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
ACORDA THERAPEUTICS INC COM 00484M106 12,110 644,153 SH   DFND 1 644,153 0 0
ADMA BIOLOGICS INC COM 000899104 5,700 1,113,293 SH   DFND 1 1,113,293 0 0
ADVAXIS INC COM NEW 007624208 10,878 1,519,259 SH   DFND 1 1,519,259 0 0
ALCOBRA LTD SHS M2239P109 4,320 2,057,106 SH   DFND 1 2,057,106 0 0
AMARIN CORP PLC SPONS ADR NEW 023111206 8,728 2,833,649 SH   DFND 1 2,833,649 0 0
ANGIODYNAMICS INC COM 03475V101 24,818 1,471,152 SH   DFND 1 1,471,152 0 0
ANTARES PHARMA INC COM 036642106 30,223 12,971,093 SH   DFND 1 12,971,093 0 0
ARALEZ PHARMACEUTICALS INC COM 03852X100 21,131 4,791,590 SH   DFND 1 4,791,590 0 0
ARATANA THERAPEUTICS INC COM 03874P101 26,533 3,695,442 SH   DFND 1 3,695,442 0 0
AVIRAGEN THERAPEUTICS INC COM 053761102 4,289 3,486,711 SH   DFND 1 3,486,711 0 0
AEVI GENOMIC MEDICINE INC COM 00835P105 17,458 3,370,306 SH   DFND 1 3,370,306 0 0
BIODELIVERY SCIENCES INTL IN COM 09060J106 9,448 5,398,794 SH   DFND 1 5,398,794 0 0
BARD C R INC COM 067383109 9,031 40,200 SH   DFND 1 40,200 0 0
CATALYST PHARMACEUTICALS INC COM 14888U101 8,610 8,200,000 SH   DFND 1 8,200,000 0 0
CIDARA THERAPEUTICS INC COM 171757107 5,854 562,875 SH   DFND 1 562,875 0 0
COGENTIX MED INC COM 19243A104 1,515 753,773 SH   DFND 1 753,773 0 0
CONTRAFECT CORP COM 212326102 2,501 1,429,109 SH   DFND 1 1,429,109 0 0
CORIUM INTL INC COM 21887L107 7,794 1,919,721 SH   DFND 1 1,919,721 0 0
DERMA SCIENCES INC COM PAR $.01 249827502 13,323 2,562,104 SH   DFND 1 2,562,104 0 0
DEXTERA SURGICAL INC COM 252366109 803 836,367 SH   DFND 1 836,367 0 0
DURECT CORP COM 266605104 11,398 8,506,229 SH   DFND 1 8,506,229 0 0
EGALET CORP COM 28226B104 4,255 556,233 SH   DFND 1 556,233 0 0
EGALET CORP NOTE 5.500% 4/0 28226BAB0 8,923 10,000,000 SH   DFND 1 10,000,000 0 0
ENDO INTL PLC SHS G30401106 25,694 1,560,038 SH   DFND 1 1,560,038 0 0
ENDOLOGIX INC COM 29266S106 8,580 1,500,000 SH   DFND 1 1,500,000 0 0
FLAMEL TECHNOLOGIES SA SPONSORED ADR 338488109 45,658 4,394,464 SH   DFND 1 4,394,464 0 0
GLAUKOS CORP COM 377322102 4,847 141,300 SH   DFND 1 141,300 0 0
HERON THERAPEUTICS INC COM 427746102 51,085 3,899,587 SH   DFND 1 3,899,587 0 0
HORIZON PHARMA PLC SHS G4617B105 96,430 5,959,819 SH   DFND 1 5,959,819 0 0
HORIZON PHARMA PLC SHS G4617B105 8,090 500,000 SH Call DFND 1 500,000 0 0
HORIZON PHARMA PLC SHS G4617B105 4,854 300,000 SH Call DFND 1 300,000 0 0
IDERA PHARMACEUTICALS INC COM NEW 45168K306 6,642 4,427,745 SH   DFND 1 4,427,745 0 0
