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
Acadia Pharmaceuticals Inc. COM 004225108 667,490 20,481,442 SH   SOLE   20,481,442 0 0
Acceleron Pharma Inc. COM 00434H108 1,095 28,765 SH   SOLE   28,765 0 0
Achaogen Inc. COM 004449104 976 100,000 SH   SOLE   100,000 0 0
Achillion Pharmaceuticals, Inc. COM 00448Q201 2,112 214,237 SH   SOLE   214,237 0 0
Acorda Therapeutics, Inc. COM 00484M106 24,591 738,916 SH   SOLE   738,916 0 0
Aegerion Pharmaceuticals, Inc. COM 00767E102 374 14,300 SH   SOLE   14,300 0 0
Aerie Pharmaceuticals Inc. COM 00771V108 9,382 299,356 SH   SOLE   299,356 0 0
Affimed N.V. COM N01045108 2,520 400,000 SH   SOLE   400,000 0 0
Agios Pharmaceuticals Inc. COM 00847X104 14,141 149,954 SH   SOLE   149,954 0 0
Alcobra Ltd. SHS M2239P109 10,077 1,789,871 SH   SOLE   1,789,871 0 0
Alder Biopharmaceuticals Inc. COM 014339105 25,385 879,581 SH   SOLE   879,581 0 0
Aldeyra Therapeutics, Inc. COM 01438T106 1,446 142,000 SH   SOLE   142,000 0 0
Alnylam Pharmaceuticals, Inc. COM 02043Q107 1,184 11,340 SH   SOLE   11,340 0 0
Amarin Corp. PLC SPONSORED ADR 023111206 5,161 2,205,710 SH   SOLE   2,205,710 0 0
Anacor Pharmaceuticals Inc. COM 032420101 243,242 4,204,702 SH   SOLE   4,204,702 0 0
Aptose Biosciences, Inc. COM 03835T200 181 33,397 SH   SOLE   33,397 0 0
Aquinox Pharmaceuticals, Inc. COM 03842B101 9,763 1,187,666 SH   SOLE   1,187,666 0 0
Array Biopharma Inc. COM 04269X105 41,705 5,658,755 SH   SOLE   5,658,755 0 0
Arrowhead Research Corp. COM 042797209 8,728 1,290,187 SH   SOLE   1,290,187 0 0
Ascendis Pharma SA SPONSORED ADR 04351P101 1,735 100,000 SH   SOLE   100,000 0 0
Assembly Biosciences, Inc. COM 045396108 3,310 250,000 SH   SOLE   250,000 0 0
Aurinia Pharmaceuticals, Inc. COM 05156V102 3,118 711,499 SH   SOLE   711,499 0 0
Auspex Pharmaceuticals, Inc. COM 05211J102 2,507 25,000 SH   SOLE   25,000 0 0
Bellerophon Therapeutics, Inc. COM 078771102 3,213 350,000 SH   SOLE   350,000 0 0
Bellicum Pharmaceuticals, Inc. COM 079481107 97,096 4,190,594 SH   SOLE   4,190,594 0 0
Biocryst Pharmaceuticals Inc. COM 09058V103 94,618 10,478,204 SH   SOLE   10,478,204 0 0
BioDelivery Sciences Intl. Inc. COM 09060J106 2,686 255,866 SH   SOLE   255,866 0 0
Biodel Inc. COM 09064M204 36 30,179 SH   SOLE   30,179 0 0
Biomarin Pharmaceuticals Inc. COM 09061G101 523,461 4,200,456 SH   SOLE   4,200,456 0 0
Biota Pharmaceuticals Inc. COM 090694100 1,985 863,184 SH   SOLE   863,184 0 0
Biotime Inc. WARRANTS 09066L162 40 20,084 SH   SOLE   20,084 0 0
Bluebird Bio Inc. COM 09609G100 17,703 146,581 SH   SOLE   146,581 0 0
Catalyst Pharmaceuticals, Inc. COM 14888U101 32,758 7,565,462 SH   SOLE   7,565,462 0 0
