Sec Form 4 Filing - LAURUS MASTER FUND LTD @ BIOVEST INTERNATIONAL INC - 2012-05-01

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person LAURUS MASTER FUND LTD 2. Issuer Name and Ticker or Trading Symbol BIOVEST INTERNATIONAL INC [ BVTI] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director X __ 10% Owner _____ Officer (give title below) X __ Other (specify below) Disclaimed Group (Last) (First) (Middle) C/O LAURUS CAPITAL MANAGEMENT, LLC, 420 LEXINGTON AVE., SUITE 2840 3. Date of Earliest Transaction (MM/DD/YY) 05/01/2012 (Street) NEW YORK, NY10170 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) _____ Form filed by One Reporting Person __ X __ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock, par value $0.01 per share 05/01/2012 S 5,734 D $ 0.4 1,849,525 ( 4 ) I By Laurus Master Fund, Ltd. ( 1 ) ( 2 ) ( 3 ) ( 4 ) Common Stock, par value $0.01 per share 05/01/2012 S 3,164 D $ 0.4 1,021,023 ( 5 ) I By Valens U.S. SPV I, LLC ( 1 ) ( 2 ) ( 3 ) ( 5 ) Common Stock, par value $0.01 per share 05/01/2012 S 22,356 D $ 0.4 7,211,763 ( 6 ) I By Valens Offshore SPV I, Ltd. ( 1 ) ( 2 ) ( 3 ) ( 6 ) Common Stock, par value $0.01 per share 05/01/2012 S 14,046 D $ 0.4 4,531,371 ( 7 ) I By PSource Structured Debt Ltd. ( 1 ) ( 2 ) ( 3 ) ( 7 ) Common Stock, par value $0.01 per share 05/02/2012 S 6,563 D $ 0.4 1,842,962 ( 4 ) I By Laurus Master Fund, Ltd. ( 1 ) ( 2 ) ( 3 ) ( 4 ) Common Stock, par value $0.01 per share 05/02/2012 S 3,623 D $ 0.4 1,017,400 ( 5 ) I By Valens U.S. SPV I, LLC ( 1 ) ( 2 ) ( 3 ) ( 5 ) Common Stock, par value $0.01 per share 05/02/2012 S 25,591 D $ 0.4 7,186,172 ( 6 ) I By Valens Offshore SPV I, Ltd. ( 1 ) ( 2 ) ( 3 ) ( 6 ) Common Stock, par value $0.01 per share 05/02/2012 S 16,079 D $ 0.4 4,515,292 ( 7 ) I By PSource Structured Debt Ltd. ( 1 ) ( 2 ) ( 3 ) ( 7 )

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other LAURUS MASTER FUND LTD C/O LAURUS CAPITAL MANAGEMENT, LLC 420 LEXINGTON AVE., SUITE 2840 NEW YORK, NY10170 X Disclaimed Group PSource Structured Debt Ltd C/O LAURUS CAPITAL MANAGEMENT, LLC 420 LEXINGTON AVE., SUITE 2840 NEW YORK, NY10170 X Disclaimed Group Valens U.S. SPV I, LLC C/O LAURUS CAPITAL MANAGEMENT, LLC 420 LEXINGTON AVE., SUITE 2840 NEW YORK, NY10170 X Disclaimed Group Valens Offshore SPV I, Ltd. 335 MADISON AVENUE, 10TH FLOOR NEW YORK, NY10170 X Disclaimed Group LAURUS CAPITAL MANAGEMENT LLC 420 LEXINGTON AVE., SUITE 2840 NEW YORK, NY10170 X Disclaimed Group Valens Capital Management, LLC C/O LAURUS CAPITAL MANAGEMENT, LLC 420 LEXINGTON AVE., SUITE 2840 NEW YORK, NY10170 X Disclaimed Group Signatures /s/ Russell Smith, Russell Smith, Joint Official Liquidator (for the account of Laurus Master Fund, Ltd. (In Liquidation) and with personal liability) 05/03/2012 Signature of Reporting Person Date /s/ Lara Hrafnkelsdottir, COO, CCO, Valens Capital Management, LLC 05/03/2012 Signature of Reporting Person Date /s/ Lara Hrafnkelsdottir, COO, CCO, Laurus Capital Management, LLC 05/03/2012 Signature of Reporting Person Date /s/Soondra Appavoo, Managing Director of PSource Capital, Ltd., its Investment Consultant and Authorized Signatory, PSource Structured Debt Limited 05/03/2012 Signature of Reporting Person Date /s/ Lara Hrafnkelsdottir, COO, CCO, Valens Capital Management, LLC, its investment manager and authorized signatory, Valens U.S. SPV I, LLC 05/03/2012 Signature of Reporting Person Date /s/ Lara Hrafnkelsdottir, COO, CCO, Valens Capital Management, LLC, its investment manager and authorized signatory, Valens Offshore SPV I, Ltd. 05/03/2012 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Laurus Master Fund, Ltd. (in Liquidation), a Cayman Islands company (the "Fund") is in liquidation under the supervision of the Grand Court of the Cayman Islands. The Joint Official Liquidators ("JOLs") are Chris Johnson and Russell Smith of Johnson Smith Associates, Ltd. The JOLs have discretion over the management of the Fund and the disposition of its assets, including the securities owned by the Fund reported in this statement. Laurus Capital Management, LLC ("LCM") provides day-to-day investment management services to the Fund and its two feeder funds concerning their respective assets, including the securities owned by the Fund reported in this statement, subject to certain oversight and preapproval rig hts of the JOLs and LCM's obligations to the Fund under the Seventh Amended and Restated Investment Management Agreement dated as of April 26, 2007, as amended, restated, modified and/or supplemented from time to time; (Continued in footnote 2) ( 2 )all of the foregoing are subject to specific directions otherwise given by the JOLs at their discretion. PSource Structured Debt Limited, a Guernsey company ("PSource") is managed by LCM, subject to certain preapproval rights of the board of directors of PSource. Valens Capital Management, LLC ("VCM") serves as investment manager to Valens U.S. SPV I, LLC, a Delaware limited liability company and Valens Offshore SPV I, Ltd., a Cayman Islands company. The JOLs share voting and investment power over the securities owned by the Fund. Each of the JOLs, LCM and VCM disclaims beneficial ownership of the securities reported herein except to the extent of such person's pecuniary interest, if any. (Continued in footnote 3). ( 3 )The filing of this statement shall not be deemed an admission that any person is, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or otherwise, the beneficial owner of any equity securities covered by or described in this statement. ( 4 )Shares owned directly by Laurus Master Fund, Ltd. ( 5 )Shares owned directly by Valens U.S. SPV I, LLC ( 6 )Shares owned directly by Valens Offshore SPV I, Ltd. ( 7 )Shares owned directly by PSource Structured Debt Ltd.

Remarks: * The reporting parties may be deemed to be part of a group of entities that owns greater than 10% of the outstanding shares of the Issuer. The filing of this statement shall not be deemed an admission that any person is, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or otherwise, the beneficial owner of any equity securities covered by or described in this statement.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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