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 23,826 407,000 SH   DFND 1,2 407,000 0 0
ACHILLION PHARMACEUTICALS IN COM 00448Q201 646 65,538 SH   DFND 1,2 65,538 0 0
ACTAVIS PLC SHS G0083B108 57,173 192,100 SH   DFND 1,2 192,100 0 0
AEGERION PHARMACEUTICALS INC COM 00767E102 3,140 120,000 SH   DFND 1,2 120,000 0 0
AERIE PHARMACEUTICALS INC COM 00771V108 2,821 90,000 SH   DFND 1,2 90,000 0 0
ALCOBRA LTD SHS M2239P109 1 200 SH   DFND 1,2 200 0 0
ALDER BIOPHARMACEUTICALS INC COM 014339105 4,329 150,000 SH   DFND 1,2 150,000 0 0
ALDEYRA THERAPEUTICS INC COM 01438T106 1,194 115,000 SH   DFND 1,2 115,000 0 0
ALEXION PHARMACEUTICALS INC COM 015351109 4,333 25,000 SH   DFND 1,2 25,000 0 0
AMAG PHARMACEUTICALS INC COM 00163U106 10,945 200,230 SH   DFND 1,2 200,230 0 0
AMGEN INC COM 031162100 19,214 120,200 SH   DFND 1,2 120,200 0 0
AMICUS THERAPEUTICS INC COM 03152W109 4,896 450,000 SH   DFND 1,2 450,000 0 0
APPLE INC COM 037833100 5,317 42,733 SH   DFND   42,733 0 0
APPLIED GENETIC TECHNOL CORP COM 03820J100 4,700 235,124 SH   DFND 1,2 235,124 0 0
ARIAD PHARMACEUTICALS INC COM 04033A100 3,667 445,000 SH   DFND 1,2 445,000 0 0
ARRAY BIOPHARMA INC COM 04269X105 6,809 923,922 SH   DFND 1,2 923,922 0 0
ASCENDIS PHARMA A S SPONSORED ADR 04351P101 1,215 70,000 SH   DFND 1,2 70,000 0 0
ASSEMBLY BIOSCIENCES INC COM 045396108 1,324 100,000 SH   DFND 1,2 100,000 0 0
ASTRAZENECA PLC SPONSORED ADR 046353108 5,929 86,637 SH   DFND 1,2 86,637 0 0
ATARA BIOTHERAPEUTICS INC COM 046513107 2,643 63,579 SH   DFND 1,2 63,579 0 0
AURIS MED HLDG AG COM H03579101 997 186,300 SH   DFND 1,2 186,300 0 0
AUSPEX PHARMACEUTICALS INC COM 05211J102 12,541 125,074 SH   DFND 1,2 125,074 0 0
AVALANCHE BIOTECHNOLOGIES IN COM 05337G107 2,431 60,000 SH   DFND 1,2 60,000 0 0
BELLICUM PHARMACEUTICALS INC COM 079481107 5,693 249,567 SH   DFND 1,2 249,567 0 0
BIOGEN INC COM 09062X103 4,222 10,000 SH   DFND 1,2 10,000 0 0
BIOLINERX LTD SPONSORED ADR 09071M106 408 193,284 SH   DFND 1,2 193,284 0 0
BIOMARIN PHARMACEUTICAL INC COM 09061G101 9,970 80,000 SH   DFND 1,2 80,000 0 0
BRISTOL MYERS SQUIBB CO COM 110122108 6,450 100,000 SH   DFND 1,2 100,000 0 0
BROADCOM CORP CL A 111320107 4,364 100,800 SH   DFND   100,800 0 0
CATALYST PHARM PARTNERS INC COM 14888U101 4,763 1,100,000 SH   DFND 1,2 1,100,000 0 0
CELGENE CORP COM 151020104 8,070 70,000 SH   DFND 1,2 70,000 0 0
CELLDEX THERAPEUTICS INC NEW COM 15117B103 2,926 105,000 SH   DFND 1,2 105,000 0 0
CELLECTIS S A SPONSORED ADS 15117K103 1,729 50,000 SH   DFND 1,2 50,000 0 0
CHECK POINT SOFTWARE TECH LT ORD M22465104 5,896 71,927 SH   DFND   71,927 0 0
CLOVIS ONCOLOGY INC COM 189464100 8,348 112,455 SH   DFND 1,2 112,455 0 0
CONATUS PHARMACEUTICALS INC COM 20600T108 1,566 220,000 SH   DFND 1,2 220,000 0 0
