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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
AMBIT BIOSCIENCES CORP COM 02318X100 0 24 SH   SOLE   24 0 0
AMBIT BIOSCIENCES CORP COM 02318X100 0 22 SH   OTR 1 0 22 0
BIOMARIN PHARMACEUTICAL INC COM 09061G101 11,341 182,300 SH   SOLE   182,300 0 0
DENDREON CORP COM 24823Q107 128 55,548 SH   OTR 1 0 55,548 0
ENDOCYTE INC COM 29269A102 3,069 465,763 SH   SOLE   465,763 0 0
HERON THERAPEUTICS INC COM 427746102 56,627 4,596,318 SH   SOLE   4,596,318 0 0
HERON THERAPEUTICS INC COM 427746102 3,983 323,307 SH   OTR 1 0 323,307 0
HORIZON PHARMA INC COM 44047T109 15,820 1,000,000 SH   SOLE   1,000,000 0 0
LA JOLLA PHARMACEUTICAL CO COM 503459604 7,703 839,067 SH   SOLE   839,067 0 0
LA JOLLA PHARMACEUTICAL CO COM 503459604 393 42,840 SH   OTR 1 0 42,840 0
MERRIMACK PHARMACEUTICALS INC NOTE 4.5% 7/15/20 590328AA8 7,490 5,500,000 PRN   SOLE   5,500,000 0 0
MIRATI THERAPEUTICS INC COM 60468T105 5,769 288,432 SH   SOLE   288,432 0 0
OPKO HEALTH INC NOTE 3.0% 2/1/33 68375NAA1 18,739 14,000,000 PRN   SOLE   14,000,000 0 0
PDL BIOPHARMA INC NOTE 2.875% 2/15/15 69329YAE4 47,866 25,974,000 PRN   SOLE   25,974,000 0 0
SALIX PHARMACEUTICALS INC COM 795435106 37,005 300,000 SH   SOLE   300,000 0 0