sc13g

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934
(Amendment No. __)*

Lev Pharmaceuticals, Inc.

(Name of Issuer)

Common Stock, $0.01 par value per share

(Title of Class of Securities)

52730C101

(CUSIP Number)

January 30, 2008

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

o Rule 13d-1(b)

þ Rule 13d-1(c)

o Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).


CUSIP No.		52730C101	13G	Page		2		of		10	Pages


1.	NAMES OF REPORTING PERSONS Mast Credit Opportunities I Master Fund, Ltd.


2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
	(a) o
	(b) o

3.	SEC USE ONLY



4.	CITIZENSHIP OR PLACE OF ORGANIZATION

	Cayman Islands

		5.	SOLE VOTING POWER

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH			13,620,500 shares of Common Stock

		6.	SHARED VOTING POWER

			0

		7.	SOLE DISPOSITIVE POWER

			13,620,500 shares of Common Stock

		8.	SHARED DISPOSITIVE POWER

			0

9.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

	13,620,500 shares of Common Stock

10.	CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

	o

11.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

	9.8%

12.	TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

	CO


CUSIP No.		52730C101	13G	Page		3		of		10	Pages


1.	NAMES OF REPORTING PERSONS Mast Credit Management, LLC


2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
	(a) o
	(b) o

3.	SEC USE ONLY



4.	CITIZENSHIP OR PLACE OF ORGANIZATION

	Delaware

		5.	SOLE VOTING POWER

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH			13,620,500 shares of Common Stock

		6.	SHARED VOTING POWER

			0

		7.	SOLE DISPOSITIVE POWER

			13,620,500 shares of Common Stock

		8.	SHARED DISPOSITIVE POWER

			0

9.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

	13,620,500 shares of Common Stock

10.	CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

	o

11.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

	9.8%

12.	TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

	IA


CUSIP No.		52730C101	13G	Page		4		of		10	Pages


1.	NAMES OF REPORTING PERSONS Christopher B. Madison


2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
	(a) o
	(b) o

3.	SEC USE ONLY



4.	CITIZENSHIP OR PLACE OF ORGANIZATION

	Massachusetts

		5.	SOLE VOTING POWER

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH			100,000 shares of Common Stock

		6.	SHARED VOTING POWER

			13,620,500 shares of Common Stock

		7.	SOLE DISPOSITIVE POWER

			100,000 shares of Common Stock

		8.	SHARED DISPOSITIVE POWER

			13,620,500 shares of Common Stock

9.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

	13,720,500 shares of Common Stock

10.	CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

	o

11.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

	9.9%

12.	TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

	IN


CUSIP No.		52730C101	13G	Page		5		of		10	Pages


1.	NAMES OF REPORTING PERSONS David J. Steinberg


2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
	(a) o
	(b) o

3.	SEC USE ONLY



4.	CITIZENSHIP OR PLACE OF ORGANIZATION

	Massachusetts

		5.	SOLE VOTING POWER

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH			40,000 shares of Common Stock

		6.	SHARED VOTING POWER

			13,620,500 shares of Common Stock

		7.	SOLE DISPOSITIVE POWER

			40,000 shares of Common Stock

		8.	SHARED DISPOSITIVE POWER

			13,620,500 shares of Common Stock

9.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

	13,660,500 shares of Common Stock

10.	CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)

	o

11.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

	9.9%

12.	TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

	IN

Page 6 of 10 pages

Item 1.

(a) Name of Issuer: Lev Pharmaceuticals, Inc. (the “Issuer”).

(b) Address of the Issuer’s Principal Executive Offices: 675 Third Avenue, Suite 2200, New York, New York 10017.

Item 2.

(a) Name of Person Filing: This joint statement on Schedule 13G is being filed by Mast Credit Opportunities I Master Fund, Ltd., Mast Capital Management, LLC, David J. Steinberg and Christopher B. Madison who are collectively referred to as the “Reporting Persons.” Messrs. Steinberg and Madison (the “Managers”) are the managers of Mast Capital Management, LLC (“Capital”), which serves as investment adviser for Mast Credit Opportunities I Master Fund, Ltd. (the “Fund”). The Reporting Persons have entered into a Joint Filing Agreement, dated as of the date hereof, a copy of which is filed with this Schedule 13G as Exhibit 1 (which is incorporated herein by reference), pursuant to which the Reporting Persons have agreed to file this statement jointly in accordance with the provisions of Rule 13d-1(k) under the Act.

