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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

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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
BIOMARIN PHARMACEUTICAL INC COM 09061G101 16,480 182,300 SH   SOLE   182,300 0 0
HERON THERAPEUTICS INC COM 427746102 46,239 4,596,318 SH   SOLE   4,596,318 0 0
HERON THERAPEUTICS INC COM 427746102 3,252 323,307 SH   OTR 1 0 323,307 0
HORIZON PHARMA PLC SHS G4617B105 6,316 490,000 SH   SOLE   490,000 0 0
LA JOLLA PHARMACEUTICAL CO COM 503459604 38,774 2,101,547 SH   SOLE   2,101,547 0 0
LA JOLLA PHARMACEUTICAL CO COM 503459604 790 42,840 SH   OTR 1 0 42,840 0
MERRIMACK PHARMACEUTICALS INC NOTE 4.5% 7/15/20 590328AA8 10,225 5,500,000 PRN   SOLE   5,500,000 0 0
MIRATI THERAPEUTICS INC COM 60468T105 4,416 238,432 SH   SOLE   238,432 0 0
ONCOGENEX PHARMACEUTICALS INC COM 68230A106 836 365,000 SH   SOLE   365,000 0 0
OPKO HEALTH INC DEBT 3.0% 2/1/33 68375NAB9 20,573 14,000,000 PRN   SOLE   14,000,000 0 0
SALIX PHARMACEUTICALS INC COM 795435106 34,482 300,000 SH   SOLE   300,000 0 0