**UNITED      STATES **

**SECURITIES      AND EXCHANGE COMMISSION**

**WASHINGTON,      D.C. 20549**

**FORM      10-Q**

**x QUARTERLY      REPORT      PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES**

**EXCHANGE      ACT OF 1934**

**o**
**      TRANSITION REPORTS PURSUANT TO SECTION 13 OR 15(d) OF THE      SECURITIES**

**EXCHANGE      ACT OF 1934**

**For      the transition period from_________________ to      ________________**

**COMMISSION      FILE NUMBER: 0-25169**

**GENEREX      BIOTECHNOLOGY CORPORATION**

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**(Exact      name of registrant as specified in its charter)**

|   | **Delaware**                                                                                        |   | **98-0178636**                                       |   |
|--------|-----------------------------------------------------------------------------------------------------|--------|------------------------------------------------------|--------|
|   | **(State                of other jurisdiction of incorporation****or                organization)** |   | **(IRS                Employer Identification No.)** |   |

**33      HARBOUR SQUARE, SUITE 202**

**TORONTO,      ONTARIO**

**CANADA      M5J 2G2**

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**(Address      of principal executive offices)**

**416/364-2551**

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**(Registrant's      telephone number, including area code)**

**Not      applicable**

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**(Former      name, former address and former fiscal year**

**if      changed since last report)**

| Large                accelerated filer o    |   |   | Accelerated                filer x         |
|---------------------------------------------|--------|--------|--------------------------------------------|
| Non-accelerated                filer o |   |   | Smaller                reporting company o |

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**GENEREX      BIOTECHNOLOGY CORPORATION**

**INDEX**

| PART                I. FINANCIAL INFORMATION                                                                                                                                                    |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                            |   |
| Item                1.         Financial                Statements.                                                                                |   |
|                                                                                                                                                                                            |   |
|   (Unaudited)                                                                                                                                                                         |   |
|   Consolidated                Balance Sheets -                                                                                                                                        |   |
|   April                30, 2008 and July 31, 2007                                                                                                                                     | 3      |
|                                                                                                                                                                                            |   |
|   Consolidated                Statements of Operations — For the three and nine                month                                                                       |   |
|   periods                ended April 30, 2008 and 2007, and cumulative from                                                                                                           |   |
|   November                2, 1995 to April 30, 2008                                                                                                                                   | 4      |
|                                                                                                                                                                                            |   |
|   Consolidated                Statements of Cash Flows — For the nine month                                                                                                     |   |
|   periods                ended April 30, 2008 and 2007, and cumulative from                                                                                                           |   |
|   November                2, 1995 to April 30, 2008                                                                                                                                   | 5      |
|                                                                                                                                                                                            |   |
|   Notes                to Consolidated Financial Statements                                                                                                                           | 6      |
|                                                                                                                                                                                            |   |
| Item                2.         Management's                Discussion and Analysis of Financial Condition and Results of                Operations | 16     |
|                                                                                                                                                                                            |   |
| Item                3.         Quantitative                and Qualitative Disclosures About Market Risk                                           | 30     |
|                                                                                                                                                                                            |   |
| Item                4.         Controls                and Procedures                                                                              | 30     |
|                                                                                                                                                                                            |   |
| PART                II: OTHER INFORMATION                                                                                                                                                       |   |
|                                                                                                                                                                                            |   |
| Item                1.         Legal                Proceedings                                                                                    | 31     |
|                                                                                                                                                                                            |   |
| Item                1A.         Risk                Factors                                                                                        | 31     |
|                                                                                                                                                                                            |   |
| Item                2.         Unregistered                Sales of Equity Securities and Use of Proceeds                                          | 32     |
|                                                                                                                                                                                            |   |
| Item                3.         Defaults                Upon Senior Securities                                                                      | 33     |
|                                                                                                                                                                                            |   |
| Item                4.         Submission                of Matters to a Vote of Security Holders                                                  | 33     |
|                                                                                                                                                                                            |   |
| Item                5.         Other                Information                                                                                    | 33     |
|                                                                                                                                                                                            |   |
| Item                6.         Exhibits                                                                                                            | 34     |
|                                                                                                                                                                                            |   |
| Signatures                                                                                                                                                                                 | 40     |

