Ownership Submission
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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(Print or Type Responses)
1. Name and Address of Reporting Person *
WASSMANN TERRY
   2. Issuer Name and Ticker or Trading Symbol
CHOLESTECH CORPORATION [CTEC] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
V.P. Human Resources
(Last)
(First)
(Middle)
3347 INVESTMENT BLVD.		 3. Date of Earliest Transaction (Month/Day/Year)
09/12/2007
(Street)

HAYWARD,, CA 94545		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ 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 09/12/2007 09/12/2007 D   7,500 D (1) 0 D  

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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
Right to Buy (Employee Stock Option) $ 17.83 09/12/2007 09/12/2007 D     10,520   (2) 03/27/2012 Common Stock 10,520 $ 0 0 D  
Right to Buy (Employee Stock Option) $ 17.83 09/12/2007 09/12/2007 D     9,480   (3) 03/27/2012 Common Stock 9,480 $ 0 0 D  
Right to Buy (Employee Stock Option) $ 8.29 09/12/2007 09/12/2007 D     2,084   (4) 03/27/2013 Common Stock 2,084 $ 0 0 D  
Right to Buy (Employee Stock Option) $ 8.6 09/12/2007 09/12/2007 D     9,535   (5) 03/25/2011 Common Stock 9,535 $ 0 0 D  
Right to buy (Employee Stock Option) $ 8.6 09/12/2007 09/12/2007 D     10,465   (6) 03/25/2011 Common Stock 10,465 $ 0 0 D  
Right to buy (Employee Stock Option) $ 10.19 09/12/2007 09/12/2007 D     6,124   (7) 03/23/2012 Common Stock 6,124 $ 0 0 D  
Right to Buy (Employee Stock Option) $ 10.19 09/12/2007 09/12/2007 D     7,876   (8) 03/23/2012 Common Stock 7,876 $ 0 0 D  
Right to Buy (Employee Stock Option) $ 12 09/12/2007 09/12/2007 D     6,513   (9) 03/22/2013 Common Stock 6,513 $ 0 0 D  
Right to Buy (Employee Stock Option) $ 12 09/12/2007 09/12/2007 D     13,487   (10) 03/22/2013 Common Stock 13,487 $ 0 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
WASSMANN TERRY
3347 INVESTMENT BLVD.
HAYWARD,, CA 94545		       V.P. Human Resources  

Signatures

 John F. Glenn, Atty-in-Fact for Terry L. Wassmann   09/13/2007
**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) Disposed of pursuant to a merger agreement between the issuer, Inverness Medical Innovations, Inc. ("IMA") and Iris Merger Sub, Inc. in exchange for 3,273 shares of IMA Common Stock having a market value of $48.56 per share on the effective date of the merger, and $7.28 representing fractional shares as provided in the merger agreement.
(2) This option provided for vesting over 4 years. Upon effectiveness of the merger, this option was exchanged for an option to purchase 4,591 shares of IMA Common Stock with an exercise price of $40.86 per share.
(3) This option provided for vesting over 4 years. Upon effectiveness of the merger, this option was exchanged for an option to purchase 4,137 shares of IMA Common Stock with an exercise price of $40.86 per share.
(4) This option provided for vesting over 4 years. Upon effectiveness of the merger, this option was exchanged for an option to purchase 909 shares of IMA Common Stock with an exercise price of $19.00 per share.
(5) This option provided for vesting over 4 years. Upon effectiveness of the merger, this option was exchanged for an option to purchase 4,161 shares of IMA Common Stock with an exercise price of $19.71 per share.
(6) This option provided for vesting over 4 years. Upon effectiveness of the merger, this option was exchanged for an option to purchase 4,567 shares of IMA Common Stock with an exercise price of $19.71 per share.
(7) This option provided for vesting over 4 years. Upon effectiveness of the merger, this option was exchanged for an option to purchase 2,672 shares of IMA Common Stock with an exercise price of $23.35 per share.
(8) This option provided for vesting over 4 years. Upon effectiveness of the merger, this option was exchanged for an option to purchase 3,437 shares of IMA Common Stock with an exercise price of $23.35 per share.
(9) This option provided for vesting over 4 years. Upon effectiveness of the merger, this option was exchanged for an option to purchase 2,842 shares of IMA Common Stock with an exercise price of $27.50 per share.
(10) This option provided for vesting over 4 years. Upon effectiveness of the merger, this option was exchanged for an option to purchase 5,885 shares of IMA Common Stock with an exercise price of $27.50 per share.

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