CONCERT PHARMACEUTICALS INC COM 206022105 5,679 375,000 SH   DFND 1,2 375,000 0 0
CVS HEALTH CORP COM 126650100 4,362 42,260 SH   DFND   42,260 0 0
CYMABAY THERAPEUTICS INC COM 23257D103 1,088 157,179 SH   DFND 1,2 157,179 0 0
DEPOMED INC COM 249908104 4,482 200,000 SH   DFND 1,2 200,000 0 0
DYAX CORP COM 26746E103 6,158 367,556 SH   DFND 1,2 367,556 0 0
DYAX CORP PUT 26746E953 3,351 2,000 SH Put DFND 1,2 0 0 0
ELEVEN BIOTHERAPEUTICS INC COM 286221106 777 87,110 SH   DFND 1,2 87,110 0 0
ELLOMAY CAPITAL LIMITED SHS M39927120 1,884 221,678 SH   DFND   221,678 0 0
ENDO INTL PLC SHS G30401106 18,837 210,000 SH   DFND 1,2 210,000 0 0
EPIZYME INC COM 29428V104 2,817 150,000 SH   DFND 1,2 150,000 0 0
ESPERION THERAPEUTICS INC NE COM 29664W105 3,334 36,000 SH   DFND 1,2 36,000 0 0
EXELIXIS INC COM 30161Q104 1,285 500,000 SH   DFND 1,2 500,000 0 0
FOAMIX PHARMACEUTICALS LTD SHS M46135105 1,850 200,000 SH   DFND 1,2 200,000 0 0
FORWARD PHARMA A/S SPONSORED ADR 34986J105 5,098 180,000 SH   DFND 1,2 180,000 0 0
GALECTIN THERAPEUTICS INC COM NEW 363225202 1,508 450,000 SH   DFND 1,2 450,000 0 0
GENOCEA BIOSCIENCES INC COM 372427104 1,473 124,200 SH   DFND 1,2 124,200 0 0
GENTHERM INC COM 37253A103 1,745 34,550 SH   DFND   34,550 0 0
GENVEC INC COM NEW 37246C307 1,559 528,325 SH   DFND 1,2 528,325 0 0
GILEAD SCIENCES INC COM 375558103 31,402 320,000 SH   DFND 1,2 320,000 0 0
GW PHARMACEUTICALS PLC ADS 36197T103 3,190 35,000 SH   DFND 1,2 35,000 0 0
HERON THERAPEUTICS INC COM 427746102 1,163 79,900 SH   DFND 1,2 79,900 0 0
IMMUNE DESIGN CORP COM 45252L103 2,732 129,440 SH   DFND 1,2 129,440 0 0
IMMUNOMEDICS INC COM 452907108 1,149 300,000 SH   DFND 1,2 300,000 0 0
IMPAX LABORATORIES INC COM 45256B101 4,687 100,000 SH   DFND 1,2 100,000 0 0
INOTEK PHARMACEUTICALS CORP COM 45780V102 2,168 400,000 SH   DFND 1,2 400,000 0 0
INSMED INC COM PAR $.01 457669307 5,200 250,000 SH   DFND 1,2 250,000 0 0
INSYS THERAPEUTICS INC NEW COM NEW 45824V209 5,813 100,000 SH   DFND 1,2 100,000 0 0
INTERCEPT PHARMACEUTICALS IN COM 45845P108 4,230 15,000 SH   DFND 1,2 15,000 0 0
INTRA CELLULAR THERAPIES INC COM 46116X101 3,582 150,000 SH   DFND 1,2 150,000 0 0
ISHARES MSCI GERMANY ETF 464286806 3,223 108,000 SH   DFND   108,000 0 0
ISHARES US HOME CONS ETF 464288752 2,145 76,000 SH   DFND   76,000 0 0
ISHARES TR PUT 464287956 10,303 300 SH Put DFND 1,2 0 0 0
ISHARES TR PUT 464287955 99,496 8,000 SH Put DFND 1,2 0 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 6,977 56,100 SH   DFND   56,100 0 0
JUNO THERAPEUTICS INC COM 48205A109 910 15,000 SH   DFND 1,2 15,000 0 0
KAMADA LTD SHS M6240T109 5,167 293,727 SH   DFND 1,2 293,727 0 0
KERYX BIOPHARMACEUTICALS INC COM 492515101 2,928 230,000 SH   DFND 1,2 230,000 0 0
