SCHEDULE 13G
CUSIP NO. 29076N107                                           PAGE 1 OF 10 PAGES

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  SCHEDULE 13G

                    UNDER THE SECURITIES EXCHANGE ACT OF 1934
                               (AMENDMENT NO. __)*

                               eMAGIN CORPORATION
                                (Name of Issuer)


                          Common Stock, $.001 par value
                         (Title of Class of Securities)


                                    29076N107
                                 (CUSIP Number)

                                  July 25, 2006
             (Date of Event Which Requires Filing of this Statement)

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

[ ]  Rule 13d-1(b)
[X]  Rule 13d-1(c)
[ ]  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
disclosures provided in a prior cover page.

The information required on 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).






SCHEDULE 13G
CUSIP NO. 29076N107                                           PAGE 2 OF 10 PAGES
--------------------------------------------------------------------------------
1     NAME OF REPORTING PERSON
      I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)

                 Alexandra Global Master Fund Ltd.
                 (No I.R.S. ID Number)
--------------------------------------------------------------------------------
2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP       (A)[ ]
                                                             (B)[ ] (See Item 6)
--------------------------------------------------------------------------------
3     SEC USE ONLY


--------------------------------------------------------------------------------
4     CITIZENSHIP OR PLACE OF ORGANIZATION

                 British Virgin Islands
--------------------------------------------------------------------------------

      NUMBER OF          5  SOLE VOTING POWER
       SHARES
    BENEFICIALLY                 -0-
      OWNED BY         ----------------------------------------------------
        EACH             6  SHARED VOTING POWER
      REPORTING
       PERSON               10,531,518 shares of Common Stock (See Item 4)
         WITH:         ----------------------------------------------------
                         7  SOLE DISPOSITIVE POWER

                                     -0-
                       ----------------------------------------------------
                          8  SHARED DISPOSITIVE POWER

                             10,531,518 shares of Common Stock (See Item 4)

--------------------------------------------------------------------------------
9     AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                 10,531,518 shares of Common Stock (See Item 4)
--------------------------------------------------------------------------------
10    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE
      INSTRUCTIONS)                                                         [ ]
--------------------------------------------------------------------------------
11    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

                 9.9% (See Item 4)
--------------------------------------------------------------------------------
12    TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

                 CO
--------------------------------------------------------------------------------






SCHEDULE 13G
CUSIP NO. 29076N107                                           PAGE 3 OF 10 PAGES
--------------------------------------------------------------------------------
1     NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
      (ENTITIES ONLY)

         Alexandra Investment Management, LLC
         13-4092583
--------------------------------------------------------------------------------
2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP       (A)[ ]
                                                             (B)[ ] (See Item 6)
--------------------------------------------------------------------------------

3     SEC USE ONLY
--------------------------------------------------------------------------------
4     CITIZENSHIP OR PLACE OF ORGANIZATION

         Delaware
--------------------------------------------------------------------------------
      NUMBER OF          5  SOLE VOTING POWER
       SHARES
    BENEFICIALLY                     -0-
      OWNED BY         ----------------------------------------------------
        EACH             6  SHARED VOTING POWER
      REPORTING
       PERSON               10,531,518 shares of Common Stock (See Item 4)
        WITH:          ----------------------------------------------------

                         7  SOLE DISPOSITIVE POWER

                                     -0-
                       ----------------------------------------------------
                         8  SHARED DISPOSITIVE POWER

                            10,531,518 shares of Common Stock (See Item 4)
--------------------------------------------------------------------------------
9     AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                  10,531,518 shares of Common Stock (See Item 4)
--------------------------------------------------------------------------------
10    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE
      INSTRUCTIONS)                                                          [ ]
--------------------------------------------------------------------------------
11    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

                 9.9% (See Item 4)
--------------------------------------------------------------------------------
12    TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

                 OO
--------------------------------------------------------------------------------





SCHEDULE 13G
CUSIP NO. 29076N107                                           PAGE 4 OF 10 PAGES

--------------------------------------------------------------------------------
1     NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
      (ENTITIES ONLY)

                 Mikhail A. Filimonov
--------------------------------------------------------------------------------
2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP       (A)[ ]
                                                             (B)[ ] (See Item 6)
--------------------------------------------------------------------------------
3     SEC USE ONLY

--------------------------------------------------------------------------------
4     CITIZENSHIP OR PLACE OF ORGANIZATION

