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 782,064 14,373,538 SH   SOLE   14,373,538 0 0
ACADIA Pharmaceuticals Inc. COM 004225108 677,321 20,481,442 SH   SOLE   20,481,442 0 0
Acceleron Pharma, Inc. COM 00434H108 716 28,765 SH   SOLE   28,765 0 0
Achaogen, Inc. COM 004449104 576 100,000 SH   SOLE   100,000 0 0
Achillion Pharmaceuticals, Inc. COM 00448Q201 13,820 2,000,000 SH   SOLE   2,000,000 0 0
Acorda Therapeutics, Inc. COM 00484M106 29,078 1,096,876 SH   SOLE   1,096,876 0 0
Adaptimmune Therapeutics plc ADR SPONDS ADR 00653A107 1,197 100,000 SH   SOLE   100,000 0 0
Aerie Pharmaceuticals, Inc. COM 00771V108 5,311 299,356 SH   SOLE   299,356 0 0
Affimed N.V. COM N01045108 2,468 400,000 SH   SOLE   400,000 0 0
Agios Pharmaceuticals, Inc. COM 00847X104 7,059 100,000 SH   SOLE   100,000 0 0
Aimmune Therapeutics, Inc. COM 00900T107 6,330 250,000 SH   SOLE   250,000 0 0
Akari Therapeutics PLC ADR SPONSORED ADR 00972G108 9,499 395,882 SH   SOLE   395,882 0 0
Alcobra Ltd. SHS M2239P109 9,905 1,639,871 SH   SOLE   1,639,871 0 0
Alder Biopharmaceuticals Inc. COM 014339105 16,820 513,439 SH   SOLE   513,439 0 0
Aldeyra Therapeutics, Inc. COM 01438T106 828 142,000 SH   SOLE   142,000 0 0
Alexion Pharmaceuticals, Inc. COM 015351109 1,023,197 6,542,599 SH   SOLE   6,542,599 0 0
Alnylam Pharmaceuticals, Inc. COM 02043Q107 911 11,340 SH   SOLE   11,340 0 0
Amarin Corporation plc SPONS ADR NEW 023111206 4,257 2,205,710 SH   SOLE   2,205,710 0 0
Anacor Pharmaceuticals, Inc. COM 032420101 486,779 4,135,412 SH   SOLE   4,135,412 0 0
Aptose Biosciences, Inc. COM NEW 03835T200 144 33,397 SH   SOLE   33,397 0 0
Aquinox Pharmaceuticals, Inc. COM 03842B101 94,935 6,747,332 SH   SOLE   6,747,332 0 0
Array BioPharma Inc. COM 04269X105 19,657 4,310,666 SH   SOLE   4,310,666 0 0
Arrowhead Research Corp. COM NEW 042797209 5,815 1,009,509 SH   SOLE   1,009,509 0 0
Ascendis Pharma A/S SPONSORED ADR 04351P101 7,709 435,540 SH   SOLE   435,540 0 0
Assembly Biosciences, Inc. COM 045396108 2,390 250,000 SH   SOLE   250,000 0 0
aTyr Pharma Inc. COM 002120103 23,958 2,335,125 SH   SOLE   2,335,125 0 0
Aurinia Pharmaceuticals Inc. COM 05156V102 1,999 711,499 SH   SOLE   711,499 0 0
Bellerophon Therapeutics, Inc. COM 078771102 1,832 352,928 SH   SOLE   352,928 0 0
Bellicum Pharmaceuticals, Inc. COM 079481107 60,889 4,190,594 SH   SOLE   4,190,594 0 0
BioCryst Pharmaceuticals, Inc. COM 09058V103 160,856 14,110,179 SH   SOLE   14,110,179 0 0
BioDelivery Sciences International, Inc. COM 09060J106 1,168 210,021 SH   SOLE   210,021 0 0
BioMarin Pharmaceutical Inc. COM 09061G101 429,321 4,076,353 SH   SOLE   4,076,353 0 0
BioTime, Inc. Rights *W EXP 10/01/201 09066L162 17 20,084 SH   SOLE   20,084 0 0
