Exhibit 21.1
VBI Vaccines Inc. – List of Subsidiaries
| Name of Subsidiary | Country of Incorporation | Ownership Interest (direct or indirect) | ||||
| VBI Vaccines (Delaware) Inc. | Delaware (U.S.A) | 100 | % | |||
| SciVac Ltd. | Rehovot (Israel) | 100 | % | |||
| Variation Biotechnologies (US), Inc. | Delaware (U.S.A) | 100 | % | |||
| Variation Biotechnologies Inc. | Ottawa, Ontario (Canada) | 100 | % | |||
| SciVac Hong Kong Limited | Hong Kong | 100 | % | |||