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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 Ev+Uk15qoiYE0nC5h9JWtxRA46tw0g3JxtOGd998Fa5bxuupvreIrEHlc00REc2u
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<SEC-DOCUMENT>0001144204-08-021453.txt : 20080409
<SEC-HEADER>0001144204-08-021453.hdr.sgml : 20080409
<ACCEPTANCE-DATETIME>20080409170451
ACCESSION NUMBER:		0001144204-08-021453
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080408
FILED AS OF DATE:		20080409
DATE AS OF CHANGE:		20080409

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GENEREX BIOTECHNOLOGY CORP
		CENTRAL INDEX KEY:			0001059784
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				820490211
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0731

	BUSINESS ADDRESS:	
		STREET 1:		33 HARBOUR SQ
		STREET 2:		STE 202
		CITY:			TORONTO ONTARIO CANADA
		STATE:			A1
		ZIP:			M5J 2G2
		BUSINESS PHONE:		4163642551

	MAIL ADDRESS:	
		STREET 1:		33 HARBOUR SQ
		STREET 2:		STE 202
		CITY:			TORONTO ONTARIO CA
		STATE:			A1
		ZIP:			M5J 2G2

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BERNSTEIN GERALD
		CENTRAL INDEX KEY:			0001205433

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-25169
		FILM NUMBER:		08748189

	BUSINESS ADDRESS:	
		STREET 1:		33 HARBOUR SQUARE
		STREET 2:		SUITE 202
		CITY:			TORONTO ONTARIO
		STATE:			A6
		ZIP:			M5J 2G2
		BUSINESS PHONE:		4163642551
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>v110210_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-04-08</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001059784</issuerCik>
        <issuerName>GENEREX BIOTECHNOLOGY CORP</issuerName>
        <issuerTradingSymbol>GNBT</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001205433</rptOwnerCik>
            <rptOwnerName>BERNSTEIN GERALD</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>33 HARBOUR SQUARE, SUITE 202</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>TORONTO</rptOwnerCity>
            <rptOwnerState>A6</rptOwnerState>
            <rptOwnerZipCode>M5J2G2</rptOwnerZipCode>
            <rptOwnerStateDescription>ONTARIO, CANADA</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>VP, Medical Affairs</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2008-04-08</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>50000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>1.00</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>53469</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Common Stock Option (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>1.00</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2008-04-08</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>50000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2003-03-19</value>
            </exerciseDate>
            <expirationDate>
                <value>2008-04-18</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>50000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Exercise of an option to purchase 50,000 shares of common stock of the Issuer which was issued to the Reporting Person under
 the Generex Biotechnology Corporation Amended 2001 Stock Option Plan and the terms of the agreement entered into by and
 between the Issuer and the Reporting Person dated as of April 1, 2002, as amended to date, relating to the Reporting
 Person's employment as the Issuer's Vice President, Medical Affairs.  The option was initially granted to the Reporting
 Person on March 19, 2003.  The initial expiration date of the option, March 19, 2008, was extended to April 18, 2008 by the
 Issuer's Board of Directors.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Gerald Bernstein</signatureName>
        <signatureDate>2008-04-09</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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