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Exhibit 21
SUBSIDIARIES OF GENEREX BIOTECHNOLOGY CORPORATION
| Name | Place of Incorporation | |
| Generex Pharmaceuticals, Inc. | Ontario, Canada | |
| Generex (Bermuda), Inc. | Bermuda | |
| Antigen Express, Inc. | Delaware, USA | |
| Generex Pharmaceuticals (USA) LLC. | North Carolina, USA | |
| Generex Marketing & Distribution Inc. | Ontario, Canada | |
| Generex Biotechnology BALTIC | Republic of Latvia | |
| Generex Biotechnology Limited | England and Wales |
All subsidiaries are 100% owned.
To the extent that any of the above-named subsidiaries have commenced business operations, such subsidiaries conduct business only under their respective corporate names except for Antigen Express, Inc., which also does business under the name Generex Oncology and Generex Infectious Diseases.