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Protein Design Labs Common 74369L103 $830.23 25,312 SH X No. 2 X
$1,966.69 59,960 SH X No. 1 X
$515.88 15,728 SH X X
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Penwest Pharma Co. Common 70975419 $196.69 9,810 SH X No. 2 X
$486.41 24,260 SH X No. 1 X
$118.90 5,930 SH X X
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Praecis Pharmaceuticals, Inc Common 739421105 $668.14 114,800 SH X No. 2 X
$1,103.18 189,550 SH X No. 1 X
$722.55 124,150 SH X X
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Pharmaceutical Res, Inc Common 717125108 $378.12 11,187 SH X No. 2 X
$710.81 21,030 SH X No. 1 X
$1,851.67 54,783 SH X X
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Repligen Corp. Common 759916109 $1,329.16 545,631 SH X No. 2 X
$4,470.11 1,835,019 SH X No. 1 X
6
<PAGE>
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
------------------------------ -------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------
$0.00 0 SH X X
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Sicor Inc. Common 825846108 $250.88 16,000 SH X No. 2 X
$368.48 23,500 SH X No. 1 X
$164.64 10,500 SH X X
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Schering-Plough Corp. Common 806605101 $488.81 13,650 SH X No. 2 X
$981.19 27,400 SH X No. 1 X
$313.34 8,750 SH X X
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Salix Pharmaceuticals Common n/a $945.68 46,700 SH X No. 2 X
$1,638.23 80,900 SH X No. 1 X
$603.45 29,800 SH X X
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Telik, Inc. Common 87959M109 $1,224.86 90,730 SH X No. 2 X
$2,311.20 171,200 SH X No. 1 X
$781.25 57,870 SH X X
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Transkaryotic Therapies Inc. Common 893735100 $2,139.83 49,996 SH X No. 2 X
$4,016.39 93,841 SH X No. 1 X
$1,355.18 31,663 SH X X
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Titan Pharmaceuticals Common 888314101 $676.30 68,940 SH X No. 2 X
$1,203.10 122,640 SH X No. 1 X
$365.13 37,220 SH X X
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US Oncology, Inc. Common 90338W103 $246.94 32,750 SH X No. 2 X
$481.62 63,875 SH X No. 1 X
$157.40 20,875 SH X X
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Variagenics, Inc Common 922196100 $51.12 16,599 SH X No. 2 X
$78.89 25,613 SH X No. 1 X
$6.43 2,088 SH X X
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Watson Pharma Inc. Common 942683103 $1,506.72 48,000 SH X No. 2 X
$2,213.00 70,500 SH X No. 1 X
$988.79 31,500 SH X X
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Xoma Corp. Common n/a $1,118.00 113,503 SH X No. 2 X
$1,854.96 188,321 SH X No. 1 X
$720.78 73,176 SH X X
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Cypress Bioscience Common 232674101 $2,160.11 524,299 SH X No. 4 X
$5,018.25 1,218,023 SH X No. 3 X
$173.87 42,202 SH X X
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Discovery Laboratories Common 254668106 $777.53 210,144 SH X No. 4 X
$1,814.25 490,337 SH X No. 3 X
$0.00 0 SH X X
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DOR BioPharma Common 29264N307 $1,026.10 996,214 SH X No. 4 X
$2,280.93 2,214,493 SH X No. 3 X
$20.89 20,284 SH X X
------------------------------------------------------------------------------------------------------------------------------------
GenStar Therapeutics Corp Common 37248D105 $3,717.30 1,504,981 SH X No. 4 X
$7,914.24 3,204,147 SH X No. 3 X
7
<PAGE>
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
------------------------------ -------------- --------- -------- -------- --- ---- ------- ------------ -------- ------- ------
$597.03 241,712 SH X X
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Genta, Inc. Common 37245M207 $116,062.10 8,156,156 SH X No. 4 X
$242,170.11 17,018,279 SH X No. 3 X
$26,037.61 1,829,769 SH X X
------------------------------------------------------------------------------------------------------------------------------------
Keryx Biopharmacentials, Inc Common 492515101 $430.50 58,972 SH X No. 4 X
$852.20 116,740 SH X No. 3 X
$137.88 18,888 SH X X
------------------------------------------------------------------------------------------------------------------------------------
Neurobiological Technologies Common 64124W106 $1.52 299 SH X No. 4 X
$0.79 155 SH X No. 3 X
$0.00 0 SH X X
------------------------------------------------------------------------------------------------------------------------------------
Neoprobe Common 6405108106 $225.48 536,853 SH X No. 4 X
$531.57 1,265,647 SH X No. 3 X
$0.00 0 SH X X
------------------------------------------------------------------------------------------------------------------------------------
