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
AbbVie Inc. COM 00287Y109 965,758 14,373,538 SH   SOLE   14,373,538 0 0
ACADIA Pharmaceuticals Inc. COM 004225108 857,763 20,481,442 SH   SOLE   20,481,442 0 0
Acceleron Pharma, Inc. COM 00434H108 910 28,765 SH   SOLE   28,765 0 0
Achaogen, Inc. COM 004449104 603 100,000 SH   SOLE   100,000 0 0
Achillion Pharmaceuticals, Inc. COM 00448Q201 13,500 1,523,739 SH   SOLE   1,523,739 0 0
Acorda Therapeutics, Inc. COM 00484M106 24,628 738,916 SH   SOLE   738,916 0 0
Adaptimmune Therapeutics plc SPONSORED ADR 00653A107 1,833 100,000 SH   SOLE   100,000 0 0
Aerie Pharmaceuticals, Inc. COM 00771V108 5,284 299,356 SH   SOLE   299,356 0 0
Affimed N.V. COM N01045108 5,388 400,000 SH   SOLE   400,000 0 0
Agios Pharmaceuticals, Inc. COM 00847X104 11,114 100,000 SH   SOLE   100,000 0 0
Alcobra Ltd. SHS M2239P109 11,706 1,789,871 SH   SOLE   1,789,871 0 0
Alder Biopharmaceuticals Inc. COM 014339105 47,233 891,688 SH   SOLE   891,688 0 0
Aldeyra Therapeutics, Inc. COM 01438T106 1,102 142,000 SH   SOLE   142,000 0 0
Alexion Pharmaceuticals, Inc. COM 015351109 1,182,706 6,542,599 SH   SOLE   6,542,599 0 0
Alnylam Pharmaceuticals, Inc. COM 02043Q107 1,359 11,340 SH   SOLE   11,340 0 0
Amarin Corporation plc SPONSORED ADR 023111206 5,426 2,205,710 SH   SOLE   2,205,710 0 0
Anacor Pharmaceuticals, Inc. COM 032420101 280,722 3,625,498 SH   SOLE   3,625,498 0 0
Aptose Biosciences, Inc. COM 03835T200 170 33,397 SH   SOLE   33,397 0 0
Aquinox Pharmaceuticals, Inc. COM 03842B101 8,310 1,197,366 SH   SOLE   1,197,366 0 0
Array BioPharma Inc. COM 04269X105 39,529 5,482,505 SH   SOLE   5,482,505 0 0
Arrowhead Research Corp. COM 042797209 7,218 1,009,509 SH   SOLE   1,009,509 0 0
Ascendis Pharma A/S SPONSORED ADR 04351P101 1,768 100,000 SH   SOLE   100,000 0 0
Assembly Biosciences, Inc. COM 045396108 4,815 250,000 SH   SOLE   250,000 0 0
aTyr Pharma Inc. COM 002120103 43,247 2,335,125 SH   SOLE   2,335,125 0 0
Aurinia Pharmaceuticals Inc. COM 05156V102 2,130 711,499 SH   SOLE   711,499 0 0
Bellerophon Therapeutics, Inc. COM 078771102 2,776 350,000 SH   SOLE   350,000 0 0
Bellicum Pharmaceuticals, Inc. COM 079481107 89,134 4,190,594 SH   SOLE   4,190,594 0 0
BioCryst Pharmaceuticals, Inc. COM 09058V103 172,849 11,577,299 SH   SOLE   11,577,299 0 0
BioDelivery Sciences International, Inc. COM 09060J106 1,672 210,021 SH   SOLE   210,021 0 0
BioMarin Pharmaceutical Inc. COM 09061G101 560,148 4,095,247 SH   SOLE   4,095,247 0 0
Biota Pharmaceuticals, Inc. COM 090694100 1,719 830,440 SH   SOLE   830,440 0 0
