-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 RcoD2VBrFFEit0lRNhFSY7MSIurVvXK/eWVlrfzfAeIGfrzB6FGPIpG+7b827SM9
 JjVPsth2ytM2EEdjWH52aQ==

<SEC-DOCUMENT>0000910680-08-000334.txt : 20080501
<SEC-HEADER>0000910680-08-000334.hdr.sgml : 20080501
<ACCEPTANCE-DATETIME>20080501185014
ACCESSION NUMBER:		0000910680-08-000334
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080429
FILED AS OF DATE:		20080501
DATE AS OF CHANGE:		20080501

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHEM RX CORP
		CENTRAL INDEX KEY:			0001330487
		STANDARD INDUSTRIAL CLASSIFICATION:	BLANK CHECKS [6770]
		IRS NUMBER:				202938469
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		750 PARK PLACE
		CITY:			LONG BEACH
		STATE:			NY
		ZIP:			11561
		BUSINESS PHONE:		516-889-8770

	MAIL ADDRESS:	
		STREET 1:		750 PARK PLACE
		CITY:			LONG BEACH
		STATE:			NY
		ZIP:			11561

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Paramount Acquisition Corp
		DATE OF NAME CHANGE:	20050616

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			SCHEPP BARRY
		CENTRAL INDEX KEY:			0001417305

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-51518
		FILM NUMBER:		08796157

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		516-889-8770

	MAIL ADDRESS:	
		STREET 1:		C/O CHEMRX CORPORATION
		STREET 2:		750 PARK PLACE
		CITY:			LONG BEACH
		STATE:			NY
		ZIP:			11561
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>f4schepp042908_ex.xml
<DESCRIPTION>BARRY SCHEPP
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-04-29</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001330487</issuerCik>
        <issuerName>CHEM RX CORP</issuerName>
        <issuerTradingSymbol>PMQC.OB</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001417305</rptOwnerCik>
            <rptOwnerName>SCHEPP BARRY</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O CHEMRX CORPORATION</rptOwnerStreet1>
            <rptOwnerStreet2>750 PARK PLACE</rptOwnerStreet2>
            <rptOwnerCity>LONG BEACH</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>11561</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>VP - Acquisitions</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Employee Stock Option (Right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>5.18</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2008-04-29</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>30000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>30000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>30000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Options have a duration of seven years from the date of grant, and become exercisable in equal amounts on each of the first
 three anniversaries of the date of grant.  Options are subject to the execution of a stock option contract in the form
 specified by the company.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Barry Schepp</signatureName>
        <signatureDate>2008-05-01</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----