(b) Address of Principal Business Office: The principal business office of the Fund with respect to the shares reported hereunder is c/o Goldman Sachs (Cayman) Trust, Limited, P.O. Box 896 GT, Harbour Centre, 2nd Floor, North Church, Street, George Town, Cayman Islands

The principal business officer for Capital and each of the Managers with respect to the share reported hereunder is 535 Boylston Street, Suite 401, Boston, MA 02116.

(c) Citizenship: Capital is a Delaware limited liability company. The Fund is a Cayman Islands exempted company. The Managers are U.S. citizens.

(d) Title and Class of Securities: Common stock, $0.01 par value per share (“Common Stock”)

(e) CUSIP Number: 52730C101

Item 3. If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

N/A

Item 4. Ownership:

As of the date of this filing, the Reporting Persons, in the aggregate, beneficially own 13,760,500 shares of Common Stock of the Issuer. The beneficial ownership of each Reporting Person is as follows: (i) the Fund beneficially owns an aggregate of 13,620,500 shares of Common Stock, which amount includes the right to acquire an additional 900,000 shares of Common Stock through the exercise of a warrant issued to the Fund, representing approximately 9.8% of the class, (ii) Capital, as investment adviser to the Fund beneficially owns 13,620,500 shares of Common Stock, which amount includes the right to acquire an additional 900,000 shares of

Page 7 of 10 pages

Common Stock through the exercise of a warrant issued to the Fund, representing approximately 9.8% of the class, (iii) Mr. Madison, as both a manager of Capital and in his individual capacity, beneficially owns in the aggregate 13,720,500 shares of Common Stock, which amount includes the right to acquire an additional 900,000 shares of Common Stock through the exercise of a warrant issued to the Fund, representing approximately 9.9% of the class, and (iv) Mr. Steinberg, as both a manager of Capital and in his individual capacity, beneficially owns 13,660,500 shares of Common Stock, which amount include the right of the Fund to acquire an additional 900,000 shares of Common Stock through the exercise of a warrant issued to the Fund. The percentage of the Common Stock beneficially owned by each Reporting Person is based on a total of 137,750,203 shares of the Common Stock of the Issuer outstanding as of November 13, 2007, as reported in the Issuer’s most recent quarterly report of the Issuer on Form 10-Q for the quarterly period ended September 30, 2007, plus the number of shares of Common Stock able to be acquired by the Reporting Persons within 60 days of this filing.

The Fund has the power to vote and dispose of the shares of Common Stock beneficially owned by such entity (as described above). Capital, as the investment adviser of the Fund, has the authority to vote and dispose of all of the shares of Common Stock beneficially owned by the Fund. Each of Mr. Madison and Mr. Steinberg, by virtue of his position as manager of Capital, has the authority to vote and dispose of all of the shares of Common Stock beneficially owned by the Fund. In addition, Mr. Madison has the ability to vote and dispose of the shares of Common Stock beneficially owned by him individually and Mr. Steinberg has the ability to vote and dispose of the shares of Common Stock beneficially owned by him individually.

Item 5. Ownership of Five Percent or Less of a Class:

N/A

Item 6. Ownership of More than Five Percent on Behalf of Another Person:

N/A

Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person:

N/A

Item 8. Identification and Classification of Members of the Group:

N/A

Item 9. Notice of Dissolution of Group:

N/A

Page 8 of 10 pages

Item 10. Certification:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

Page 9 of 10 pages

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.


		By:		/s/ Christopher B. Madison

		MAST CREDIT OPPORTUNITIES I MASTER FUND, LTD.
		Name:		Christopher B. Madison
		Title:		Director

		MAST CAPITAL MANAGEMENT, LLC

		By:		/s/ Christopher B. Madison
		Name:		Christopher B. Madison
		Title:		Manager

		Christopher B. Madison

		/s/ Christopher B. Madison


		David J. Steinberg

		/s/ David J. Steinberg

Page 10 of 10 pages

Exhibit 1

JOINT FILING AGREEMENT

Pursuant to Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended, the undersigned hereby agree, as of February 8, 2008, that only one statement containing the information required by Schedule 13G, and each amendment thereto, need be filed with respect to the ownership by each of the undersigned of shares of Common Stock of Lev Pharmaceuticals, Inc., and such statement to which this Joint Filing Agreement is attached as Exhibit 1 is filed on behalf of each of the undersigned.


		MAST CREDIT OPPORTUNITIES I MASTER FUND, LTD.

		By:		/s/ Christopher B. Madison
		Name:		Christopher B. Madison
		Title:		Director

		MAST CAPITAL MANAGEMENT, LLC

		By:		/s/ Christopher B. Madison
		Name:		Christopher B. Madison
		Title:		Manager

		Christopher B. Madison

		/s/ Christopher B. Madison


		David J. Steinberg

		/s/ David J. Steinberg