Valens Capital Management, LLC

USReporting entity

Transactions

Issuers

Buys / Sells

0/19

Last tx

24 Apr 2012

USReporting entity

Transactions

Issuers

Buys / Sells

0/19

Last tx

24 Apr 2012

Current positions

Holdings derived from the most recent reported transactions. Not adjusted for stock splits or share-class conversions.

Issuer	Shares	Source	Last tx	Detail
BIOVEST INTERNATIONAL INC	7,238,314	reported	24 Apr 2012	tx 8−90,300
Ad.Venture Partners, Inc.	2,674,407	reported	18 Jan 2008	tx 5−59,900
National Investment Managers Inc.	548,124	reported	27 May 2009	tx 6−25,246

Recent transactions

Date	Type	Issuer	Qty	Price
24 Apr 2012	SALE	BIOVEST INTERNATIONAL INC	9,302	0.41 USD
24 Apr 2012	SALE	BIOVEST INTERNATIONAL INC	14,805	0.41 USD
24 Apr 2012	SALE	BIOVEST INTERNATIONAL INC	2,096	0.41 USD
24 Apr 2012	SALE	BIOVEST INTERNATIONAL INC	3,797	0.41 USD
23 Apr 2012	SALE	BIOVEST INTERNATIONAL INC	18,697	0.42 USD
23 Apr 2012	SALE	BIOVEST INTERNATIONAL INC	4,213	0.42 USD
23 Apr 2012	SALE	BIOVEST INTERNATIONAL INC	7,632	0.42 USD
23 Apr 2012	SALE	BIOVEST INTERNATIONAL INC	29,758	0.42 USD
27 May 2009	SALE	National Investment Managers Inc.	11,728	0.20 USD
27 May 2009	SALE	National Investment Managers Inc.	1,492	0.20 USD
27 May 2009	SALE	National Investment Managers Inc.	6,780	0.20 USD
26 May 2009	SALE	National Investment Managers Inc.	3,076	0.23 USD
26 May 2009	SALE	National Investment Managers Inc.	392	0.23 USD
26 May 2009	SALE	National Investment Managers Inc.	1,778	0.23 USD
18 Jan 2008	SALE	Ad.Venture Partners, Inc.	27,500	1.00 USD
21 Dec 2007	SALE	Ad.Venture Partners, Inc.	3,000	1.40 USD
18 Oct 2007	SALE	Ad.Venture Partners, Inc.	16,400	2.52 USD
17 Oct 2007	SALE	Ad.Venture Partners, Inc.	10,000	2.45 USD
09 Oct 2007	SALE	Ad.Venture Partners, Inc.	3,000	2.35 USD

Current positions

Holdings derived from the most recent reported transactions. Not adjusted for stock splits or share-class conversions.

Issuer	Shares	Source	Last tx	Detail
BIOVEST INTERNATIONAL INC	7,238,314	reported	24 Apr 2012	tx 8−90,300
Ad.Venture Partners, Inc.	2,674,407	reported	18 Jan 2008	tx 5−59,900
National Investment Managers Inc.	548,124	reported	27 May 2009	tx 6−25,246

Recent transactions

Date	Type	Issuer	Qty	Price
24 Apr 2012	SALE	BIOVEST INTERNATIONAL INC	9,302	0.41 USD
24 Apr 2012	SALE	BIOVEST INTERNATIONAL INC	14,805	0.41 USD
24 Apr 2012	SALE	BIOVEST INTERNATIONAL INC	2,096	0.41 USD
24 Apr 2012	SALE	BIOVEST INTERNATIONAL INC	3,797	0.41 USD
23 Apr 2012	SALE	BIOVEST INTERNATIONAL INC	18,697	0.42 USD
23 Apr 2012	SALE	BIOVEST INTERNATIONAL INC	4,213	0.42 USD
23 Apr 2012	SALE	BIOVEST INTERNATIONAL INC	7,632	0.42 USD
23 Apr 2012	SALE	BIOVEST INTERNATIONAL INC	29,758	0.42 USD
27 May 2009	SALE	National Investment Managers Inc.	11,728	0.20 USD
27 May 2009	SALE	National Investment Managers Inc.	1,492	0.20 USD
27 May 2009	SALE	National Investment Managers Inc.	6,780	0.20 USD
26 May 2009	SALE	National Investment Managers Inc.	3,076	0.23 USD
26 May 2009	SALE	National Investment Managers Inc.	392	0.23 USD
26 May 2009	SALE	National Investment Managers Inc.	1,778	0.23 USD
18 Jan 2008	SALE	Ad.Venture Partners, Inc.	27,500	1.00 USD
21 Dec 2007	SALE	Ad.Venture Partners, Inc.	3,000	1.40 USD
18 Oct 2007	SALE	Ad.Venture Partners, Inc.	16,400	2.52 USD
17 Oct 2007	SALE	Ad.Venture Partners, Inc.	10,000	2.45 USD
09 Oct 2007	SALE	Ad.Venture Partners, Inc.	3,000	2.35 USD