceuticals COM 90400D108 4,889 100,000 SH   SOLE   100,000 0 0
Uniquere B.V. COM N90064101 477 30,672 SH   SOLE   30,672 0 0
Acadia Pharmaceuticals Inc. COM 004225108 498,313 20,481,442 SH   SOLE   20,481,442 0 0
Acceleron Pharma Inc. COM 00434H108 992 28,765 SH   SOLE   28,765 0 0
Achaogen Inc. COM 004449104 1,546 100,000 SH   SOLE   100,000 0 0
Achillion COM 00448Q201 1,442 438,337 SH   SOLE   438,337 0 0
Acorda Therapeutics, Inc. COM 00484M106 37,910 1,000,000 SH   SOLE   1,000,000 0 0
Aegerion Pharmaceuticals COM 00767E102 23,702 513,922 SH   SOLE   513,922 0 0
Aerie Pharmaceuticals COM 00771V108 6,343 299,356 SH   SOLE   299,356 0 0
Agios Pharmaceuticals COM 00847X104 7,826 199,893 SH   SOLE   199,893 0 0
Alnylam Pharmaceuticals, Inc. COM 02043Q107 779 11,600 SH   SOLE   11,600 0 0
Ambit Biosciences Corp. COM 02318X100 6,821 747,954 SH   SOLE   747,954 0 0
Amicus Therapeutics COM 03152W109 997 481,697 SH   SOLE   481,697 0 0
Anacor Pharmaceuticals COM 032420101 61,937 3,095,318 SH   SOLE   3,095,318 0 0
Array Biopharma Inc. COM 04269X105 6,739 1,433,797 SH   SOLE   1,433,797 0 0
Arrowhead Research Corp. COM 042797209 12,020 732,062 SH   SOLE   732,062 0 0
Auxilium Pharmaceuticals, Inc. COM 05334D107 1,591 58,544 SH   SOLE   58,544 0 0
Avanir Pharmaceuticals COM Class A 05348P401 21,250 5,790,139 SH   SOLE   5,790,139 0 0
Biocryst Pharmaceuticals Inc. COM 09058V103 62,073 5,867,031 SH   SOLE   5,867,031 0 0
BioDelivery Sciences Intl. Inc. COM 09060J106 3,553 421,005 SH   SOLE   421,005 0 0
Biomarin Pharmaceuticals COM 09061G101 128,455 1,883,230 SH   SOLE   1,883,230 0 0
Biota Pharmaceuticals COM 090694100 6,763 1,106,910 SH   SOLE   1,106,910 0 0
Bluebird Bio Inc. COM 09609G100 4,508 198,260 SH   SOLE   198,260 0 0
Catalyst Pharmaceuticals, Inc. COM 14888U101 1,288 569,853 SH   SOLE   569,853 0 0
Cerus COM 157085101 40,585 8,455,306 SH   SOLE   8,455,306 0 0
Chelsea Therapeutics COM 163428105 37,317 6,760,394 SH   SOLE   6,760,394 0 0
Chemocentryx Inc. COM 16383L106 332 50,000 SH   SOLE   50,000 0 0
Clovis Oncology COM 189464100 36,712 529,990 SH   SOLE   529,990 0 0
Cyclacel Pharmaceuticals Pfd. Conv. Ex 6% PFD CONV EX 23254L207 113 13,253 SH   SOLE   13,253 0 0
Cytrx Corp. COM 232828509 4,712 1,350,000 SH   SOLE   1,350,000 0 0
Derma Sciences COM 249827502 44,851 3,537,137 SH   SOLE   3,537,137 0 0
Discovery Laboratories Inc. COM 254668403 7,852 3,652,117 SH   SOLE   3,652,117 0 0
Dyax Corp. COM 26746E103 22,735 2,531,766 SH   SOLE   2,531,766 0 0
Enanta Pharmaceuticals COM 29251M106 3,237 80,957 SH   SOLE   80,957 0 0
Epizyme Inc. COM 29428V104 4,873 214,012 SH   SOLE   214,012 0 0