BioTime, Inc. Rights WARRANTS 09066L162 23 20,084 SH   SOLE   20,084 0 0
bluebird bio, Inc. COM 09609G100 25,442 151,105 SH   SOLE   151,105 0 0
Catalyst Pharmaceuticals, Inc. COM 14888U101 30,296 7,335,692 SH   SOLE   7,335,692 0 0
Cellectis S.A. SPONSORED ADR 15117K103 1,804 50,000 SH   SOLE   50,000 0 0
Cerus Corporation COM 157085101 70,341 13,553,275 SH   SOLE   13,553,275 0 0
ChemoCentryx, Inc. COM 16383L106 404 49,064 SH   SOLE   49,064 0 0
Chimerix, Inc. COM 16934W106 5,323 115,216 SH   SOLE   115,216 0 0
Clovis Oncology, Inc. COM 189464100 17,807 202,630 SH   SOLE   202,630 0 0
Concert Pharmaceuticals, Inc. COM 206022105 7,384 495,908 SH   SOLE   495,908 0 0
Curis, Inc. COM 231269101 3,567 1,077,663 SH   SOLE   1,077,663 0 0
Cyclacel Pharmaceuticals, Inc. Pfd. Conv. Ex 6% PFD CONV EX 6% 23254L207 85 13,253 SH   SOLE   13,253 0 0
CytRx Corporation COM 232828509 4,910 1,319,989 SH   SOLE   1,319,989 0 0
DBV Technologies S.A. SPONSORED ADR 23306J101 55,451 1,862,019 SH   SOLE   1,862,019 0 0
Derma Sciences, Inc. COM 249827502 24,758 3,457,841 SH   SOLE   3,457,841 0 0
Dermira, Inc. COM 24983L104 1,755 100,000 SH   SOLE   100,000 0 0
Discovery Laboratories, Inc. COM 254668403 2,427 3,569,643 SH   SOLE   3,569,643 0 0
Dyax Corp. COM 26746E103 210,056 7,926,630 SH   SOLE   7,926,630 0 0
Enanta Pharmaceuticals, Inc. COM 29251M106 3,390 75,357 SH   SOLE   75,357 0 0
Epizyme, Inc. COM 29428V104 5,580 232,481 SH   SOLE   232,481 0 0
Five Prime Therapeutics, Inc. COM 33830X104 478 19,247 SH   SOLE   19,247 0 0
Foamix Pharmaceuticals Ltd. SHS M46135105 20,981 2,046,967 SH   SOLE   2,046,967 0 0
Foundation Medicine, Inc. COM 350465100 707 20,892 SH   SOLE   20,892 0 0
Galapagos NV SPONSORED ADR 36315X101 19,018 369,276 SH   SOLE   369,276 0 0
Genomic Health Inc. COM 37244C101 379,545 13,657,598 SH   SOLE   13,657,598 0 0
Gilead Sciences, Inc. COM 375558103 29,269 249,995 SH   SOLE   249,995 0 0
Halozyme Therapeutics, Inc. COM 40637H109 43,603 1,931,057 SH   SOLE   1,931,057 0 0
Heron Therapeutics, Inc. COM 427746102 87,491 2,807,784 SH   SOLE   2,807,784 0 0
Idera Pharmaceuticals, Inc. COM 45168K306 25,862 6,970,902 SH   SOLE   6,970,902 0 0
Ignyta, Inc. COM 451731103 8,616 571,000 SH   SOLE   571,000 0 0
Immune Design Corp. COM 45252L103 3,076 148,937 SH   SOLE   148,937 0 0
ImmunoGen, Inc. COM 45253H101 33,368 2,320,424 SH   SOLE   2,320,424 0 0
Incyte Corporation COM 45337C102 1,549,140 14,865,559 SH   SOLE   14,845,559 0 0
Insmed, Inc. COM 457669307 38,669 1,583,490 SH   SOLE   1,583,490 0 0