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**PART      I. FINANCIAL INFORMATION**

**Item      1. Financial Statements**

**GENEREX      BIOTECHNOLOGY CORPORATION AND SUBSIDIARIES**

**(A      DEVELOPMENT STAGE COMPANY)**

**CONSOLIDATED      BALANCE SHEETS**

|                                                                                                                                                                                                                                                                                     |   | April 30, |         | July 31, |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|--------------|---------------|--------|
|                                                                                                                                                                                                                                                                                     |   | 2008           |         | 2007          |   |
|                                                                                                                                                                                                                                                                                     |   | (Unaudited)    |         |          |   |
| ASSETS                                                                                                                                                                                                                                                                                   |   |           |         |          |   |   |   |
| Current                Assets:                                                                                                                                                                                                                                                           |   |           |         |          |   |   |   |
| Cash                and cash equivalents                                                                                                                                                                                                                                                 |   | $              | 15,341,824   |          | $      | 21,026,067 |   |
| Short-term                investments                                                                                                                                                                                                                                                    |   |           | 21,045,167   |          |   | 14,011,738 |   |
| Accounts                receivable                                                                                                                                                                                                                                                       |   |           | 90,758       |          |   | 58,264 |   |
| Inventory                                                                                                                                                                                                                                                                                |   |           | 855,382      |          |   | 123,931 |   |
| Other                current assets                                                                                                                                                                                                                                                      |   |           | 502,329      |          |   | 469,210 |   |
| Deferred                debt issuance costs                                                                                                                                                                                                                                              |   |           | 615,167      |          |   | — |   |
| Total                Current Assets                                                                                                                                                                                                                                                      |   |           | 38,450,627   |          |   | 35,689,210 |   |
|                                                                                                                                                                                                                                                                                     |   |           |         |          |   |   |   |
| Deferred                debt issuance costs                                                                                                                                                                                                                                              |   |           | 256,319      |          |   | — |   |
| Property                and Equipment, Net                                                                                                                                                                                                                                               |   |           | 1,852,026    |          |   | 2,137,027 |   |
| Assets                Held for Investment, Net                                                                                                                                                                                                                                           |   |           | 3,785,611    |          |   | 3,693,183 |   |
| Patents,                Net                                                                                                                                                                                                                                                              |   |           | 4,760,326    |          |   | 4,884,984 |   |
|                                                                                                                                                                                                                                                                                     |   |           |         |          |   |   |   |
| TOTAL                ASSETS                                                                                                                                                                                                                                                              |   | $              | 49,104,909   |          | $      | 46,404,404 |   |
|                                                                                                                                                                                                                                                                                     |   |           |         |          |   |   |   |
| LIABILITIES                AND STOCKHOLDERS’ EQUITY                                                                                                                                                                                                                                |   |           |         |          |   |   |   |
|                                                                                                                                                                                                                                                                                     |   |           |         |          |   |   |   |
| Current                Liabilities:                                                                                                                                                                                                                                                      |   |           |         |          |   |   |   |
| Accounts                payable and accrued expenses                                                                                                                                                                                                                                     |   | $              | 9,373,549    |          | $      | 7,156,709 |   |
| Deferred                revenue and rebate liability                                                                                                                                                                                                                                     |   |           | 104,345      |          |   | 33,314 |   |
| Current                maturities of long-term debt                                                                                                                                                                                                                                      |   |           | 1,862,849    |          |   | 84,503 |   |
| Convertible                debentures, net of debt discount of $19,006,313 and $-0- at April                30, 2008                and July 31, 2007, respectively                                                                                                                      |   |           | 1,643,687    |          |   | — |   |
| Total                Current Liabilities                                                                                                                                                                                                                                                 |   |           | 12,984,430   |          |   | 7,274,526 |   |
|                                                                                                                                                                                                                                                                                     |   |           |         |          |   |   |   |
| Long-Term                Debt, Net                                                                                                                                                                                                                                                       |   |           | 1,380,142    |          |   | 3,059,286 |   |
|                                                                                                                                                                                                                                                                                     |   |           |         |          |   |   |   |
| Commitments                and Contingencies                                                                                                                                                                                                                                             |   |           |         |          |   |   |   |
|                                                                                                                                                                                                                                                                                     |   |           |         |          |   |   |   |
| Stockholders’                Equity:                                                                                                                                                                                                                                               |   |           |         |          |   |   |   |
| Special                Voting Rights Preferred Stock, $.001 par value; authorized 1,000                shares at                April 30, 2008 and July 31, 2007; -0- shares issued and outstanding                at                April 30, 2008 and July 31, 2007                    |   |           | —      |          |   | — |   |
| Common                stock, $.001 par value; authorized 500,000,000 shares at April 30,                2008                and July 31, 2007; 111,853,868 and 109,616,518 shares issued and                outstanding at April 30, 2008 and July 31, 2007,                respectively |   |           | 111,853      |          |   | 109,616 |   |
| Additional                paid-in capital                                                                                                                                                                                                                                                |   |           | 269,598,328  |          |   | 247,079,439 |   |
| Deficit                accumulated during the development stage                                                                                                                                                                                                                          |   |           | (235,903,538 | )             |   | (212,000,270 | ) |
| Accumulated                other comprehensive income                                                                                                                                                                                                                                    |   |           | 933,694      |          |   | 881,807 |   |
| Total                Stockholders’ Equity                                                                                                                                                                                                                                          |   |           | 34,740,337   |          |   | 36,070,592 |   |
|                                                                                                                                                                                                                                                                                     |   |           |         |          |   |   |   |
| TOTAL                LIABILITIES AND STOCKHOLDERS’ EQUITY                                                                                                                                                                                                                          |   | $              | 49,104,909   |          | $      | 46,404,404 |   |