Five Prime Therapeutics Inc. COM 33830X104 390 19,823 SH   SOLE   19,823 0 0
Furiex Pharmaceuticals, Inc. COM 36106P101 3,507 40,309 SH   SOLE   40,309 0 0
Galectin Therapeutics Inc. COM 363225202 7,655 500,000 SH   SOLE   500,000 0 0
Genomic Health Inc. COM 37244C101 359,650 13,654,150 SH   SOLE   13,654,150 0 0
Geron Corp. COM 374163103 837 402,629 SH   SOLE   402,629 0 0
Gilead Sciences Inc. COM 375558103 39,406 556,108 SH   SOLE   556,108 0 0
Halozyme Therapeutics Inc. COM 40637H109 72,366 5,698,139 SH   SOLE   5,698,139 0 0
Idera Pharmaceuticals Inc. COM 45168K306 6,581 1,613,076 SH   SOLE   1,613,076 0 0
Incyte Corp. COM 45337C102 793,999 14,835,559 SH   SOLE   14,835,559 0 0
Infinity Pharmaceuticals Inc. COM 45665G303 7,420 624,050 SH   SOLE   624,050 0 0
Insmed Inc. COM 457669307 10,549 554,050 SH   SOLE   554,050 0 0
Intercept Pharmaceuticals, Inc. COM 45845P108 84,550 256,375 SH   SOLE   256,375 0 0
Intermune Inc. COM 45884X103 144,752 4,324,843 SH   SOLE   4,324,843 0 0
Ironwood Pharmaceuticals COM 46333X108 5,497 446,160 SH   SOLE   446,160 0 0
Isis Pharmaceuticals, Inc. COM 464330109 4,161 96,303 SH   SOLE   96,303 0 0
Karyopharm Therapeutics COM 48576U106 1,825 59,095 SH   SOLE   59,095 0 0
Kythera Biopharmaceuticals COM 501570105 12,375 311,255 SH   SOLE   311,255 0 0
Ligand Pharmaceuticals CLASS B 53220K504 4,937 73,400 SH   SOLE   73,400 0 0
Macrogenics, Inc. COM 556099109 2,676 96,165 SH   SOLE   96,165 0 0
Mast Therapeutics, Inc. COM 576314108 2,040 3,000,000 SH   SOLE   3,000,000 0 0
Mirati Therapeutics Inc. COM 60468T105 45,388 2,380,074 SH   SOLE   2,380,074 0 0
Neurocrine Biosciences, Inc. COM 64125C109 7,211 447,874 SH   SOLE   447,874 0 0
Novavax Inc. COM 670002104 5,542 1,223,362 SH   SOLE   1,223,362 0 0
Omeros Corp. COM 682143102 9,098 753,804 SH   SOLE   753,804 0 0
Ophthotech Corp. COM 683745103 1,314 36,776 SH   SOLE   36,776 0 0
Orasure Technologies Inc. COM 68554V108 1,870 234,664 SH   SOLE   234,664 0 0
Osiris Therapeutics Inc. COM 68827R108 4,747 361,530 SH   SOLE   361,530 0 0
Pharmacyclics Inc. COM 716933106 875,711 8,737,888 SH   SOLE   8,737,888 0 0
Portola Pharmaceuticals, Inc. COM 737010108 4,729 182,591 SH   SOLE   182,591 0 0
Progenics Pharmaceuticals, Inc. COM 743187106 18,200 4,449,797 SH   SOLE   4,449,797 0 0
Prothena Corp. PLC SHS G72800108 8,817 230,142 SH   SOLE   230,142 0 0
QLT Inc. COM 746927102 8,539 1,535,863 SH   SOLE   1,535,863 0 0
Questcor Pharmaceuticals, Inc. COM 74835Y101 46,603 717,745 SH   SOLE   717,745 0 0
Receptos Inc. COM 756207106 1,002 23,900 SH   SOLE   23,900 0 0
Regado COM 75874Q107 5,008 400,000 SH   SOLE   400,000 0 0
Repros Therapeutics COM 76028H209 49,293 2,778,654 SH   SOLE   2,778,654 0 0