IGNYTA INC COM 451731103 11,960 2,256,546 SH   DFND 1 2,256,546 0 0
LA JOLLA PHARMACEUTICAL CO COM PAR $.0001 2 503459604 26,476 1,510,316 SH   DFND 1 1,510,316 0 0
LION BIOTECHNOLOGIES INC COM 53619R102 18,336 2,638,259 SH   DFND 1 2,638,259 0 0
MEDICINES CO COM 584688105 14,811 436,400 SH   DFND 1 436,400 0 0
MEDIWOUND LTD ORD SHS M68830104 2,899 633,102 SH   DFND 1 633,102 0 0
MIRATI THERAPEUTICS INC COM 60468T105 3,924 826,001 SH   DFND 1 826,001 0 0
MEDTRONIC PLC SHS G5960L103 5,342 75,000 SH   DFND 1 75,000 0 0
NEVRO CORP COM 64157F103 3,145 43,281 SH   DFND 1 43,281 0 0
NEXVET BIOPHARMA PUB LTD CO ORD SHS G6503X109 4,205 1,127,200 SH   DFND 1 1,127,200 0 0
NOVADAQ TECHNOLOGIES INC COM 66987G102 2,887 407,188 SH   DFND 1 407,188 0 0
NOVELION THERAPEUTICS INC COM NEW 67001K202 16,407 1,948,554 SH   DFND 1 1,948,554 0 0
PACIRA PHARMACEUTICALS INC COM 695127100 4,867 150,680 SH   DFND 1 150,680 0 0
PALATIN TECHNOLOGIES INC COM PAR $ .01 696077403 1,943 3,846,154 SH   DFND 1 3,846,154 0 0
PARATEK PHARMACEUTICALS INC COM 699374302 12,106 786,134 SH   DFND 1 786,134 0 0
PACIRA PHARMACEUTICALS INC COM 695127100 4,845 150,000 SH Call DFND 1 150,000 0 0
PROGENICS PHARMACEUTICALS IN COM 743187106 77,338 8,951,169 SH   DFND 1 8,951,169 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
RECRO PHARMA INC COM 75629F109 24,987 3,100,086 SH   DFND 1 3,100,086 0 0
REDHILL BIOPHARMA LTD SPONSORED ADS 757468103 2,631 251,509 SH   DFND 1 251,509 0 0
RETROPHIN INC COM 761299106 61,887 3,269,271 SH   DFND 1 3,269,271 0 0
SCYNEXIS INC COM 811292101 4,713 1,477,273 SH   DFND 1 1,477,273 0 0
SEASPINE HLDGS CORP COM 81255T108 8,690 1,100,007 SH   DFND 1 1,100,007 0 0
STRATA SKIN SCIENCES INC COM 86272A107 423 961,422 SH   DFND 1 961,422 0 0
STRONGBRIDGE BIOPHARMA PLC SHS USD G85347105 6,947 2,894,581 SH   DFND 1 2,894,581 0 0
TELIGENT INC NEW COM 87960W104 12,769 1,931,711 SH   DFND 1 1,931,711 0 0
TENAX THERAPEUTICS INC COM 88032L100 3,839 1,968,631 SH   DFND 1 1,968,631 0 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 23,472 647,500 SH   DFND 1 647,500 0 0
TRUPANION INC COM 898202106 1,041 67,065 SH   DFND 1 67,065 0 0
VERACYTE INC COM 92337F107 13,841 1,788,266 SH   DFND 1 1,788,266 0 0
WINDTREE THERAPEUTICS INC COM 97382D105 972 777,797 SH   DFND 1 777,797 0 0
ZIMMER BIOMET HLDGS INC COM 98956P102 8,617 83,500 SH   DFND 1 83,500 0 0
ZOGENIX INC COM NEW 98978L204 9,312 766,412 SH   DFND 1 766,412 0 0