bluebird bio, Inc. COM 09609G100 12,072 141,105 SH   SOLE   141,105 0 0
Catalyst Pharmaceuticals, Inc. COM 14888U101 22,007 7,335,692 SH   SOLE   7,335,692 0 0
Cellectis S.A. SPONSORED ADS 15117K103 1,318 50,000 SH   SOLE   50,000 0 0
Cerus Corporation COM 157085101 61,532 13,553,275 SH   SOLE   13,553,275 0 0
ChemoCentryx, Inc. COM 16383L106 297 49,064 SH   SOLE   49,064 0 0
Chimerix, Inc. COM 16934W106 4,401 115,216 SH   SOLE   115,216 0 0
Clovis Oncology, Inc. COM 189464100 18,634 202,630 SH   SOLE   202,630 0 0
Concert Pharmaceuticals, Inc. COM 206022105 9,308 495,908 SH   SOLE   495,908 0 0
Curis, Inc. COM 231269101 4,039 1,999,303 SH   SOLE   1,999,303 0 0
Cyclacel Pharmaceuticals, Inc. Pfd. Conv. Ex 6% PFD CONV EX 6% 23254L207 62 13,253 SH   SOLE   13,253 0 0
CytRx Corporation COM PAR $.001 232828509 3,128 1,319,989 SH   SOLE   1,319,989 0 0
DBV Technologies S.A. SPONSORED ADR 23306J101 194,393 5,462,019 SH   SOLE   2,731,009 0 0
Derma Sciences, Inc. COM PAR $.01 249827502 16,286 3,457,841 SH   SOLE   3,457,841 0 0
Dermira, Inc. COM 24983L104 6,419 275,000 SH   SOLE   275,000 0 0
Discovery Laboratories, Inc. COM NEW 254668403 1,071 3,569,643 SH   SOLE   3,569,643 0 0
Dyax Corp. COM 26746E103 144,349 7,561,480 SH   SOLE   7,561,480 0 0
Dynavax Technologies Corporation COM NEW 268158201 1,841 75,000 SH   SOLE   75,000 0 0
Enanta Pharmaceuticals, Inc. COM 29251M106 2,723 75,357 SH   SOLE   75,357 0 0
Endocyte, Inc. COM 29269A102 6,213 1,356,552 SH   SOLE   1,356,552 0 0
Epizyme, Inc. COM 29428V104 2,990 232,481 SH   SOLE   232,481 0 0
Five Prime Therapeutics, Inc. COM 33830X104 296 19,247 SH   SOLE   19,247 0 0
Foamix Pharmaceuticals Ltd. SHS M46135105 15,004 2,046,967 SH   SOLE   2,046,967 0 0
Foundation Medicine, Inc. COM 350465100 385 20,892 SH   SOLE   20,892 0 0
Galapagos NV ADR SPON ADR 36315X101 15,033 369,276 SH   SOLE   369,276 0 0
Genomic Health Inc. COM 37244C101 289,011 13,658,328 SH   SOLE   13,658,328 0 0
Gilead Sciences, Inc. COM 375558103 24,547 249,995 SH   SOLE   249,995 0 0
Global Blood Therapeutics, Inc. COM 37890U108 8,432 200,000 SH   SOLE   200,000 0 0
Halozyme Therapeutics, Inc. COM 40637H109 25,934 1,931,057 SH   SOLE   1,931,057 0 0
Heron Therapeutics, Inc. COM 427746102 70,950 2,907,784 SH   SOLE   2,907,784 0 0
Idera Pharmaceuticals, Inc. COM NEW 45168K306 23,370 6,976,162 SH   SOLE   6,976,162 0 0
Ignyta, Inc. COM 451731103 5,013 571,000 SH   SOLE   571,000 0 0
Immune Design Corp. COM 45252L103 1,817 148,937 SH   SOLE   148,937 0 0
ImmunoGen, Inc. COM 45253H101 34,061 3,548,040 SH   SOLE   3,548,040 0 0
Incyte Corporation COM 45337C102 2,148,673 19,474,969 SH   SOLE   19,474,969 0 0
Insmed, Inc. COM PAR $.01 457669307 29,405 1,583,490 SH   SOLE   1,583,490 0 0