                 U.S.
--------------------------------------------------------------------------------
      NUMBER OF          5  SOLE VOTING POWER
       SHARES
    BENEFICIALLY                     -0-
      OWNED BY         ----------------------------------------------------
        EACH             6  SHARED VOTING POWER
      REPORTING
       PERSON               10,531,518 shares of Common Stock (See Item 4)
        WITH:
                       ----------------------------------------------------
                         7  SOLE DISPOSITIVE POWER

                                     -0-
                       ----------------------------------------------------
                         8  SHARED DISPOSITIVE POWER

                            10,531,518 shares of Common Stock (See Item 4)
--------------------------------------------------------------------------------
9     AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                  10,531,518 shares of Common Stock (See Item 4)
--------------------------------------------------------------------------------
10    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE
      INSTRUCTIONS)                                                          [ ]
--------------------------------------------------------------------------------
11    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

                 9.9% (See Item 4)
--------------------------------------------------------------------------------
12    TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

                 IN
--------------------------------------------------------------------------------



SCHEDULE 13G
CUSIP NO. 29076N107                                           PAGE 5 OF 10 PAGES
--------------------------------------------------------------------------------
1     NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
      (ENTITIES ONLY)

                 Dimitri Sogoloff
--------------------------------------------------------------------------------
2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP       (A)[ ]
                                                             (B)[ ] (See Item 6)
--------------------------------------------------------------------------------
3     SEC USE ONLY

--------------------------------------------------------------------------------
4     CITIZENSHIP OR PLACE OF ORGANIZATION

                 U.S.
--------------------------------------------------------------------------------
     NUMBER OF          5  SOLE VOTING POWER
       SHARES
    BENEFICIALLY                     -0-
      OWNED BY         ----------------------------------------------------
       EACH             6  SHARED VOTING POWER
      REPORTING
       PERSON               10,531,518 shares of Common Stock (See Item 4)
       WITH:
                       ----------------------------------------------------
                        7  SOLE DISPOSITIVE POWER

                                     -0-
                       ----------------------------------------------------
                        8  SHARED DISPOSITIVE POWER

                            10,531,518 shares of Common Stock (See Item 4)
--------------------------------------------------------------------------------
9     AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                  10,531,518 shares of Common Stock (See Item 4)
--------------------------------------------------------------------------------
10    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE
      INSTRUCTIONS)                                                          [ ]
--------------------------------------------------------------------------------
11    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

                 9.9% (See Item 4)
--------------------------------------------------------------------------------
12    TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

                 IN
--------------------------------------------------------------------------------




SCHEDULE 13G
CUSIP NO. 29076N107                                           PAGE 6 OF 10 PAGES

Item 1(a).        Name of Issuer:

                  eMagin Corporation (the "Issuer")

Item 1(b).        Address of Issuer's Principal Executive Offices:

                  10500 NE 8th Street
                  Suite 1400
                  Bellevue, Washington 98004


Item 2(a).        Names of Persons Filing:

                  Alexandra Global Master Fund Ltd. ("Alexandra")
                  Alexandra Investment Management, LLC ("Management")
                  Mikhail A. Filimonov ("Filimonov")
                  Dimitri Sogoloff ("Sogoloff")

Item 2(b).        Address of Principal Business Office:

                  Alexandra - Citco Building, Wickams Cay, P.O. Box 662,
                  Road Town, Tortola, British Virgin Islands
                  Management - 767 Third Avenue, 39th Floor, New York,
                  New York 10017
                  Filimonov - 767 Third Avenue, 39th Floor, New York,
                  New York 10017
                  Sogoloff - 767 Third Avenue, 39th Floor, New York,
                  New York 10017

Item 2(c).        Place of Organization or Citizenship:

                  Alexandra - British Virgin Islands
                  Management - Delaware
                  Filimonov - U.S.
                  Sogoloff - U.S.

