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
Alexza Pharmaceuticals Inc COM 015384100 2,048 399,999 SH   SOLE   399,999 0 0
Anacor Pharmaceuticals Inc COM 032420101 17,107 1,610,856 SH   SOLE   1,610,856 0 0
A P Pharma Inc COM 00202J203 3,038 9,067,700 SH   SOLE   9,067,700 0 0
BioCryst Pharmaceuticals Inc COM 09058V103 15,875 2,180,656 SH   SOLE   2,180,656 0 0
Biodel Inc COM 09064M105 4,037 1,281,592 SH   SOLE   1,281,592 0 0
Chelsea Therapeutics International Ltd COM 163428105 7,525 2,516,870 SH   SOLE   2,516,870 0 0
DBV Technologies COM F2927N109 5,094 480,000 SH   SOLE   480,000 0 0
Dyax Corp COM 26746E103 28,514 4,156,508 SH   SOLE   4,156,508 0 0
GTx Inc COM 40052B108 1,013 500,000 SH   SOLE   500,000 0 0
GW Pharmaceuticals COM 36197T103 14,527 837,800 SH   SOLE   837,800 0 0
Hyperion Therapeutics Inc COM 44915N101 5,685 217,571 SH   SOLE   217,571 0 0
Ironwood Pharmaceuticals Inc COM 46333X108 21,312 1,800,000 SH   SOLE   1,800,000 0 0
Keryx Biopharmaceuticals Inc COM 492515101 20,672 2,048,773 SH   SOLE   2,048,773 0 0
Neurocrine Biosciences Inc COM 64125C109 14,391 1,271,303 SH   SOLE   1,271,303 0 0
Ophthotech Corporation COM 683745103 1,560 52,500 SH   SOLE   52,500 0 0
TESARO Inc COM 881569107 10,116 261,130 SH   SOLE   261,130 0 0
Threshold Pharmaceuticals Inc COM 885807206 3,181 684,000 SH   SOLE   684,000 0 0
Vanda Pharmaceuticals Inc COM 921659108 5,377 491,075 SH   SOLE   491,075 0 0