Intra-Cellular Therapies, Inc. COM 46116X101 24,391 609,166 SH   SOLE   609,166 0 0
Invitae Corporation COM 46185L103 47,327 6,554,967 SH   SOLE   6,554,967 0 0
Ironwood Pharmaceuticals, Inc. COM CL A 46333X108 1,763 169,163 SH   SOLE   169,163 0 0
Isis Pharmaceuticals, Inc. COM 464330109 2,310 57,140 SH   SOLE   57,140 0 0
Juno Therapeutics, Inc. COM 48205A109 3,255 80,000 SH   SOLE   80,000 0 0
Karyopharm Therapeutics Inc. COM 48576U106 2,285 216,990 SH   SOLE   216,990 0 0
La Jolla Pharmaceutical Company COM PAR $.0001 2 503459604 11,450 412,008 SH   SOLE   412,008 0 0
Ligand Pharmaceuticals Incorporated COM NEW 53220K504 6,286 73,386 SH   SOLE   73,386 0 0
Lion Biotechnologies, Inc. COM 53619R102 10,468 1,817,429 SH   SOLE   1,817,429 0 0
Loxo Oncology, Inc. COM 548862101 1,748 100,000 SH   SOLE   100,000 0 0
MacroGenics, Inc. COM 556099109 7,449 347,776 SH   SOLE   347,776 0 0
Marinus Pharmaceuticals, Inc. COM 56854Q101 1,668 200,000 SH   SOLE   200,000 0 0
Mast Therapeutics, Inc. COM 576314108 2,730 4,707,464 SH   SOLE   4,707,464 0 0
Medivation, Inc. COM 58501N101 28,039 659,752 SH   SOLE   659,752 0 0
MediWound Ltd. ORD SHS M68830104 1,717 225,000 SH   SOLE   225,000 0 0
Mirati Therapeutics, Inc. COM 60468T105 101,714 2,955,074 SH   SOLE   2,955,074 0 0
Nabriva Therapeutics AG SPONSORED ADR 62957M104 3,325 350,000 SH   SOLE   350,000 0 0
Natera, Inc. COM 632307104 2,713 250,000 SH   SOLE   250,000 0 0
Neurocrine Biosciences, Inc. COM 64125C109 29,872 750,739 SH   SOLE   750,739 0 0
NeuroDerm Ltd. ORD SHS M74231107 6,304 305,000 SH   SOLE   305,000 0 0
Novavax, Inc. COM 670002104 15,524 2,195,687 SH   SOLE   2,195,687 0 0
Ohr Pharmaceuticals, Inc. COM NEW 67778H200 1,022 370,370 SH   SOLE   370,370 0 0
Omeros Corporation COM 682143102 3,685 336,226 SH   SOLE   336,226 0 0
Ophthotech Corporation COM 683745103 1,444 35,649 SH   SOLE   35,649 0 0
Osiris Therapeutics, Inc. COM 68827R108 9,220 499,193 SH   SOLE   499,193 0 0
Palatin Technologies, Inc. COM PAR $ .01 696077403 1,661 2,050,000 SH   SOLE   2,050,000 0 0
Progenics Pharmaceuticals, Inc. COM 743187106 24,887 4,350,808 SH   SOLE   4,350,808 0 0
Pronai Therapeutics, Inc. COM 74346L101 4,104 200,000 SH   SOLE   200,000 0 0
ProQR Therapeutics N.V. SHS EURO N71542109 14,400 988,299 SH   SOLE   988,299 0 0
Proteon Therapeutics, Inc. COM 74371L109 3,820 274,617 SH   SOLE   274,617 0 0
Repros Therapeutics Inc. COM NEW 76028H209 14,533 1,955,944 SH   SOLE   1,955,944 0 0
Ritter Pharmaceuticals, Inc. COM 767836109 820 400,000 SH   SOLE   400,000 0 0
Sage Therapeutics, Inc. COM 78667J108 4,444 105,000 SH   SOLE   105,000 0 0
Sangamo BioSciences, Inc. COM 800677106 21,183 3,755,876 SH   SOLE   3,755,876 0 0
