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 OF SECURITIES 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 * CRESTVIEW CAPITAL MASTER LLC   2. Issuer Name and Ticker or Trading Symbol CHEMBIO DIAGNOSTICS, INC. [CEMI] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 95 REVERE DRIVE, SUITE A 3. Date of Earliest Transaction (Month/Day/Year) 06/24/2008 (Street) NORTHBROOK, IL 60062 4. If Amendment, Date Original Filed(Month/Day/Year) 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 (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 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 06/24/2008   X(1)   6,169,056 A $ 0.45 24,145,310 D (1)   Common stock 06/24/2008   X(1)   5,237,879 D $ 0.45 18,907,431 D (1)

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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 (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

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 (Month/Day/Year)

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

Common Stock

$ 0.45

06/24/2008

X(1)

4,611,679

06/24/2008

01/28/2010

Common Stock

4,611,679

$ 0

0

D

Common Stock

$ 0.45

06/24/2008

X(1)

1,557,377

06/24/2008

03/30/2011

Common Stock

1,557,377

$ 0

0

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
CRESTVIEW CAPITAL MASTER LLC 95 REVERE DRIVE SUITE A NORTHBROOK, IL 60062		X
Crestview Capital Partners, LLC C/O CRESTVIEW CAPITAL FUNDS 95 REVERE DRIVE, SUITE A NORTHBROOK, IL 60062		X

Signatures

/s/ Daniel I. Warsh - (Manager) CRESTVIEW CAPITAL PARTNERS, LLC, its sole Manager		06/26/2008
**Signature of Reporting Person		Date
/s/ Daniel I. Warsh - (Manager) CRESTVIEW CAPITAL PARTNERS, LLC		06/26/2008
**Signature of Reporting Person		Date

Explanation of Responses:

*	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).
(1)	On June 24, 2008, the Reporting Person exercised, by means of a cashless exercise at an effective price per share equal to $0.45, two common stock purchase warrants, for a total sale of 6,169,056 shares of common stock underlying such common stock purchase warrants. As a result of the cashless exercise, the Reporting Person beneficially owned 6,169,056 shares of common stock immediately following such cashless exercise and the Reporting Person immediately thereafter disposed of 5,237,879 shares of common stock. The net effect of the transaction is that the two common stock purchase warrants are no longer beneficially owned by the Reporting Person and the Reporting Person beneficially owns 931,177 shares of common stock.

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