EXHIBIT 21

SUBSIDIARIES OF GENEREX BIOTECHNOLOGY CORPORATION



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

Generex Pharmaceuticals, Inc.                Ontario, Canada

Generex (Bermuda), Inc.                      Bermuda

Antigen Express, Inc.                        Massachusetts, USA

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

All subsidiaries conduct business only under their respective corporate names.