Item 2(d).        Title of Class of Securities:


                  Common Stock, $.001 par value per share, of the Issuer (the
                  "Common Stock")

Item 2(e).        CUSIP Number: 29076N107

Item 3.           This Schedule is filed pursuant to Rule 13d-1(c) by Alexandra,
                  Management, Filimonov and Sogoloff

Item 4.           Ownership:

                  (a)   Amount Beneficially Owned:

                        Alexandra: 10,531,518 shares*
                        Management: 10,531,518 shares*
                        Filimonov: 10,531,518 shares*
                        Sogoloff: 10,531,518 shares*

                  (b)   Percent of Class:

                        Alexandra: 9.9%*





SCHEDULE 13G
CUSIP NO. 29076N107                                           PAGE 7 OF 10 PAGES

                        Management: 9.9%*
                        Filimonov: 9.9%*
                        Sogoloff: 9.9%*

                        (Based on 100,104,944 shares of Common Stock
                        outstanding, as of May 12, 2006, as reported by the
                        Issuer in the Issuer's Quarterly Report on Form 10-Q for
                        the quarter ended March 31, 2006)

                  (c)   Number of Shares as to which the Person has:

                        (i)   sole power to vote or to direct the vote

                                                -0-

                        (ii)  shared power to vote or to direct the vote:

                              10,531,518 shares of Common Stock*

                        (iii) sole power to dispose or to direct the disposition
                              of

                                                -0-

                        (iv)  shared power to dispose or to direct the
                              disposition of

                              10,531,518 shares of Common Stock*


*The amount reported as beneficially owned by Alexandra include 3,636,363 shares
of Common Stock. Certain of the shares of Common Stock reported as beneficially
owned by Alexandra are shares of Common Stock that Alexandra has the right to
acquire upon conversion of the Issuer's 6% Convertible Notes due 2007-2008 (the
"Notes") and exercise of the Issuer's Common Stock Purchase Warrants (the
"Warrants"). The Notes and the Warrants contain limitations on the conversion or
exercise thereof which make the Notes inconvertible and the Warrants
unexercisable to the extent the holder would upon conversion or exercise,
beneficially own more than 9.9% of the Common Stock. The amount reported as
beneficially owned is based on such limitations. In the absence of such
limitations, the number of shares of Common Stock which Alexandra would have the
right to acquire upon conversion of the Notes would be 11,538,401 shares and the
number of shares of Common Stock that Alexandra would have the right to acquire
upon exercise of the Warrants would be 10,258,739 shares. This amount excludes
shares of Common Stock issuable upon conversion of the Notes in respect of
accrued and unpaid interest on the Notes at the time of conversion.

Management serves as investment advisor to Alexandra. By reason of such
relationship, Management may be deemed to share voting and dispositive power
over the shares of Common Stock owned by Alexandra. Management disclaims
beneficial ownership of the shares of Common Stock listed as beneficially owned
by Alexandra or any other person reporting on this Schedule.

Filimonov serves as the Chairman, the Chief Executive Officer, a Managing Member
and the Chief Investment Officer of Management. Sogoloff serves as the
President, a Managing Member and the Chief Risk Officer of Management.





SCHEDULE 13G
CUSIP NO. 29076N107                                           PAGE 8 OF 10 PAGES

By reason of such relationships, each of Filimonov and Sogoloff may be deemed to
share voting and dispositive power over the shares of Common Stock listed as
beneficially owned by Management. Filimonov and Sogoloff each disclaims
beneficial ownership of the shares of Common Stock listed as beneficially owned
by Management or any other person reporting on this Schedule.

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

                  Not applicable

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

                  Not applicable

Item 7.           Identification and Classification of the Subsidiary which
                  Acquired the Security Being Reported on by the Parent
                  Holding Company:

                  Not applicable


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

                  Not applicable


Item 9.           Notice of Dissolution of Group:

                  Not applicable


Item 10.          Certification:

By signing below each signatory certifies that, to the best of its 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.


Exhibits:

      Exhibit I: Joint Filing Agreement, dated as of August 4, 2006, by and
among Alexandra, Management, Filimonov and Sogoloff.




SCHEDULE 13G
CUSIP NO. 29076N107                                           PAGE 9 OF 10 PAGES



                                    SIGNATURE

      By signing below each signatory certifies that, to the best of its
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.

Date: August 4, 2006

                    ALEXANDRA GLOBAL MASTER FUND LTD.

                    By: ALEXANDRA INVESTMENT MANAGEMENT, LLC,
                        its Investment Advisor

                        By: /s/ Mikhail A. Filimonov
                        ---------------------------------
                        Mikhail A. Filimonov
                        Title: Managing Member



                    ALEXANDRA INVESTMENT MANAGEMENT, LLC

                    By: /s/ Mikhail A. Filimonov
                    ------------------------------
                    Mikhail A. Filimonov
                    Title: Managing Member



                    /s/ Mikhail A. Filimonov
                    ---------------------------
                    Mikhail A. Filimonov



                    /s/ Dimitri Sogoloff
                    ---------------------------
                    Dimitri Sogoloff