KITE PHARMA INC COM 49803L109 3,805 65,970 SH   DFND 1,2 65,970 0 0
KYTHERA BIOPHARMACEUTICALS I COM 501570105 4,514 90,000 SH   DFND 1,2 90,000 0 0
LUMENIS LTD SHS CL B M6778Q121 0 245 SH   DFND   245 0 0
MACROGENICS INC COM 556099109 1,882 60,000 SH   DFND 1,2 60,000 0 0
MANNKIND CORP PUT 56400P951 1,560 3,000 SH Put DFND 1,2 0 0 0
MARINUS PHARMACEUTICALS INC COM 56854Q101 1,920 213,533 SH   DFND 1,2 213,533 0 0
MAST THERAPEUTICS INC COM 576314108 667 1,374,900 SH   DFND 1,2 1,374,900 0 0
MEDGENICS INC COM NEW 58436Q203 1,411 175,000 SH   DFND 1,2 175,000 0 0
MEDICINES CO CALL 584688905 2,802 1,000 SH Call DFND 1,2 0 0 0
MEDICINES CO COM 584688105 2,802 100,000 SH   DFND 1,2 100,000 0 0
MEDIVATION INC COM 58501N101 4,661 36,115 SH   DFND 1,2 36,115 0 0
MERCK & CO INC NEW COM 58933Y105 21,555 375,000 SH   DFND 1,2 375,000 0 0
MIRATI THERAPEUTICS INC COM 60468T105 2,932 100,000 SH   DFND 1,2 100,000 0 0
MYLAN N V SHS EURO N59465109 16,149 272,100 SH   DFND 1,2 272,100 0 0
NEUROCRINE BIOSCIENCES INC COM 64125C109 2,978 75,000 SH   DFND 1,2 75,000 0 0
NEWLINK GENETICS CORP COM 651511107 1,368 25,000 SH   DFND 1,2 25,000 0 0
NOVARTIS A G SPONSORED ADR 66987V109 9,861 100,000 SH   DFND 1,2 100,000 0 0
OCERA THERAPEUTICS INC COM 67552A108 1,513 321,254 SH   DFND 1,2 321,254 0 0
OHR PHARMACEUTICAL INC COM NEW 67778H200 476 187,500 SH   DFND 1,2 187,500 0 0
ORBOTECH LTD ORD M75253100 3,152 196,622 SH   DFND   196,622 0 0
ORMAT TECHNOLOGIES INC COM 686688102 12,054 80,092 SH   DFND   80,092 0 0
OTONOMY INC COM 68906L105 2,475 70,000 SH   DFND 1,2 70,000 0 0
PALATIN TECHNOLOGIES INC COM PAR $ .01 696077403 1,061 1,040,266 SH   DFND 1,2 1,040,266 0 0
PERRIGO CO PLC SHS G97822103 3,046 18,400 SH   DFND   18,400 0 0
PFIZER INC COM 717081103 35,625 1,024,013 SH   DFND 1,2 1,024,013 0 0
PORTOLA PHARMACEUTICALS INC COM 737010108 3,797 100,023 SH   DFND 1,2 100,023 0 0
PRICELINE GRP INC COM NEW 741503403 2,119 1,820 SH   DFND   1,820 0 0
PROTHENA CORP PLC SHS G72800108 3,361 88,133 SH   DFND 1,2 88,133 0 0
PTC THERAPEUTICS INC CALL 69366J900 3,651 600 SH Call DFND 1,2 0 0 0
PTC THERAPEUTICS INC COM 69366J200 4,260 70,000 SH   DFND 1,2 70,000 0 0
PUMA BIOTECHNOLOGY INC COM 74587V107 3,257 13,796 SH   DFND 1,2 13,796 0 0
RECEPTOS INC COM 756207106 2,886 17,500 SH   DFND 1,2 17,500 0 0
RELYPSA INC COM 759531106 4,869 135,000 SH   DFND 1,2 135,000 0 0
RETROPHIN INC COM 761299106 2,669 111,392 SH   DFND 1,2 111,392 0 0
SAGE THERAPEUTICS INC COM 78667J108 3,301 65,724 SH   DFND 1,2 65,724 0 0
SAGENT PHARMACEUTICALS INC COM 786692103 1,163 50,000 SH   DFND 1,2 50,000 0 0
SANGAMO BIOSCIENCES INC COM 800677106 2,195 140,000 SH   DFND 1,2 140,000 0 0
SAPIENS INTL CORP N V SHS NEW N7716A151 463 56,420 SH   DFND   56,420 0 0