Intra-Cellular Therapies, Inc. COM 46116X101 3,328 104,166 SH   SOLE   104,166 0 0
Invitae Corporation COM 46185L103 97,538 6,554,967 SH   SOLE   6,554,967 0 0
Ironwood Pharmaceuticals, Inc. COM 46333X108 2,040 169,163 SH   SOLE   169,163 0 0
Isis Pharmaceuticals, Inc. COM 464330109 3,288 57,140 SH   SOLE   57,140 0 0
Juno Therapeutics, Inc. COM 48205A109 4,266 80,000 SH   SOLE   80,000 0 0
Karyopharm Therapeutics Inc. COM 48576U106 5,904 216,990 SH   SOLE   216,990 0 0
Kythera Biopharmaceuticals, Inc. COM 501570105 29,201 387,741 SH   SOLE   387,741 0 0
La Jolla Pharmaceutical Company COM 503459604 10,098 412,008 SH   SOLE   412,008 0 0
Ligand Pharmaceuticals Incorporated COM 53220K504 7,405 73,386 SH   SOLE   73,386 0 0
Lion Biotechnologies, Inc. COM 53619R102 16,666 1,817,429 SH   SOLE   1,817,429 0 0
Loxo Oncology, Inc. COM 548862101 1,803 100,000 SH   SOLE   100,000 0 0
MacroGenics, Inc. COM 556099109 11,582 305,043 SH   SOLE   305,043 0 0
Marinus Pharmaceuticals, Inc. COM 56854Q101 2,320 200,000 SH   SOLE   200,000 0 0
Mast Therapeutics, Inc. COM 576314108 2,307 4,707,464 SH   SOLE   4,707,464 0 0
MediWound Ltd. ORD SHS M68830104 1,591 225,000 SH   SOLE   225,000 0 0
Mirati Therapeutics, Inc. COM 60468T105 88,276 2,805,074 SH   SOLE   2,805,074 0 0
Neurocrine Biosciences, Inc. COM 64125C109 25,897 542,236 SH   SOLE   542,236 0 0
NeuroDerm Ltd. ORD SHS M74231107 3,838 250,000 SH   SOLE   250,000 0 0
Novavax, Inc. COM 670002104 21,675 1,945,687 SH   SOLE   1,945,687 0 0
Ohr Pharmaceuticals, Inc. COM 67778H200 930 370,370 SH   SOLE   370,370 0 0
Omeros Corporation COM 682143102 17,354 964,621 SH   SOLE   964,621 0 0
Ophthotech Corporation COM 683745103 1,856 35,649 SH   SOLE   35,649 0 0
Osiris Therapeutics, Inc. COM 68827R108 9,714 499,193 SH   SOLE   499,193 0 0
Palatin Technologies, Inc. COM 696077403 1,825 2,050,000 SH   SOLE   2,050,000 0 0
Progenics Pharmaceuticals, Inc. COM 743187106 32,457 4,350,808 SH   SOLE   4,350,808 0 0
ProQR Therapeutics N.V. SHS N71542109 16,475 988,299 SH   SOLE   988,299 0 0
Proteon Therapeutics, Inc. COM 74371L109 3,157 176,762 SH   SOLE   176,762 0 0
Receptos, Inc. COM 756207106 4,542 23,900 SH   SOLE   23,900 0 0
Repros Therapeutics Inc. COM 76028H209 13,985 1,955,944 SH   SOLE   1,955,944 0 0
Ritter Pharmaceuticals, Inc. COM 767836109 1,780 400,000 SH   SOLE   400,000 0 0
Sage Therapeutics, Inc. COM 78667J108 7,665 105,000 SH   SOLE   105,000 0 0
Sangamo BioSciences, Inc. COM 800677106 35,831 3,230,932 SH   SOLE   3,230,932 0 0
Seattle Genetics, Inc. COM 812578102 1,494,121 30,870,262 SH   SOLE   30,860,262 0 0
