Exhibit 21

                SUBSIDIARIES OF GENEREX BIOTECHNOLOGY CORPORATION

 Name                                              Place of Incorporation
 ----                                              ----------------------

Generex Pharmaceuticals, Inc.                      Ontario, Canada

Generex (Bermuda), Inc.                            Bermuda


All subsidiaries are 100% owned except for Generex (Bermuda), which is 80.1%
owned.

All subsidiaries conduct business only under their respective corporate names.