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 650,286 20,481,442 SH   SOLE   20,481,442 0 0
Acceleron Pharma Inc. COM 00434H108 1,121 28,765 SH   SOLE   28,765 0 0
Achaogen Inc. COM 004449104 1,305 100,000 SH   SOLE   100,000 0 0
Achillion COM 00448Q201 5,370 438,337 SH   SOLE   438,337 0 0
Acorda Therapeutics, Inc. COM 00484M106 30,879 755,534 SH   SOLE   755,534 0 0
Aerie Pharmaceuticals COM 00771V108 8,738 299,356 SH   SOLE   299,356 0 0
Affimed Therapeutics B.V. COM N01045108 2,480 400,000 SH   SOLE   400,000 0 0
Agios Pharmaceuticals COM 00847X104 18,307 163,393 SH   SOLE   163,393 0 0
Alcobra Ltd. SHS M2239P109 1,081 289,871 SH   SOLE   289,871 0 0
Alder Biopharmaceutical Inc. COM 014339105 4,461 153,350 SH   SOLE   153,350 0 0
Alnylam Pharmaceuticals, Inc. COM 02043Q107 1,125 11,600 SH   SOLE   11,600 0 0
Amicus Therapeutics COM 03152W109 4,008 481,697 SH   SOLE   481,697 0 0
Anacor Pharmaceuticals COM 032420101 135,602 4,204,702 SH   SOLE   4,204,702 0 0
Aptose Biosciences, Inc. COM 03835T200 2,833 479,164 SH   SOLE   479,164 0 0
Aquinox Pharmaceuticals, Inc. COM 03842B101 9,078 1,210,350 SH   SOLE   1,210,350 0 0
Array Biopharma Inc. COM 04269X105 6,782 1,433,797 SH   SOLE   1,433,797 0 0
Arrowhead Research Corp. COM 042797209 9,083 1,230,802 SH   SOLE   1,230,802 0 0
Asterias Biotherapeutics, Inc. COM SER A 04624N107 54 16,775 SH   SOLE   16,775 0 0
Aurinia Pharmaceuticals, Inc. COM 05156V102 2,599 727,669 SH   SOLE   727,669 0 0
Avanir Pharmaceuticals COM 05348P401 652,807 38,513,713 SH   SOLE   38,513,713 0 0
Bellicum Pharmaceuticals, Inc. COM 079481107 98,697 4,283,732 SH   SOLE   4,283,732 0 0
Biocryst Pharmaceuticals Inc. COM 09058V103 130,278 10,713,686 SH   SOLE   10,713,686 0 0
BioDelivery Sciences Intl. Inc. COM 09060J106 2,524 210,021 SH   SOLE   210,021 0 0
Biomarin Pharmaceuticals COM 09061G101 335,741 3,713,950 SH   SOLE   3,713,950 0 0
Biota Pharmaceuticals COM 090694100 2,479 1,106,910 SH   SOLE   1,106,910 0 0
Biotime Inc. Rights COM 09066L162 22 20,525 SH   SOLE   20,525 0 0
Bluebird Bio Inc. COM 09609G100 13,758 150,000 SH   SOLE   150,000 0 0
Catalyst Pharmaceuticals, Inc. COM 14888U101 19,945 6,715,462 SH   SOLE   6,715,462 0 0
Celsus Therapeutics SPONSORED ADR NE 15119A202 3,235 673,887 SH   SOLE   673,887 0 0
Cerus COM 157085101 73,025 11,702,727 SH   SOLE   11,702,727 0 0
Chemocentryx Inc. COM 16383L106 342 50,000 SH   SOLE   50,000 0 0
Chimerix COM 16934W106 6,941 172,414 SH   SOLE   172,414 0 0
Clovis Oncology COM 189464100 11,347 202,630 SH   SOLE   202,630 0 0
Concert Pharmaceuticals, Inc. COM 206022105 6,732 505,418 SH   SOLE   505,418 0 0
Cyclacel Pharmaceuticals Pfd. Conv. Ex 6% PFD CONV EX 6% 23254L207 82 13,253 SH   SOLE   13,253 0 0
Cytrx Corp. COM 232828509 3,699 1,350,000 SH   SOLE   1,350,000 0 0
DBV Technologies Inc. SPONSORED ADR 23306J101 41,201 1,519,229 SH   SOLE   1,519,229 0 0
Derma Sciences COM 249827502 32,931 3,537,137 SH   SOLE   3,537,137 0 0
Dermira COM 24983L104 1,811 100,000 SH   SOLE   100,000 0 0
Discovery Laboratories Inc. COM 254668403 4,236 3,652,117 SH   SOLE   3,652,117 0 0
Dyax Corp. COM 26746E103 86,579 6,157,789 SH   SOLE   6,157,789 0 0