Seattle Genetics, Inc. COM 812578102 1,389,307 36,029,746 SH   SOLE   36,029,746 0 0
Seres Therapeutics, Inc. COM 81750R102 3,705 125,000 SH   SOLE   125,000 0 0
Spark Therapeutics, Inc. COM 84652J103 52,679 1,262,382 SH   SOLE   1,262,382 0 0
Stemline Therapeutics, Inc. COM 85858C107 2,945 333,497 SH   SOLE   333,497 0 0
Sunesis Pharmaceuticals, Inc. COM NEW 867328601 2,592 3,200,000 SH   SOLE   3,200,000 0 0
Synergy Pharmaceuticals, Inc. COM NEW 871639308 356 67,100 SH   SOLE   67,100 0 0
Arbutus Biopharma Corporation COM 03879J100 1,100 180,582 SH   SOLE   180,582 0 0
Tenax Therapeutics Inc. COM 88032L100 1,260 420,000 SH   SOLE   420,000 0 0
TG Therapeutics, Inc. COM 88322Q108 20,200 2,003,991 SH   SOLE   2,003,991 0 0
Threshold Pharmaceuticals, Inc. COM NEW 885807206 11,907 2,925,519 SH   SOLE   2,925,519 0 0
Trevena, Inc. COM 89532E109 4,658 450,000 SH   SOLE   450,000 0 0
Trillium Therapeutics, Inc. COM NEW 89620X506 821 63,014 SH   SOLE   63,014 0 0
Ultragenyx Pharmaceuticals COM 90400D108 11,932 123,894 SH   SOLE   123,894 0 0
UniQure B.V. SHS N90064101 614 30,000 SH   SOLE   30,000 0 0
Versartis, Inc. COM 92529L102 37,378 3,241,783 SH   SOLE   3,241,783 0 0
Vitae Pharmaceuticals, Inc. COM 92847N103 2,065 187,597 SH   SOLE   187,597 0 0
Xencor, Inc. COM 98401F105 10,665 872,072 SH   SOLE   872,072 0 0
XenoPort, Inc. COM 98411C100 22,585 6,508,622 SH   SOLE   6,508,622 0 0
Zafgen, Inc. COM 98885E103 12,472 390,346 SH   SOLE   390,346 0 0
Zogenix, Inc. COM NEW 98978L204 24,278 1,798,365 SH   SOLE   1,798,365 0 0
Acorda Therapeutics, Inc. Notes 1.75% 6/15/2021 CONV BONDS 00484MAA4 54,123 59,583,000 PRN   SOLE   59,583,000 0 0
Aegerion Pharmaceuticals, Inc. Notes 2.0% 8/15/2019 CONV BONDS 00767EAB8 19,873 26,517,000 PRN   SOLE   26,517,000 0 0
Array BioPharma Inc. Notes 3.0% 6/1/2020 CONV BONDS 04269XAA3 2,921 3,000,000 PRN   SOLE   3,000,000 0 0
BioMarin Pharmaceutical Inc. Notes 1.875% 4/23/2017 CONV BONDS 09061GAD3 115,619 22,379,000 PRN   SOLE   22,379,000 0 0
BioMarin Pharmaceutical Inc. Notes 0.75% 10/15/2018 CONV BONDS 09061GAE1 15,899 12,228,000 PRN   SOLE   12,228,000 0 0
Clovis Oncology Inc. 2.5% 9/15/2021 CONV BONDS 189464AB6 215,311 129,300,000 PRN   SOLE   129,300,000 0 0
Exelisis, Inc. Notes 4.25% 8/15/2019 CONV BONDS 30161QAC8 23,988 20,000,000 PRN   SOLE   20,000,000 0 0
Gilead, Inc. 1.625% 5/1/16 CONV BONDS 375558AP8 90,326 20,944,000 PRN   SOLE   20,944,000 0 0
Incyte Corporation Notes 0.375% 11/15/2018 144A CONV BONDS 45337CAK8 559,636 259,000,000 PRN   SOLE   259,000,000 0 0
Incyte Corporation Notes 1.25% 11/15/2020 144A CONV BONDS 45337CAL6 598,696 274,500,000 PRN   SOLE   274,500,000 0 0
Protalix BioTherapeutics, Inc. Notes 4.5% 9/15/18 CONV BONDS 74365AAB7 2,450 3,423,000 PRN   SOLE   3,423,000 0 0