Celladon Corp COM 15117E107 6,947 366,806 SH   SOLE   366,806 0 0
Cellectis SA SPONSORED ADR 15117K103 1,729 50,000 SH   SOLE   50,000 0 0
Cerus Corp. COM 157085101 56,517 13,553,275 SH   SOLE   13,553,275 0 0
Chemocentryx Inc. COM 16383L106 370 49,064 SH   SOLE   49,064 0 0
Chimerix Inc. COM 16934W106 4,342 115,216 SH   SOLE   115,216 0 0
Clovis Oncology Inc. COM 189464100 15,041 202,630 SH   SOLE   202,630 0 0
Concert Pharmaceuticals, Inc. COM 206022105 7,511 495,908 SH   SOLE   495,908 0 0
Cyclacel Pharmaceuticals Inc. PFD CONV EX 6% 23254L207 86 13,253 SH   SOLE   13,253 0 0
Cytrx Corp. COM 232828509 4,448 1,319,989 SH   SOLE   1,319,989 0 0
DBV Technologies Inc. SPONSORED ADR 23306J101 35,489 1,519,229 SH   SOLE   1,519,229 0 0
Derma Sciences Inc. COM 249827502 29,288 3,457,841 SH   SOLE   3,457,841 0 0
Dermira Inc. COM 24983L104 1,535 100,000 SH   SOLE   100,000 0 0
Discovery Laboratories Inc. COM 254668403 4,248 3,569,643 SH   SOLE   3,569,643 0 0
Dyax Corp. COM 26746E103 100,890 6,021,485 SH   SOLE   6,021,485 0 0
Enanta Pharmaceuticals Inc. COM 29251M106 2,307 75,357 SH   SOLE   75,357 0 0
Epizyme Inc. COM 29428V104 4,366 232,481 SH   SOLE   232,481 0 0
Five Prime Therapeutics Inc. COM 33830X104 440 19,247 SH   SOLE   19,247 0 0
Foamix Pharmaceuticals Ltd. SHS M46135105 16,853 1,821,967 SH   SOLE   1,821,967 0 0
Foundation Medicine Inc. COM 350465100 5,978 124,255 SH   SOLE   124,255 0 0
Genomic Health Inc. COM 37244C101 417,220 13,656,942 SH   SOLE   13,656,942 0 0
Gilead Sciences Inc. COM 375558103 24,532 249,995 SH   SOLE   249,995 0 0
Halozyme Therapeutics Inc. COM 40637H109 32,104 2,248,152 SH   SOLE   2,248,152 0 0
Heron Therapeutics, Inc. COM 427746102 37,943 2,607,784 SH   SOLE   2,607,784 0 0
Idera Pharmaceuticals Inc. COM 45168K306 25,842 6,965,432 SH   SOLE   6,965,432 0 0
Ignyta Inc. COM 451731103 5,681 571,000 SH   SOLE   571,000 0 0
Immunogen, Inc. COM 45253H101 8,945 999,496 SH   SOLE   999,496 0 0
Incyte Corp. COM 45337C102 1,360,744 14,845,559 SH   SOLE   14,845,559 0 0
Infinity Pharmaceuticals Inc. COM 45665G303 4,264 305,037 SH   SOLE   305,037 0 0
Insmed Inc. COM 457669307 32,937 1,583,490 SH   SOLE   1,583,490 0 0
Intra Cellular Therapies Inc. COM 46116X101 2,487 104,166 SH   SOLE   104,166 0 0
Invitae Corp. COM 46185L103 109,861 6,554,967 SH   SOLE   6,554,967 0 0
Ironwood Pharmaceuticals Inc. COM 46333X108 2,707 169,163 SH   SOLE   169,163 0 0
Isis Pharmaceuticals, Inc. COM 464330109 3,638 57,140 SH   SOLE   57,140 0 0
Juno Therapeutics Inc. COM 48205A109 6,066 100,000 SH   SOLE   100,000 0 0