Enanta Pharmaceuticals COM 29251M106 3,832 75,357 SH   SOLE   75,357 0 0
Epizyme Inc. COM 29428V104 3,811 201,963 SH   SOLE   201,963 0 0
Five Prime Therapeutics Inc. COM 33830X104 535 19,823 SH   SOLE   19,823 0 0
Foamix Pharmaceuticals Ltd. SHS M46135105 7,161 1,021,600 SH   SOLE   1,021,600 0 0
Foundation Medicine Inc. COM 350465100 2,803 126,147 SH   SOLE   126,147 0 0
Genomic Health Inc. COM 37244C101 436,592 13,656,318 SH   SOLE   13,656,318 0 0
Geron Corp. COM 374163103 1,309 402,629 SH   SOLE   402,629 0 0
Gilead Sciences Inc. COM 375558103 24,141 256,108 SH   SOLE   256,108 0 0
Halozyme Therapeutics Inc. COM 40637H109 26,790 2,776,143 SH   SOLE   2,776,143 0 0
Heron Therapeutics, Inc. COM 427746102 26,234 2,607,784 SH   SOLE   2,607,784 0 0
Idera Pharmaceuticals Inc. COM 45168K306 7,181 1,628,172 SH   SOLE   1,628,172 0 0
Ignyta COM 451731103 3,911 571,000 SH   SOLE   571,000 0 0
Incyte Corp. COM 45337C102 1,085,359 14,845,559 SH   SOLE   14,845,559 0 0
Infinity Pharmaceuticals Inc. COM 45665G303 5,270 312,025 SH   SOLE   312,025 0 0
Insmed Inc. COM 457669307 17,138 1,107,850 SH   SOLE   1,107,850 0 0
Ironwood Pharmaceuticals COM 46333X108 5,303 346,160 SH   SOLE   346,160 0 0
Isis Pharmaceuticals, Inc. COM 464330109 5,946 96,303 SH   SOLE   96,303 0 0
Juno Therapeutics Inc. COM 48205A109 5,222 100,000 SH   SOLE   100,000 0 0
Karyopharm Therapeutics COM 48576U106 3,522 94,095 SH   SOLE   94,095 0 0
Kythera Biopharmaceuticals COM 501570105 9,927 286,255 SH   SOLE   286,255 0 0
La Jolla Pharmaceuticals, Inc. COM 503459604 7,779 421,631 SH   SOLE   421,631 0 0
Ligand Pharmaceuticals COM 53220K504 3,906 73,400 SH   SOLE   73,400 0 0
Lipocine Inc. COM 53630X104 2,630 500,000 SH   SOLE   500,000 0 0
Loxo Oncology Inc. COM 548862101 1,175 100,000 SH   SOLE   100,000 0 0
Macrogenics, Inc. COM 556099109 10,938 311,891 SH   SOLE   311,891 0 0
Marinus Pharmaceuticals Inc. COM 56854Q101 2,161 204,476 SH   SOLE   204,476 0 0
Mast Therapeutics, Inc. COM 576314108 2,674 4,774,434 SH   SOLE   4,774,434 0 0
Mediwound Ltd. ORD SHS M68830104 1,499 225,000 SH   SOLE   225,000 0 0
Mirati Therapeutics Inc. COM 60468T105 44,079 2,380,074 SH   SOLE   2,380,074 0 0
Neurocrine Biosciences, Inc. COM 64125C109 12,390 554,590 SH   SOLE   554,590 0 0
Neuroderm Ltd. ORD SHS M74231107 3,510 250,000 SH   SOLE   250,000 0 0
Novavax Inc. COM 670002104 7,255 1,223,362 SH   SOLE   1,223,362 0 0
Omeros Corp. COM 682143102 16,060 648,101 SH   SOLE   648,101 0 0
Ophthotech Corp. COM 683745103 1,650 36,776 SH   SOLE   36,776 0 0
Orasure Technologies Inc. COM 68554V108 2,379 234,664 SH   SOLE   234,664 0 0
Osiris Therapeutics Inc. COM 68827R108 8,165 510,606 SH   SOLE   510,606 0 0
Palatin Technologies Inc. COM 696077403 1,497 2,050,000 SH   SOLE   2,050,000 0 0
Pharmacyclics Inc. COM 716933106 1,116,140 9,129,231 SH   SOLE   9,129,231 0 0
Progenics Pharmaceuticals, Inc. COM 743187106 33,640 4,449,797 SH   SOLE   4,449,797 0 0
ProQR Therapeutics NV SHS N71542109 8,668 400,000 SH   SOLE   400,000 0 0
Proteon Therapeutics, Inc. COM 74371L109 1,798 172,917 SH   SOLE   172,917 0 0
QLT Inc. COM 746927102 6,159 1,535,863 SH   SOLE   1,535,863 0 0