Seres Therapeutics, Inc. COM 81750R102 5,188 125,000 SH   SOLE   125,000 0 0
Spark Therapeutics, Inc. COM 84652J103 76,084 1,262,382 SH   SOLE   1,262,382 0 0
Stemline Therapeutics, Inc. COM 85858C107 3,925 333,497 SH   SOLE   333,497 0 0
Sunesis Pharmaceuticals, Inc. COM 867328601 9,632 3,200,000 SH   SOLE   3,200,000 0 0
Tekmira Pharmaceuticals Corp. COM 87911B209 2,142 180,582 SH   SOLE   180,582 0 0
Tenax Therapeutics Inc. COM 88032L100 1,311 355,348 SH   SOLE   355,348 0 0
TG Therapeutics, Inc. COM 88322Q108 33,246 2,003,991 SH   SOLE   2,003,991 0 0
Threshold Pharmaceuticals, Inc. COM 885807206 11,819 2,925,519 SH   SOLE   2,925,519 0 0
Ultragenyx Pharmaceuticals COM 90400D108 12,686 123,894 SH   SOLE   123,894 0 0
UniQure B.V. SHS N90064101 810 30,000 SH   SOLE   30,000 0 0
Vanda Pharmaceuticals Inc. COM 921659108 5,201 409,881 SH   SOLE   409,881 0 0
Versartis, Inc. COM 92529L102 52,305 3,436,585 SH   SOLE   3,436,585 0 0
Vitae Pharmaceuticals, Inc. COM 92847N103 2,701 187,597 SH   SOLE   187,597 0 0
Xencor, Inc. COM 98401F105 19,159 872,072 SH   SOLE   872,072 0 0
XenoPort, Inc. COM 98411C100 39,898 6,508,622 SH   SOLE   6,508,622 0 0
XOMA Corporation COM 98419J107 56,972 14,683,513 SH   SOLE   14,683,513 0 0
Zafgen, Inc. COM 98885E103 9,962 287,677 SH   SOLE   287,677 0 0
ZIOPHARM Oncology, Inc. COM 98973P101 2,271 189,259 SH   SOLE   189,259 0 0
Zogenix, Inc. COM 98978L105 16,848 10,028,564 SH   SOLE   10,028,564 0 0
Acorda Therapeutics, Inc. Notes 1.75% 6/15/2021 CONV BONDS 00484MAA4 60,049 59,583,000 PRN   SOLE   59,583,000 0 0
Array BioPharma Inc. Notes 3.0% 6/1/2020 CONV BONDS 04269XAA3 3,780 3,000,000 PRN   SOLE   3,000,000 0 0
BioMarin Pharmaceutical Inc. Notes 1.875% 4/23/2017 CONV BONDS 09061GAD3 149,970 22,379,000 PRN   SOLE   22,379,000 0 0
BioMarin Pharmaceutical Inc. Notes 0.75% 10/15/2018 CONV BONDS 09061GAE1 18,940 12,228,000 PRN   SOLE   12,228,000 0 0
Gilead, Inc. 1.625% 5/1/16 CONV BONDS 375558AP8 107,926 20,944,000 PRN   SOLE   20,944,000 0 0
Incyte Corporation Notes 4.75% 10/1/2015 144A CONV BONDS 45337CAJ1 478,833 40,446,000 PRN   SOLE   40,446,000 0 0
Incyte Corporation Notes 0.375% 11/15/2018 144A CONV BONDS 45337CAK8 529,519 259,000,000 PRN   SOLE   259,000,000 0 0
Incyte Corporation Notes 1.25% 11/15/2020 144A CONV BONDS 45337CAL6 567,758 274,500,000 PRN   SOLE   274,500,000 0 0
Medivation, Inc. 2.625% 4/1/17 CONV BONDS 58501NAA9 75,011 33,889,000 PRN   SOLE   33,889,000 0 0
Protalix BioTherapeutics, Inc. Notes 4.5% 9/15/18 CONV BONDS 74365AAB7 2,606 3,423,000 PRN   SOLE   3,423,000 0 0