Karyopharm Therapeutics Inc. COM 48576U106 6,642 216,990 SH   SOLE   216,990 0 0
Kythera Biopharmaceuticals Inc. COM 501570105 17,766 354,265 SH   SOLE   354,265 0 0
La Jolla Pharmaceuticals, Co. COM 503459604 7,540 412,008 SH   SOLE   412,008 0 0
Ligand Pharmaceuticals Inc. COM 53220K504 5,659 73,386 SH   SOLE   73,386 0 0
Lion Biotechnologies Inc. COM 53619R102 16,046 1,325,000 SH   SOLE   1,325,000 0 0
Lipocine Inc. COM 53630X104 3,375 489,175 SH   SOLE   489,175 0 0
Loxo Oncology Inc. COM 548862101 1,245 100,000 SH   SOLE   100,000 0 0
Macrogenics, Inc. COM 556099109 9,569 305,043 SH   SOLE   305,043 0 0
Marinus Pharmaceuticals Inc. COM 56854Q101 1,798 200,000 SH   SOLE   200,000 0 0
Mast Therapeutics, Inc. COM 576314108 2,283 4,707,464 SH   SOLE   4,707,464 0 0
Mediwound Ltd. ORD SHS M68830104 1,629 225,000 SH   SOLE   225,000 0 0
Mirati Therapeutics Inc. COM 60468T105 82,245 2,805,074 SH   SOLE   2,805,074 0 0
Neurocrine Biosciences, Inc. COM 64125C109 21,532 542,236 SH   SOLE   542,236 0 0
Neuroderm Ltd. ORD SHS M74231107 3,355 250,000 SH   SOLE   250,000 0 0
Novavax Inc. COM 670002104 16,091 1,945,687 SH   SOLE   1,945,687 0 0
Ohr Pharmaceuticals, Inc. COM 67778H200 941 370,370 SH   SOLE   370,370 0 0
Omeros Corp. COM 682143102 14,043 637,446 SH   SOLE   637,446 0 0
Ophthotech Corp. COM 683745103 1,659 35,649 SH   SOLE   35,649 0 0
Orasure Technologies Inc. COM 68554V108 1,500 229,397 SH   SOLE   229,397 0 0
Osiris Therapeutics Inc. COM 68827R108 8,776 499,193 SH   SOLE   499,193 0 0
Palatin Technologies Inc. COM 696077403 2,091 2,050,000 SH   SOLE   2,050,000 0 0
Pharmacyclics Inc. COM 716933106 2,313,699 9,039,652 SH   SOLE   9,039,652 0 0
Progenics Pharmaceuticals, Inc. COM 743187106 26,018 4,350,808 SH   SOLE   4,350,808 0 0
ProQR Therapeutics NV SHS N71542109 8,752 400,000 SH   SOLE   400,000 0 0
Proteon Therapeutics, Inc. COM 74371L109 2,011 172,917 SH   SOLE   172,917 0 0
Receptos Inc. COM 756207106 3,941 23,900 SH   SOLE   23,900 0 0
Repros Therapeutics Inc. COM 76028H209 17,180 2,000,000 SH   SOLE   2,000,000 0 0
Rigel Pharmaceuticals Inc. COM 766559603 1,275 357,187 SH   SOLE   357,187 0 0
Sage Therapeutics Inc. COM 78667J108 3,767 75,000 SH   SOLE   75,000 0 0
Sangamo Biosciences, Inc. COM 800677106 22,023 1,404,544 SH   SOLE   1,404,544 0 0
Seattle Genetics, Inc. COM 812578102 1,020,792 28,876,712 SH   SOLE   28,876,712 0 0
Spark Therapeutics, Inc. COM 84652J103 102,878 1,327,451 SH   SOLE   1,327,451 0 0
Stemline Therapeutics Inc. COM 85858C107 4,826 333,497 SH   SOLE   333,497 0 0
Sunesis Pharmaceuticals, Inc. COM 867328601 7,840 3,200,000 SH   SOLE   3,200,000 0 0
