Exhibit 99.1

Generex Biotechnology Corporation (ticker: GNBT, exchange: NASDAQ) News Release
- - ___- January - 2004

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Generex Biotechnology Raises $2.5 Million Through Private Placement

TORONTO, January 6, 2004 /PRNewswire-FirstCall via COMTEX/ -- Generex
Biotechnology Corporation (Nasdaq: GNBT) announced today that it has raised
$2,500,000 through a private placement of common stock and warrants to
institutional investors. The financing was completed through the issuance of
1,700,680 shares of stock at and warrants to purchase 425,170 shares of
Generex's common stock at $1.86. The transaction was priced based upon the
closing price for the stock on December 18, 2003, the date prior to signing the
definitive agreement, with an additional $.04 as consideration for each warrant.
The company expects to utilize the proceeds from the transaction, which was
completed with existing institutional investors, to accelerate clinical
development activities and for working capital and other general corporate
purposes.

Generex is required to register for resale the shares issued in the private
placement and the shares issuable upon exercise of the warrants no later than
April 4, 2004. Pursuant to the terms of an Additional Investment Right, the
investors have the right to purchase up to the the same number of shares and
warrants, at the same price, within sixty (60) days after the effectiveness of
the registration statement.

"We believe this additional commitment from our existing shareholders represents
another strong endorsement of Generex's Oralin(TM) technology, our upcoming
clinical trials and the overall direction of the company" said Anna E. Gluskin,
President & Chief Executive Officer of Generex. "This commitment will help us
fund our upcoming clinical activities and help us to establish additional
strategic relationships to realize opportunities to further develop our
promising technologies."

About Generex

Generex is engaged in the research and development of drug delivery systems and
technology. To date, it has focused on developing a platform technology for the
buccal delivery - delivery to the oral cavity for absorption through the inner
mouth mucosa - of drugs that historically have been administered only by
injection. Generex's buccal delivery technology has application to a large
number of drugs.

This release and oral statements made from time to time by Generex
representatives concerning the same subject matter may contain "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements can be identified by introductory words such as
"expects," "plans," "intends," "believes," "will," "estimates," "forecasts,"
"projects" or words of similar meaning, and by the fact that they do not relate
strictly to historical or current facts. Forward-looking statements frequently
are used in discussing potential product applications, potential collaborations,
product development activities, clinical studies, regulatory submissions and
approvals, and similar operating matters. Many factors may cause actual results
to differ from forward-looking statements, including inaccurate assumptions and
a broad variety of risks and uncertainties, some of which are known and others
of which are not. Known risks and uncertainties include those identified from
time to time in the reports filed by Generex with the Securities and Exchange
Commission, which should be considered together with any forward-looking
statement. No forward-looking statement is a guarantee of future results or
events, and one should avoid placing undue reliance on such statements. Generex
claims the protection of the safe harbor for forward-looking statements that is
contained in the Private Securities Litigation Reform Act.

SOURCE Generex Biotechnology Corporation

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