SEATTLE GENETICS INC COM 812578102 7,070 200,000 SH   DFND 1,2 200,000 0 0
SELECT SECTOR SPDR TR PUT 81369Y959 9,425 1,300 SH Put DFND 1,2 0 0 0
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 4,339 59,853 SH   DFND   59,853 0 0
SHIRE PLC SPONSORED ADR 82481R106 7,229 134,751 SH   DFND 1,2 134,751 0 0
SMITH A O COM 831865209 4,045 61,600 SH   DFND   61,600 0 0
SNAP ON INC COM 833034101 2,256 15,340 SH   DFND   15,340 0 0
SPDR INDEX SHS FDS EURO STOXX 50 78463X202 3,649 94,000 SH   DFND   94,000 0 0
SPDR S&P 500 ETF TR PUT 78462F953 72,251 3,500 SH Put DFND 1,2 0 0 0
SPDR SERIES TRUST PUT 78464A950 33,063 1,500 SH Put DFND 1,2 0 0 0
SPECTRUM PHARMACEUTICALS INC COM 84763A108 304 50,000 SH   DFND 1,2 50,000 0 0
STARBUCKS CORP COM 855244109 4,134 87,308 SH   DFND   87,308 0 0
STEMLINE THERAPEUTICS INC COM 85858C107 1,171 80,957 SH   DFND 1,2 80,957 0 0
STERICYCLE INC COM 858912108 2,036 14,500 SH   DFND   14,500 0 0
SUMMIT THERAPEUTICS PLC SPONS ADS 86627R102 2,168 175,000 SH   DFND 1,2 175,000 0 0
SUNESIS PHARMACEUTICALS INC COM NEW 867328601 3,185 1,300,000 SH   DFND 1,2 1,300,000 0 0
TEKMIRA PHARMACEUTICALS CORP COM NEW 87911B209 5,212 298,486 SH   DFND 1,2 298,486 0 0
TETRAPHASE PHARMACEUTICALS I COM 88165N105 2,748 75,000 SH   DFND 1,2 75,000 0 0
TEVA PHARMACEUTICAL INDS LTD CALL 881624909 21,805 3,500 SH Call DFND 1,2 0 0 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 23,915 383,870 SH   DFND 1,2 383,870 0 0
TEVA PHARMACEUTICAL INDS LTD ADR 881624209 1,181 18,949 SH   DFND   18,949 0 0
THERAPEUTICSMD INC COM 88338N107 2,208 365,000 SH   DFND 1,2 365,000 0 0
TJX COS INC NEW COM 872540109 3,315 47,330 SH   DFND   47,330 0 0
TOKAI PHARMACEUTICALS INC COM 88907J107 1,654 146,341 SH   DFND 1,2 146,341 0 0
TOWERS WATSON & CO CL A 891894107 5,063 38,300 SH   DFND   38,300 0 0
TRANSITION THERAPEUTICS INC COM NEW 893716209 1,864 272,906 SH   DFND 1,2 272,906 0 0
TREVENA INC COM 89532E109 2,555 391,811 SH   DFND 1,2 391,811 0 0
TRILLIUM THERAPEUTICS INC COM NEW 89620X506 1,922 95,000 SH   DFND 1,2 95,000 0 0
UNION PAC CORP COM 907818108 1,894 17,489 SH   DFND   17,489 0 0
UNIQURE NV SHS N90064101 2,491 102,415 SH   DFND 1,2 102,415 0 0
UNITED THERAPEUTICS CORP DEL COM 91307C102 8,422 48,840 SH   DFND 1,2 48,840 0 0
V F CORP COM 918204108 3,176 42,170 SH   DFND   42,170 0 0
VALEANT PHARMACEUTICALS INTL COM 91911K102 9,087 45,750 SH   DFND 1,2 45,750 0 0
VANDA PHARMACEUTICALS INC COM 921659108 5,054 543,390 SH   DFND 1,2 543,390 0 0
VERIFONE SYS INC COM 92342Y109 2,636 75,545 SH   DFND   75,545 0 0
VERINT SYS INC COM 92343X100 7,574 122,304 SH   DFND   122,304 0 0
WABTEC CORP COM 929740108 2,043 21,500 SH   DFND   21,500 0 0
ZOSANO PHARMA CORP COM 98979H103 1,866 184,619 SH   DFND 1,2 184,619 0 0