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**GENEREX      BIOTECHNOLOGY CORPORATION AND SUBSIDIARIES**

**(A      DEVELOPMENT STAGE COMPANY)**

**CONSOLIDATED      STATEMENTS OF OPERATIONS (UNAUDITED)**

|                                                                         |   |                                                |        |                                                 |   | Cumulative From          |   |
|------------------------------------------------------------------------------|--------|-----------------------------------------------------|-------------|------------------------------------------------------|--------|-------------------------------|--------|
|                                                                         |   |                                                |        |                                                 |   | November 2, 1995    |   |
|                                                                         |   | For the Nine Months Ended  |        | For the Three Months Ended  |   | (Date of Inception) |   |
|                                                                         |   | April 30,                                      |        | April 30,                                       |   | to April 30,        |   |
|                                                                         |   | 2008                                                |        | 2007                                                 |   | 2008                          |   | 2007 |   | 2008 |   |
|                                                                         |   |                                                |        |                                                 |   |                          |   |   |   |   |   |
| Revenues                                                                     |   | $                                                   | 67,431      |                                                 | $      | 196,867                       |   | $ | 2,100 |   | $ | 11,939 |   | $ | 2,444,156 |   |
| Sales                discounts                                               |   |                                                | (2,561      | )                                                    |   | (1,481                        | )      |   | (570 | ) |   | (979 | ) |   | (4,792 | ) |
| Net                Revenue                                                   |   |                                                | 64,870      |                                                 |   | 195,386                       |   |   | 1,530 |   |   | 10,960 |   |   | 2,439,364 |   |
|                                                                         |   |                                                |        |                                                 |   |                          |   |   |   |   |   |   |   |   |   |   |
| Cost                of Goods Sold                                            |   |                                                | 26,224      |                                                 |   | 69,020                        |   |   | 639 |   |   | 16,039 |   |   | 87,847 |   |
|                                                                         |   |                                                |        |                                                 |   |                          |   |   |   |   |   |   |   |   |   |   |
| Operating                Expenses:                                           |   |                                                |        |                                                 |   |                          |   |   |   |   |   |   |   |   |   |   |
| Research                and development                                      |   |                                                | 11,620,817  |                                                 |   | 8,373,393                     |   |   | 4,303,390 |   |   | 4,177,070 |   |   | 85,077,281 |   |
| Research                and development - related party                      |   |                                                | —     |                                                 |   | —                       |   |   | — |   |   | — |   |   | 220,218 |   |
| Selling                and marketing                                         |   |                                                | 1,070,722   |                                                 |   | 214,089                       |   |   | 418,804 |   |   | 73,503 |   |   | 1,820,059 |   |
| General                and administrative                                    |   |                                                | 11,733,562  |                                                 |   | 9,003,615                     |   |   | 5,130,769 |   |   | 3,750,420 |   |   | 101,772,980 |   |
| General                and administrative - related party                    |   |                                                | —     |                                                 |   | —                       |   |   | — |   |   | — |   |   | 314,328 |   |
| Total                Operating Expenses                                      |   |                                                | 24,425,101  |                                                 |   | 17,591,097                    |   |   | 9,852,963 |   |   | 8,000,993 |   |   | 189,204,866 |   |
|                                                                         |   |                                                |        |                                                 |   |                          |   |   |   |   |   |   |   |   |   |   |
| Operating                Loss                                                |   |                                                | (24,386,455 | )                                                    |   | (17,464,731                   | )      |   | (9,852,072 | ) |   | (8,006,072 | ) |   | (186,853,349 | ) |
