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
ABBOTT LABS COM 002824100 16,774 377,700 SH   SOLE 377,700 0 0
ABBOTT LABS COM 002824100 404 9,100 SH   DFND 1 0 9,100 0
ALDER BIOPHARMACEUTICALS INC COM 014339105 106 5,100 SH   DFND 1 0 5,100 0
ALDER BIOPHARMACEUTICALS INC COM 014339105 4,367 209,970 SH   SOLE 209,970 0 0
ANTHEM INC COM 036752103 662 4,000 SH   DFND 1 0 4,000 0
ANTHEM INC COM 036752103 27,528 166,450 SH   SOLE 166,450 0 0
ARENA PHARMACEUTICALS INC COM 040047102 68 46,300 SH   DFND 1 0 46,300 0
ARENA PHARMACEUTICALS INC COM 040047102 2,784 1,906,591 SH   SOLE 1,906,591 0 0
AVIRAGEN THERAPEUTICS INC COM 053761102 27 40,900 SH   DFND 1 0 40,900 0
AVIRAGEN THERAPEUTICS INC COM 053761102 1,098 1,684,276 SH   SOLE 1,684,276 0 0
BIOVERATIV INC COM 09075E100 444 8,150 SH   DFND 1 0 8,150 0
BIOVERATIV INC COM 09075E100 18,279 335,650 SH   SOLE 335,650 0 0
CONCERT PHARMACEUTICALS INC COM 206022105 6,943 406,977 SH   SOLE 406,977 0 0
CONCERT PHARMACEUTICALS INC COM 206022105 168 9,868 SH   DFND 1 0 9,868 0
CORIUM INTL INC COM 21887L107 149 35,758 SH   DFND 1 0 35,758 0
CORIUM INTL INC COM 21887L107 6,155 1,472,508 SH   SOLE 1,472,508 0 0
DIPLOMAT PHARMACY INC COM 25456K101 169 10,600 SH   DFND 1 0 10,600 0
DIPLOMAT PHARMACY INC COM 25456K101 6,932 434,600 SH   SOLE 434,600 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 817 12,400 SH   DFND 1 0 12,400 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 33,673 510,901 SH   SOLE 510,901 0 0
FOAMIX PHARMACEUTICALS LTD SHS M46135105 67 13,627 SH   DFND 1 0 13,627 0
FOAMIX PHARMACEUTICALS LTD SHS M46135105 2,778 561,170 SH   SOLE 561,170 0 0
FORWARD PHARMA A/S SPONSORED ADR 34986J105 241 11,200 SH   DFND 1 0 11,200 0
FORWARD PHARMA A/S SPONSORED ADR 34986J105 9,918 461,100 SH   SOLE 461,100 0 0
GILEAD SCIENCES INC COM 375558103 516 7,600 SH   DFND 1 0 7,600 0
GILEAD SCIENCES INC COM 375558103 21,259 313,000 SH   SOLE 313,000 0 0
GLOBUS MED INC CL A 379577208 314 10,600 SH   DFND 1 0 10,600 0
GLOBUS MED INC CL A 379577208 12,929 436,500 SH   SOLE 436,500 0 0
HALOZYME THERAPEUTICS INC COM 40637H109 44,159 3,407,314 SH   SOLE 3,407,314 0 0
HALOZYME THERAPEUTICS INC COM 40637H109 1,070 82,550 SH   DFND 1 0 82,550 0
INOTEK PHARMACEUTICALS CORP COM 45780V102 40 20,200 SH   DFND 1 0 20,200 0
INOTEK PHARMACEUTICALS CORP COM 45780V102 1,664 831,822 SH   SOLE 831,822 0 0
LIFEPOINT HEALTH INC COM 53219L109 223 3,400 SH   DFND 1 0 3,400 0
LIFEPOINT HEALTH INC COM 53219L109 9,170 140,000 SH   SOLE 140,000 0 0
MIMEDX GROUP INC COM 602496101 382 40,100 SH   DFND 1 0 40,100 0
MIMEDX GROUP INC COM 602496101 15,751 1,652,750 SH   SOLE 1,652,750 0 0
MOMENTA PHARMACEUTICALS INC COM 60877T100 99 7,400 SH   DFND 1 0 7,400 0
MOMENTA PHARMACEUTICALS INC COM 60877T100 4,084 305,896 SH   SOLE 305,896 0 0
MYLAN N V SHS EURO N59465109 199 5,100 SH   DFND 1 0 5,100 0
MYLAN N V SHS EURO N59465109 8,250 211,600 SH   SOLE 211,600 0 0
MYRIAD GENETICS INC COM 62855J104 9,725 506,500 SH   SOLE 506,500 0 0
MYRIAD GENETICS INC COM 62855J104 236 12,300 SH   DFND 1 0 12,300 0
NEURODERM LTD ORD SHS M74231107 204 7,700 SH   DFND 1 0 7,700 0
NEURODERM LTD ORD SHS M74231107 8,390 316,000 SH   SOLE 316,000 0 0
ORTHOFIX INTL N V COM N6748L102 168 4,400 SH   DFND 1 0 4,400 0
ORTHOFIX INTL N V COM N6748L102 7,039 184,508 SH   SOLE 184,508 0 0
RETROPHIN INC COM 761299106 188 10,200 SH   DFND 1 0 10,200 0
RETROPHIN INC COM 761299106 7,753 419,989 SH   SOLE 419,989 0 0
SANOFI SPONSORED ADR 80105N105 1,652 36,500 SH   DFND 1 0 36,500 0
SANOFI SPONSORED ADR 80105N105 67,984 1,502,408 SH   SOLE 1,502,408 0 0
SELECT MED HLDGS CORP COM 81619Q105 210 15,700 SH   DFND 1 0 15,700 0
SELECT MED HLDGS CORP COM 81619Q105 8,631 646,500 SH   SOLE 646,500 0 0
TENET HEALTHCARE CORP COM NEW 88033G407 204 11,500 SH   DFND 1 0 11,500 0
TENET HEALTHCARE CORP COM NEW 88033G407 8,373 472,800 SH   SOLE 472,800 0 0
TG THERAPEUTICS INC COM 88322Q108 12,965 1,112,900 SH   SOLE 1,112,900 0 0
TG THERAPEUTICS INC COM 88322Q108 315 27,000 SH   DFND 1 0 27,000 0