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 1,774 374,999 SH   SOLE   374,999 0 0
Anacor Pharmaceuticals Inc COM 032420101 25,942 1,545,999 SH   SOLE   1,545,999 0 0
BioCryst Pharmaceuticals Inc COM 09058V103 13,333 1,754,356 SH   SOLE   1,754,356 0 0
Biodel Inc COM 09064M105 2,728 1,196,492 SH   SOLE   1,196,492 0 0
Chelsea Therapeutics International Ltd COM 163428105 7,545 1,701,170 SH   SOLE   1,701,170 0 0
DBV Technologies COM F2927N109 7,176 480,000 SH   SOLE   480,000 0 0
Dyax Corp COM 26746E103 19,493 2,586,980 SH   SOLE   2,586,980 0 0
GW Pharmaceuticals COM 36197T103 29,052 699,376 SH   SOLE   699,376 0 0
Heron Therapeutics COM 00202J203 9,862 21,914,700 SH   SOLE   21,914,700 0 0
Hyperion Therapeutics Inc COM 44915N101 2,209 109,271 SH   SOLE   109,271 0 0
Ironwood Pharmaceuticals Inc COM 46333X108 20,898 1,800,000 SH   SOLE   1,800,000 0 0
Keryx Biopharmaceuticals Inc COM 492515101 12,954 1,000,273 SH   SOLE   1,000,273 0 0
Neurocrine Biosciences Inc COM 64125C109 6,490 694,903 SH   SOLE   694,903 0 0
Ocera Therapeutics COM 67552A108 9,141 703,730 SH   SOLE   703,730 0 0
TESARO Inc COM 881569107 3,890 137,749 SH   SOLE   137,749 0 0
TherapeuticsMD Inc COM 88338N107 4,410 846,500 SH   SOLE   846,500 0 0
Vanda Pharmaceuticals Inc COM 921659108 8,924 719,075 SH   SOLE   719,075 0 0