|                                                                         |   |                                                |        |                                                 |   |                          |   |   |   |   |   |   |   |   |   |   |
| Other                Income (Expense):                                       |   |                                                |        |                                                 |   |                          |   |   |   |   |   |   |   |   |   |   |
| Miscellaneous                income (expense)                                |   |                                                | 70          |                                                 |   | —                       |   |   | 70 |   |   | — |   |   | 196,263 |   |
| Income                from rental operations, net                            |   |                                                | 250,195     |                                                 |   | 120,197                       |   |   | 79,784 |   |   | 33,262 |   |   | 1,171,123 |   |
| Interest                income                                               |   |                                                | 958,457     |                                                 |   | 1,719,169                     |   |   | 206,950 |   |   | 514,272 |   |   | 7,300,915 |   |
| Interest                expense                                              |   |                                                | (725,535    | )                                                    |   | (709,507                      | )      |   | (608,913 | ) |   | (203,480 | ) |   | (44,327,550 | ) |
| Loss                on extinguishment of debt                                |   |                                                | —     |                                                 |   | (237,162                      | )      |   | — |   |   | (56,337 | ) |   | (14,134,068 | ) |
|                                                                         |   |                                                |        |                                                 |   |                          |   |   |   |   |   |   |   |   |   |   |
| Net                Loss Before Undernoted                                    |   |                                                | (23,903,268 | )                                                    |   | (16,572,034                   | )      |   | (10,174,181 | ) |   | (7,718,355 | ) |   | (236,646,666 | ) |
|                                                                         |   |                                                |        |                                                 |   |                          |   |   |   |   |   |   |   |   |   |   |
| Minority                Interest Share of Loss                               |   |                                                | —     |                                                 |   | —                       |   |   | — |   |   | — |   |   | 3,038,185 |   |
|                                                                         |   |                                                |        |                                                 |   |                          |   |   |   |   |   |   |   |   |   |   |
| Net                Loss                                                      |   |                                                | (23,903,268 | )                                                    |   | (16,572,034                   | )      |   | (10,174,181 | ) |   | (7,718,355 | ) |   | (233,608,481 | ) |
|                                                                         |   |                                                |        |                                                 |   |                          |   |   |   |   |   |   |   |   |   |   |
| Preferred                Stock Dividend                                      |   |                                                | —     |                                                 |   | —                       |   |   | — |   |   | — |   |   | 2,295,057 |   |
|                                                                         |   |                                                |        |                                                 |   |                          |   |   |   |   |   |   |   |   |   |   |
| Net                Loss Available to Common Shareholders                     |   | $                                                   | (23,903,268 | )                                                    | $      | (16,572,034                   | )      | $ | (10,174,181 | ) | $ | (7,718,355 | ) | $ | (235,903,538 | ) |
|                                                                         |   |                                                |        |                                                 |   |                          |   |   |   |   |   |   |   |   |   |   |
| Basic                and Diluted Net Loss Per Common Share                   |   | $                                                   | (.22        | )                                                    | $      | (.15                          | )      | $ | (.09 | ) | $ | (.07 | ) |   |   |   |
|                                                                         |   |                                                |        |                                                 |   |                          |   |   |   |   |   |   |   |   |   |   |
| Weighted                Average Number of Shares of Common Stock Outstanding |   |                                                | 110,758,728 |                                                 |   | 108,125,504                   |   |   | 111,282,111 |   |   | 108,623,690 |   |   |   |   |

