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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 |
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.