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
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 12,435 182,300 SH   SOLE   182,300 0 0
DENDREON CORP COM 24823Q107 166 55,548 SH   OTR 1 0 55,548 0
ENDOCYTE INC COM 29269A102 11,090 465,763 SH   SOLE   465,763 0 0
HERON THERAPEUTICS INC COM 427746102 56,832 4,085,680 SH   SOLE   4,085,680 0 0
HERON THERAPEUTICS INC COM 427746102 4,497 323,307 SH   OTR 1 0 323,307 0
HORIZON PHARMA INC COM 44047T109 15,120 1,000,000 SH   SOLE   1,000,000 0 0
LA JOLLA PHARMACEUTICAL CO COM 503459604 105 9,757 SH   SOLE   9,757 0 0
LA JOLLA PHARMACEUTICAL CO COM 503459604 16 1,462 SH   OTR 1 0 1,462 0
MANNKIND CORP COM 56400P201 7,236 1,800,000 SH   SOLE   1,800,000 0 0
MIRATI THERAPEUTICS INC COM 60468T105 8,312 435,843 SH   SOLE   435,843 0 0
OPKO HEALTH INC NOTE 3.0% 2/1/33 68375NAA1 19,040 14,000,000 PRN   SOLE   14,000,000 0 0
PDL BIOPHARMA INC NOTE 2.875% 2/15/15 69329YAE4 40,197 25,974,000 PRN   SOLE   25,974,000 0 0
RXI PHARMACEUTICALS CORP COM 74979C303 78 18,245 SH   SOLE   18,245 0 0
SALIX PHARMACEUTICALS INC COM 795435106 31,083 300,000 SH   SOLE   300,000 0 0