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**GENEREX      BIOTECHNOLOGY CORPORATION AND SUBSIDIARIES**

**(A      DEVELOPMENT STAGE COMPANY)**

**CONSOLIDATED      STATEMENTS OF CASH FLOWS (UNAUDITED)**

|                                                                                                              |   |                                          |        | Cumulative From          |   |
|-------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------|-------------|-------------------------------|--------|
|                                                                                                              |   |                                          |        | November 2, 1995    |   |
|                                                                                                              |   | For the Nine Months Ended |        | (Date of Inception) |   |
|                                                                                                              |   | April 30,                                |        | to April 30,        |   |
|                                                                                                              |   | 2008                                          |        | 2007                          |   | 2008 |   |
| Cash                Flows From Operating Activities:                                                              |   |                                          |        |                          |   |   |   |   |   |   |
| Net                loss                                                                                           |   | $                                             | (23,903,268 | )                             | $      | (16,572,034 | ) | $ | (233,608,481 | ) |
| Adjustments                to reconcile net loss to net cash used in operating                activities:         |   |                                          |        |                          |   |   |   |   |   |   |
| Depreciation                and amortization                                                                      |   |                                          | 846,552     |                          |   | 866,505 |   |   | 6,728,498 |   |
| Minority                interest share of loss                                                                    |   |                                          | —     |                          |   | — |   |   | (3,038,185 | ) |
| Reduction                of notes receivable - common stock in exchange for services                rendered      |   |                                          | —     |                          |   | — |   |   | 423,882 |   |
| Write-off                of uncollectible notes receivable - common stock                                         |   |                                          | —     |                          |   | — |   |   | 391,103 |   |
| Write-off                of deferred offering costs                                                               |   |                                          | —     |                          |   | — |   |   | 3,406,196 |   |
| Write-off                of abandoned patents                                                                     |   |                                          | —     |                          |   | 3,097 |   |   | 171,506 |   |
| Loss                on disposal of property and equipment                                                         |   |                                          | —     |                          |   | — |   |   | 911 |   |
| Loss                on extinguishment of debt                                                                     |   |                                          | —     |                          |   | 237,163 |   |   | 14,134,069 |   |
| Common                stock issued as employee compensation                                                       |   |                                          | 1,109,692   |                          |   | 722,826 |   |   | 3,403,272 |   |
| Common                stock issued for services rendered                                                          |   |                                          | 1,429,061   |                          |   | 741,255 |   |   | 8,425,377 |   |
| Amortization                of prepaid services in conjunction with common stock                issuance          |   |                                          | —     |                          |   | — |   |   | 138,375 |   |
| Non-cash                compensation expense                                                                      |   |                                          | —     |                          |   | — |   |   | 45,390 |   |
| Stock                options and warrants issued for services rendered                                            |   |                                          | 82,000      |                          |   | 125,000 |   |   | 7,354,723 |   |
| Issuance                of warrants as additional exercise right inducement                                       |   |                                          | —     |                          |   | — |   |   | 21,437,909 |   |
| Preferred                stock issued for services rendered                                                       |   |                                          | —     |                          |   | — |   |   | 100 |   |
| Treasury                stock redeemed for non-performance of services                                            |   |                                          | —     |                          |   | — |   |   | (138,000 | ) |
| Amortization                of deferred debt issuance costs and loan origination fees                             |   |                                          | 51,264      |                          |   | — |   |   | 1,534,143 |   |
| Amortization                of discount on convertible debentures                                                 |   |                                          | 408,851     |                          |   | 608,737 |   |   | 19,339,278 |   |