Neose Tech. Common 640522108 $6,120.41 167,133 SH X No. 4 X
$13,098.75 357,694 SH X No. 3 X
$1,389.44 37,942 SH X X
------------------------------------------------------------------------------------------------------------------------------------
Palatin Technologies Inc. Common 696077304 $258.74 61,604 SH X No. 4 X
$721.00 171,666 SH X No. 3 X
$0.00 0 SH X X
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Paligent Common 696385103 $106.08 3,422,046 SH X No. 4 X
$211.36 6,818,194 SH X No. 3 X
$0.40 12,995 SH X X
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Amgen Inc. Call 1/60 Long Calls 31162100 $48.00 64,000 SH Calls X No. 2 X
$70.50 94,000 SH Calls X No. 1 X
$31.50 42,000 SH Calls X X
------------------------------------------------------------------------------------------------------------------------------------
Andrx Call 1/75 Long Calls 3455101 $20.80 16,000 SH Calls X No. 2 X
$30.55 23,500 SH Calls X No. 1 X
$13.65 10,500 SH Calls X X
------------------------------------------------------------------------------------------------------------------------------------
Andrx Group Call 6/75 Long Calls 3455101 $201.60 24,000 SH Calls X No. 2 X
$296.52 35,300 SH Calls X No. 1 X
$131.88 15,700 SH Calls X X
------------------------------------------------------------------------------------------------------------------------------------
Avigen Inc. Call 2/22.5 Long Calls 53690103 $2.89 23,100 SH Calls X No. 2 X
$5.25 42,000 SH Calls X No. 1 X
$1.24 9,900 SH Calls X X
------------------------------------------------------------------------------------------------------------------------------------
Britesmile Inc. Call 4/7.5 Long Calls 110415106 $7.60 16,000 SH Calls X No. 2 X
$11.16 23,500 SH Calls X No. 1 X
$4.99 10,500 SH Calls X X
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Cerus Corp. Call 1/50 Long Calls 157085101 $25.76 22,400 SH Calls X No. 2 X
$37.84 32,900 SH Calls X No. 1 X
$16.91 14,700 SH Calls X X
------------------------------------------------------------------------------------------------------------------------------------
Uthr Call 2/12.5 Long Calls 91307C102 $29.00 40,000 SH Calls X No. 2 X
$42.63 58,800 SH Calls X No. 1 X
8
<PAGE>
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
------------------------------ -------------- --------- -------- -------- --- ---- ------- ------------ -------- ------- ------
$19.00 26,200 SH Calls X X
------------------------------------------------------------------------------------------------------------------------------------
Immunex Corp. Call 1/28.375 Long Calls 452907108 $19.20 24,000 SH Calls X No. 2 X
$28.16 35,200 SH Calls X No. 1 X
$12.64 15,800 SH Calls X X
------------------------------------------------------------------------------------------------------------------------------------
Scios Inc. Call 1/30 Long Calls 808905103 $8.00 32,000 SH Calls X No. 2 X
$11.75 47,000 SH Calls X No. 1 X
$5.25 21,000 SH Calls X X
------------------------------------------------------------------------------------------------------------------------------------
Biotech Holders Put 1/125 Long Puts n/a $316.80 176,000 SH Puts X No. 2 X
$465.30 258,500 SH Puts X No. 1 X
$207.90 115,500 SH Puts X X
------------------------------------------------------------------------------------------------------------------------------------
Biotech Holders Put 1/30 Long Puts n/a $204.80 64,000 SH Puts X No. 2 X
$300.80 94,000 SH Puts X No. 1 X
$134.40 42,000 SH Puts X X
------------------------------------------------------------------------------------------------------------------------------------
Biotech Holders Put 1/135 Long Puts n/a $176.00 32,000 SH Puts X No. 2 X
$258.50 47,000 SH Puts X No. 1 X
$115.50 21,000 SH Puts X X
------------------------------------------------------------------------------------------------------------------------------------
Biotech Index Put 1/580 Long Puts n/a $840.00 40,000 SH Puts X No. 2 X
$1,232.70 58,700 SH Puts X No. 1 X
$552.30 26,300 SH Puts X X
------------------------------------------------------------------------------------------------------------------------------------
ImClone Systems Incorporated
Put 1/55 Long Puts 45245W109 $194.37 20,900 SH Puts X No. 2 X
$314.34 33,800 SH Puts X No. 1 X
$119.04 12,800 SH Puts X X
------------------------------------------------------------------------------------------------------------------------------------
Immunomedics Inc. Put 1/20 Long Puts 452907108 $6.72 6,400 SH Puts X No. 2 X
$9.87 9,400 SH Puts X No. 1 X
$4.41 4,200 SH Puts X X
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
$741,737.44
===========
</TEXT>
</DOCUMENT> |
