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 *
MASSARANY HANY
   2. Issuer Name and Ticker or Trading Symbol
VENTANA MEDICAL SYSTEMS INC [VMSI] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Executive Vice President & COO
(Last)
(First)
(Middle)
1910 E.INNOVATION PARK DR		 3. Date of Earliest Transaction (Month/Day/Year)
02/07/2008
(Street)

TUCSON, AZ 85755		 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 02/07/2008   M   10,955 A $ 89.4 38,624 (1) D  
Common Stock 02/07/2008   M   7,982 A $ 89.4 46,606 D  
Common Stock 02/07/2008   M   22,140 A $ 89.4 68,746 D  
Common Stock 02/07/2008   M   16,838 A $ 89.4 85,584 D  
Common Stock 02/07/2008   M   3,957 A $ 89.4 89,541 D  
Common Stock 02/07/2008   M   15,292 A $ 89.4 104,833 D  
Common Stock 02/07/2008   M   927 A $ 89.4 105,760 D  
Common Stock 02/07/2008   M   31,073 A $ 89.4 136,833 D  
Common Stock 02/07/2008   M   6,200 A $ 89.4 143,033 D  
Common Stock 02/07/2008   M   6,200 A $ 89.4 149,233 D  
Common Stock 02/07/2008   M   6,200 A $ 89.4 155,433 D  
Common Stock 02/07/2008   M   6,200 A $ 89.4 161,633 D  
Common Stock 02/07/2008   M   6,200 A $ 89.4 167,833 D  
Common Stock 02/07/2008   M   7,000 A $ 89.4 174,833 D  
Common Stock 02/07/2008   M   7,000 A $ 89.4 181,833 D  
Common Stock 02/07/2008   M   7,000 A $ 89.4 188,833 D  
Common Stock 02/07/2008   M   7,000 A $ 89.4 195,833 D  
Common Stock 02/07/2008   M   7,000 A $ 89.4 202,833 D  
Common Stock 02/07/2008   M   7,334 A $ 89.4 210,167 D  
Common Stock 02/07/2008   M   550 A $ 89.4 210,717 D  
Common Stock 02/07/2008   U   195,680 D $ 89.5 15,037 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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
Stock Options (Right to Buy) $ 12.25 02/07/2008   M     10,955 01/01/2001(2) 01/24/2010 Common Stock 10,955 $ 12.25 0 D  
Stock Options (Right to Buy) $ 10.06 02/07/2008   M     7,982 01/22/2002 01/22/2012 Common Stock 7,982 $ 10.06 0 D  
Stock Options (Right to Buy) $ 10.06 02/07/2008   M     22,140 01/22/2003(2) 01/22/2013 Common Stock 22,140 $ 10.06 0 D  
Stock Options (Right to Buy) $ 10.12 02/07/2008   M     16,838 01/27/2004(2) 01/27/2013 Common Stock 16,838 $ 10.12 0 D  
Stock Options (Right to Buy) $ 10.12 02/07/2008   M     3,957 01/27/2004(2) 01/27/2013 Common Stock 3,957 $ 10.12 0 D  
Stock Options (Right to Buy) $ 22.365 02/07/2008   M     15,292 01/26/2004 01/26/2014 Common Stock 15,292 $ 22.365 0 D  
Stock Options (Right to Buy) $ 22.365 02/07/2008   M     927 01/26/2005(2) 01/26/2014 Common Stock 927 $ 22.365 4,487 D  
Stock Options (Right to Buy) $ 22.365 02/07/2008   M     31,073 01/26/2005(2) 01/26/2014 Common Stock 31,073 $ 22.365 3,513 D  
Stock Options (Right to Buy) $ 33.73 02/07/2008   M     6,200 12/28/2004 12/28/2014 Common Stock 6,200 $ 33.73 0 D  
Stock Options (Right to Buy) $ 35.42 02/07/2008   M     6,200 12/28/2004 12/28/2014 Common Stock 6,200 $ 35.42 0 D  
Stock Options (Right to Buy) $ 37.19 02/07/2008   M     6,200 12/28/2004 12/28/2014 Common Stock 6,200 $ 37.19 0 D  
Stock Options (Right to Buy) $ 39.05 02/07/2008   M     6,200 12/28/2004 12/28/2014 Common Stock 6,200 $ 39.05 0 D  
Stock Options (Right to Buy) $ 41 02/07/2008   M     6,200 12/28/2004 12/28/2014 Common Stock 6,200 $ 41 0 D  
Stock Options (Right to Buy) $ 42.41 02/07/2008   M     7,000 12/15/2005 12/15/2015 Common Stock 7,000 $ 42.41 0 D  
Stock Options (Right to Buy) $ 44.43 02/07/2008   M     7,000 12/15/2005 12/15/2015 Common Stock 7,000 $ 44.43 0 D  
Stock Options (Right to Buy) $ 46.45 02/07/2008   M     7,000 12/15/2005 12/15/2015 Common Stock 7,000 $ 46.45 0 D  
Stock Options (Right to Buy) $ 48.47 02/07/2008   M     7,000 12/15/2005 12/15/2015 Common Stock 7,000 $ 48.47 0 D  
Stock Options (Right to Buy) $ 50.49 02/07/2008   M     7,000 12/15/2005 12/15/2015 Common Stock 7,000 $ 50.49 0 D  
Stock Options (Right to Buy) $ 40.25 02/07/2008   M     7,334 03/28/2007(3) 02/28/2017 Common Stock 7,334 $ 40.25 24,250 D  
Stock Options (Right to Buy) $ 40.25 02/07/2008   M     550 03/28/2007(3) 02/28/2017 Common Stock 550 $ 40.25 2,350 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
MASSARANY HANY
1910 E.INNOVATION PARK DR
TUCSON, AZ 85755		       Executive Vice President & COO  

Signatures

 Leslie Oaks, Attorney in Fact for Hany Massarany   02/07/2008
**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) Includes 37 shares acquired in February 2008 under Ventana's Employee Stock Purchase Plan.
(2) Stock options vest 20% after one year and 1/60th each month thereafter.
(3) Stock options vest in 60 equal monthly installments.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

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