Receptos Inc. COM 756207106 2,928 23,900 SH   SOLE   23,900 0 0
Repros Therapeutics COM 76028H209 19,940 2,000,000 SH   SOLE   2,000,000 0 0
Rigel Pharmaceuticals COM 766559603 1,094 481,972 SH   SOLE   481,972 0 0
Sage Therapeutics Inc. COM 78667J108 2,745 75,000 SH   SOLE   75,000 0 0
Salix Pharmaceuticals COM 795435106 73,024 635,321 SH   SOLE   635,321 0 0
Sangamo Biosciences, Inc. COM 800677106 14,531 955,332 SH   SOLE   955,332 0 0
Seattle Genetics, Inc. COM 812578102 895,197 27,861,720 SH   SOLE   27,861,720 0 0
Stemline Therapeutics Inc. COM 85858C107 5,778 338,671 SH   SOLE   338,671 0 0
Sunesis Pharmaceuticals Inc. COM 867328601 8,160 3,200,000 SH   SOLE   3,200,000 0 0
Synageva Biopharma Corp. COM 87159A103 989,182 10,660,432 SH   SOLE   10,660,432 0 0
Synergy Pharmaceuticals COM 871639308 2,968 973,245 SH   SOLE   973,245 0 0
Synta Pharmaceuticals COM 87162T206 1,325 500,000 SH   SOLE   500,000 0 0
Tekmira Pharmaceuticals Corp. COM 87911B209 7,335 484,156 SH   SOLE   484,156 0 0
Tesaro Inc. COM 881569107 1,161 31,218 SH   SOLE   31,218 0 0
TG Therapeutics COM 88322Q108 32,477 2,050,313 SH   SOLE   2,050,313 0 0
Threshold Pharma COM 885807206 6,855 2,155,516 SH   SOLE   2,155,516 0 0
Ultragenyx Pharmaceuticals COM 90400D108 6,582 150,000 SH   SOLE   150,000 0 0
UniQure B.V. SHS N90064101 454 30,672 SH   SOLE   30,672 0 0
Vanda Pharmaceuticals, Inc. COM 921659108 64,041 4,472,153 SH   SOLE   4,472,153 0 0
Versartis Inc. COM 92529L102 51,225 2,281,744 SH   SOLE   2,281,744 0 0
Xencor COM 98401F105 9,486 591,371 SH   SOLE   591,371 0 0
Xenoport COM 98411C100 60,545 6,903,628 SH   SOLE   6,903,628 0 0
Xoma Corp. COM 98419J107 60,757 16,924,013 SH   SOLE   16,924,013 0 0
Ziopharm Oncology Inc. COM 98973P101 982 193,640 SH   SOLE   193,640 0 0
Zogenix, Inc. COM 98978L105 3,220 2,350,400 SH   SOLE   2,350,400 0 0
Celladon Corp COM 15117E107 7,324 375,000 SH   SOLE   375,000 0 0
Mallinckrodt PUB LTD CO SHS G5785G107 4,621 46,666 SH   SOLE   46,666 0 0
Acorda Therapeutics Notes 1.75% 6/15/2021 CONV BONDS 00484MAA4 69,839 60,900,000 PRN   SOLE   60,900,000 0 0
Biomarin Pharmaceuticals Notes 1.875% 4/23/2017 CONV BONDS 09061GAD3 102,104 22,898,000 PRN   SOLE   22,898,000 0 0
Biomarin Pharmaceuticals Notes 0.75% 10/15/2018 CONV BONDS 09061GAE1 14,715 12,500,000 PRN   SOLE   12,500,000 0 0
Gilead 1.625% 5/1/16 CONV BONDS 375558AP8 88,977 21,500,000 PRN   SOLE   21,500,000 0 0
Incyte Corporation Notes 4.75% 10/1/2015 144A CONV BONDS 45337CAJ1 336,182 40,446,000 PRN   SOLE   40,446,000 0 0
Incyte Corporation Notes 0.375% 11/15/2018 144A CONV BONDS 45337CAK8 388,039 259,000,000 PRN   SOLE   259,000,000 0 0
Incyte Corporation Notes 1.25% 11/15/2020 144A CONV BONDS 45337CAL6 421,613 274,500,000 PRN   SOLE   274,500,000 0 0
Medivation 2.625% 4/1/17 CONV BONDS 58501NAA9 67,334 34,720,000 PRN   SOLE   34,720,000 0 0
Protalix Biotherapeutics, Inc. Notes 4.5% 9/15/18 CONV BONDS 74365AAB7 2,645 3,500,000 PRN   SOLE   3,500,000 0 0
Salix 2.75% 5/15/15 CONV BONDS 795435AC0 542,741 219,440,000 PRN   SOLE   219,440,000 0 0
Salix 1.5% 3/15/19 CONV BONDS 795435AE6 27,339 15,000,000 PRN   SOLE   15,000,000 0 0