Rigel Pharmaceuticals COM 766559603 1,870 481,972 SH   SOLE   481,972 0 0
Salix Pharmaceuticals COM 795435106 375 3,621 SH   SOLE   3,621 0 0
Sangamo Biosceiences, Inc. COM 800677106 9,452 522,764 SH   SOLE   522,764 0 0
Seattle Genetics, Inc. COM 812578102 944,887 20,739,426 SH   SOLE   20,739,426 0 0
Stemline Therapeutics Inc. COM 85858C107 6,895 338,671 SH   SOLE   338,671 0 0
Synageva Biopharma Corp. COM 87159A103 883,480 10,648,182 SH   SOLE   10,648,182 0 0
Synergy Pharmaceuticals COM 871639308 9,336 1,758,271 SH   SOLE   1,758,271 0 0
Synta Pharmaceuticals COM 87162T206 2,155 500,000 SH   SOLE   500,000 0 0
Tekmire Pharmaceuticals Corp. COM 87911B209 10,405 484,156 SH   SOLE   484,156 0 0
Tesaro Inc. COM 881569107 920 31,218 SH   SOLE   31,218 0 0
TG Therapeutics COM 88322Q108 14,911 2,160,965 SH   SOLE   2,160,965 0 0
Threshold Pharma COM 885807206 8,693 1,826,358 SH   SOLE   1,826,358 0 0
Vanda Pharmaceuticals, Inc. COM 921659108 72,243 4,445,696 SH   SOLE   4,445,696 0 0
Ventrus Biosciences, Inc. COM 922822101 535 417,690 SH   SOLE   417,690 0 0
Xencor COM 98401F105 6,362 542,363 SH   SOLE   542,363 0 0
Xenoport COM 98411C100 20,856 4,034,112 SH   SOLE   4,034,112 0 0
Xoma Corp. COM 98419J107 120,130 23,057,572 SH   SOLE   23,057,572 0 0
Ziopharm Oncology Inc. COM 98973P101 1,120 244,619 SH   SOLE   244,619 0 0
Zogenix, Inc. COM 98978L105 6,687 2,350,400 SH   SOLE   2,350,400 0 0
Auxilium 1.5% 7/15/2018 CONV BONDS 05334DAA5 128,796 97,990,000 PRN   SOLE   97,990,000 0 0
Biomarin Pharmaceuticals Notes 1.875% 4/23/2017 CONV BONDS 09061GAD3 77,127 22,898,000 PRN   SOLE   22,898,000 0 0
Biomarin Pharmaceuticals Notes 0.75% 10/15/2018 CONV BONDS 09061GAE1 13,699 12,500,000 PRN   SOLE   12,500,000 0 0
Gilead 1.625% 5/1/16 CONV BONDS 375558AP8 66,903 21,500,000 PRN   SOLE   21,500,000 0 0
Incyte Genomics Notes 4.75% 10/1/2015 144A CONV BONDS 45337CAJ1 245,887 40,446,000 PRN   SOLE   40,446,000 0 0
Incyte Genomics Notes 0.375% 11/15/2018 144A CONV BONDS 45337CAK8 326,745 259,000,000 PRN   SOLE   259,000,000 0 0
Incyte Genomics Notes 1.25% 11/15/2020 144A CONV BONDS 45337CAL6 350,417 274,500,000 PRN   SOLE   274,500,000 0 0
Intermune Inc Notes 5% 3/1/15 CONV BONDS 45884XAD5 30,590 16,860,000 PRN   SOLE   16,860,000 0 0
Intermune Inc Notes 2.5% 12/15/17 CONV BONDS 45884XAF0 107,856 41,000,000 PRN   SOLE   41,000,000 0 0
Medivation 2.625% 4/1/17 CONV BONDS 58501NAA9 56,288 39,500,000 PRN   SOLE   39,500,000 0 0
Salix 2.75% 5/15/15 CONV BONDS 795435AC0 491,957 219,440,000 PRN   SOLE   219,440,000 0 0
Salix 1.5% 3/15/19 CONV BONDS 795435AE6 25,289 15,000,000 PRN   SOLE   15,000,000 0 0