Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IWM	ISHARES TR	230,000	$27.51M	18.6%	—	—	Put	464287655
FOLD	AMICUS THERAPEUTICS	1,632,720	$13.58M	9.2%	$6.86	0.0%	COM	03152W109
—	POWERSHARES QQQ TRUST	70,000	$7.228M	4.9%	—	—	Put	73935A104
—	ALIMERA SCIENCES	1,056,809	$5.855M	4.0%	$5.54	—	COM	016259103
—	PERNIX THERAPEUTICS HLDGS	604,075	$5.672M	3.8%	$9.39	—	COM	71426V108
—	BIOTELEMETRY	483,872	$4.853M	3.3%	$10.03	—	COM	090672106
—	CEMPRA	164,800	$3.874M	2.6%	—	—	Call	15130J109
—	EXELIXIS INC	6,474,000	$3.613M	2.4%	$0.56	—	NOTE 4.250%	30161QAC8
LMAT	LEMAITRE VASCULAR	463,000	$3.542M	2.4%	$6.39	0.0%	COM	525558201
—	ZAFGEN	100,263	$3.092M	2.1%	$30.84	—	COM	98885E103
—	TETRAPHASE PHARMACEUTICALS	74,803	$2.97M	2.0%	$39.70	—	COM	88165N105
—	CTI BIOPHARMA	1,228,111	$2.898M	2.0%	$2.36	—	COM	12648L106
—	RRSAT GLOBAL COMM NTWRK LTD	401,424	$2.89M	2.0%	$7.20	—	SHS	M8183P102
—	CARDIOME PHARMA CORP	303,477	$2.807M	1.9%	$9.25	—	COM NO PAR	14159U301
—	VOLCANO CORPORATION	153,436	$2.743M	1.9%	$17.88	—	COM	928645100
—	IGNYTA	369,360	$2.53M	1.7%	$6.85	—	COM	451731103
VRTX	VERTEX PHARMACEUTICALS	20,000	$2.376M	1.6%	—	—	Call	92532F100
—	RECEPTOS	18,768	$2.299M	1.6%	$122.50	—	COM	756207106
ENTA	ENANTA PHARMACEUTICALS	44,528	$2.264M	1.5%	$44.77	0.0%	COM	29251M106
—	HORIZON PHARMA PLC	167,491	$2.159M	1.5%	$12.89	—	SHS	G4617B105
—	VASCULAR SOLUTIONS	74,494	$2.023M	1.4%	$27.16	—	COM	92231M109
OM2	ORTHOFIX INTL N V	67,058	$2.016M	1.4%	$30.06	—	COM	N6748L102
CERS	CERUS	308,282	$1.924M	1.3%	$4.54	0.0%	COM	157085101
IRIX	IRIDEX	208,933	$1.797M	1.2%	$7.93	0.0%	COM	462684101
BBW	BUILD A BEAR WORKSHOP	88,740	$1.784M	1.2%	$14.73	0.0%	COM	120076104
EHTH	EHEALTH	69,519	$1.732M	1.2%	$24.31	0.0%	COM	28238P109
—	PAPA MURPHYS HLDGS	140,462	$1.632M	1.1%	$11.62	—	COM	698814100
—	HISTOGENICS	136,804	$1.505M	1.0%	$11.00	—	COM	43358V109
—	DEPOMED	90,958	$1.465M	1.0%	$16.11	—	COM	249908104
—	HYPERION THERAPEUTICS	60,462	$1.451M	1.0%	$24.00	—	COM	44915N101
—	GW PHARMACEUTICALS PLC	20,000	$1.354M	0.9%	—	—	Call	36197T103
—	KINDRED BIOSCIENCES	171,807	$1.28M	0.9%	$7.45	—	COM	494577109
—	FORWARD PHARMA A/S	60,730	$1.265M	0.9%	$20.83	—	SPONS ADR	34986J105
CERS	CERUS	200,000	$1.248M	0.8%	$4.54	0.0%	Call	157085101
—	ARRAY BIOPHARMA INC	1,315,000	$1.229M	0.8%	$0.93	—	NOTE 3.000%	04269XAA3
—	AMAG PHARMACEUTICALS	26,596	$1.134M	0.8%	$42.64	—	COM	00163U106
—	PARATEK PHARMACEUTICALS	29,252	$1.128M	0.8%	$38.56	—	COM	699374302
—	COMBIMATRIX CORPORATION	853,278	$1.101M	0.7%	$1.29	—	COM	20009T303
—	HORSEHEAD HLDG	68,577	$1.086M	0.7%	$15.84	—	COM	440694305
—	AGENUS	268,466	$1.066M	0.7%	$3.97	—	COM	00847G705
—	BELLICUM PHARMACEUTICALS	45,750	$1.054M	0.7%	$23.04	—	COM	079481107
—	MOL GLOBAL INC	339,575	$1.036M	0.7%	$3.05	—	SPONS ADR	60845Q105
—	CARDICA	1,465,905	$1.026M	0.7%	$0.70	—	COM	14141R101
HRTX	HERON THERAPEUTICS	101,050	$1.017M	0.7%	$8.16	0.0%	COM	427746102
—	INNOCOLL AG	164,108	$974K	0.7%	$5.94	—	SPONS ADR	45780Q103
—	CEMPRA	40,000	$940K	0.6%	—	—	Put	15130J109
—	CAS MED SYS INC	522,467	$862K	0.6%	$1.65	—	COM PAR $0.004	124769209
—	GENVEC	354,784	$738K	0.5%	$2.08	—	COM	37246C307
—	ATHENAHEALTH	5,000	$729K	0.5%	—	—	Put	04685W103
NBIX	NEUROCRINE BIOSCIENCES	31,500	$704K	0.5%	—	—	Call	64125C109
—	ANTARES PHARMA	232,762	$598K	0.4%	$2.57	—	COM	036642106
—	SEQUENOM	155,135	$574K	0.4%	$3.70	—	COM	817337405
—	NANOSPHERE	1,456,884	$571K	0.4%	$0.39	—	COM	63009F105
—	CHEMBIO DIAGNOSTICS	146,099	$571K	0.4%	$3.91	—	COM	163572209
—	PSIVIDA	122,338	$503K	0.3%	$4.11	—	COM	74440J101
—	NPS PHARMACEUTICALS	10,000	$358K	0.2%	$35.75	—	Call	62936P103
XNCR	XENCOR	22,011	$353K	0.2%	$11.60	0.0%	COM	98401F105
OXM	OXFORD IMMUNOTEC GLOBAL PLC	24,742	$337K	0.2%	$60.98	0.0%	ORD SHS	691497309
—	NPS PHARMACEUTICALS	8,000	$286K	0.2%	$35.75	—	COM	62936P103
VCYT	VERACYTE	29,024	$280K	0.2%	$7.80	0.0%	COM	92337F107
INSM	INSMED	13,154	$203K	0.1%	$14.19	0.0%	COM PAR $.01	457669307
—	TRILLIUM THERAPEUTICS	19,000	$171K	0.1%	$9.00	—	COM	89620X506
—	COMMUNITY HEALTH SYS INC NEW	2,963,721	$74,000	0.1%	$0.02	—	RIGHT 01/27/2016	203668116
—	ASSEMBLY BIOSCIENCES	3,800	$30,000	0.0%	$7.89	—	COM	045396108