Synageva Biopharma Corp. COM 87159A103 1,137,242 11,660,432 SH   SOLE   11,660,432 0 0
Synta Pharmaceuticals Corp. COM 87162T206 949 489,053 SH   SOLE   489,053 0 0
Tekmira Pharmaceuticals Corp. COM 87911B209 3,153 180,582 SH   SOLE   180,582 0 0
TG Therapeutics Inc. COM 88322Q108 31,739 2,050,313 SH   SOLE   2,050,313 0 0
Threshold Pharmaceuticals Inc. COM 885807206 11,878 2,925,519 SH   SOLE   2,925,519 0 0
Transition Therapeutics, Inc. COM 893716209 5,254 769,230 SH   SOLE   769,230 0 0
Ultragenyx Pharmaceuticals Inc. COM 90400D108 9,245 148,894 SH   SOLE   148,894 0 0
UniQure N.V. SHS N90064101 730 30,000 SH   SOLE   30,000 0 0
Vanda Pharmaceuticals, Inc. COM 921659108 16,277 1,750,230 SH   SOLE   1,750,230 0 0
Versartis Inc. COM 92529L102 54,694 2,977,396 SH   SOLE   2,977,396 0 0
Vitae Pharmaceuticals Inc. COM 92847N103 2,197 187,597 SH   SOLE   187,597 0 0
Xencor Inc. COM 98401F105 13,360 872,072 SH   SOLE   872,072 0 0
Xenoport Inc. COM 98411C100 46,341 6,508,622 SH   SOLE   6,508,622 0 0
Xoma Corp. COM 98419J107 53,539 14,708,613 SH   SOLE   14,708,613 0 0
Zafgen, Inc. COM 98885E103 3,753 94,745 SH   SOLE   94,745 0 0
Ziopharm Oncology Inc. COM 98973P101 2,038 189,259 SH   SOLE   189,259 0 0
Zogenix, Inc. COM 98978L105 3,149 2,298,466 SH   SOLE   2,298,466 0 0
Acorda Therapeutics Inc. Notes 1.75% 6/15/2021 CONV BONDS 00484MAA4 60,762 59,583,000 PRN   SOLE   59,583,000 0 0
Array Biopharma, Inc. Notes 3.0% 6/1/2020 CONV BONDS 04269XAA3 3,759 3,000,000 PRN   SOLE   3,000,000 0 0
Biomarin Pharmaceuticals Inc. Notes 1.875% 4/23/2017 CONV BONDS 09061GAD3 136,987 22,379,000 PRN   SOLE   22,379,000 0 0
Biomarin Pharmaceuticals Inc. Notes 0.75% 10/15/2018 CONV BONDS 09061GAE1 17,970 12,228,000 PRN   SOLE   12,228,000 0 0
Gilead Sciences Inc. 1.625% 5/1/16 CONV BONDS 375558AP8 90,193 20,944,000 PRN   SOLE   20,944,000 0 0
Incyte Corp. Notes 4.75% 10/1/2015 144A CONV BONDS 45337CAJ1 421,673 40,446,000 PRN   SOLE   40,446,000 0 0
Incyte Corp. Notes 0.375% 11/15/2018 144A CONV BONDS 45337CAK8 471,944 259,000,000 PRN   SOLE   259,000,000 0 0
Incyte Corp. Notes 1.25% 11/15/2020 144A CONV BONDS 45337CAL6 508,427 274,500,000 PRN   SOLE   274,500,000 0 0
Medivation Inc. 2.625% 4/1/17 CONV BONDS 58501NAA9 84,927 33,889,000 PRN   SOLE   33,889,000 0 0
Protalix Biotherapeutics, Inc. Notes 4.5% 9/15/18 CONV BONDS 74365AAB7 2,612 3,500,000 PRN   SOLE   3,500,000 0 0
Salix Pharmaceuticals Inc. 2.75% 5/15/15 CONV BONDS 795435AC0 801,152 216,077,000 PRN   SOLE   216,077,000 0 0
Salix Pharmaceuticals Inc. 1.5% 3/15/19 CONV BONDS 795435AE6 38,948 14,668,000 PRN   SOLE   14,668,000 0 0