| Common                stock issued as interest payment on convertible debentures                                  |   |                                          | —     |                          |   | 15,716 |   |   | 284,459 |   |
| Interest                on short-term advance                                                                     |   |                                          | —     |                          |   | — |   |   | 22,190 |   |
| Founders’                shares transferred for services rendered                                           |   |                                          | —     |                          |   | — |   |   | 353,506 |   |
| Fees                in connection with short-term refinancing of long-term                debt                    |   |                                          | —     |                          |   | — |   |   | 113,274 |   |
| Changes                in operating assets and liabilities (excluding the effects of                acquisition): |   |                                          |        |                          |   |   |   |   |   |   |
| Accounts                receivable                                                                                |   |                                          | (39,392     | )                             |   | (84,504 | ) |   | (96,072 | ) |
| Miscellaneous                receivables                                                                          |   |                                          | —     |                          |   | — |   |   | 43,812 |   |
| Inventory                                                                                                         |   |                                          | (728,681    | )                             |   | (46,711 | ) |   | (846,183 | ) |
| Other                current assets                                                                               |   |                                          | 79,714      |                          |   | 15,485 |   |   | (48,999 | ) |
| Accounts                payable and accrued expenses                                                              |   |                                          | 2,662,777   |                          |   | 1,209,487 |   |   | 13,990,892 |   |
| Deferred                revenue                                                                                   |   |                                          | 70,897      |                          |   | 27,141 |   |   | 103,928 |   |
| Other,                net                                                                                         |   |                                          | —     |                          |   | — |   |   | 110,317 |   |
| Net                Cash Used in Operating Activities                                                              |   |                                          | (17,930,533 | )                             |   | (12,130,837 | ) |   | (135,818,810 | ) |
|                                                                                                              |   |                                          |        |                          |   |   |   |   |   |   |
| Cash                Flows From Investing Activities:                                                              |   |                                          |        |                          |   |   |   |   |   |   |
| Purchase                of property and equipment                                                                 |   |                                          | (55,461     | )                             |   | (77,208 | ) |   | (4,591,872 | ) |
| Costs                incurred for patents                                                                         |   |                                          | (185,555    | )                             |   | (149,243 | ) |   | (2,003,157 | ) |
| Change                in restricted cash                                                                          |   |                                          | —     |                          |   | — |   |   | 45,872 |   |
| Proceeds                from maturity of short term investments                                                   |   |                                          | 16,984,782  |                          |   | 22,285,763 |   |   | 175,067,591 |   |
| Purchases                of short-term investments                                                                |   |                                          | (24,018,211 | )                             |   | (22,260,892 | ) |   | (196,112,758 | ) |
| Cash                received in conjunction with merger                                                           |   |                                          | —     |                          |   | — |   |   | 82,232 |   |
| Advances                to Antigen Express, Inc.                                                                  |   |                                          | —     |                          |   | — |   |   | (32,000 | ) |
| Increase                in officers’ loans receivable                                                       |   |                                          | —     |                          |   | — |   |   | (1,126,157 | ) |
| Change                in deposits                                                                                 |   |                                          | (95,102     | )                             |   | (150,082 | ) |   | (798,392 | ) |
| Change                in notes receivable - common stock                                                          |   |                                          | —     |                          |   | — |   |   | (91,103 | ) |
| Change                in due from related parties                                                                 |   |                                          | —     |                          |   | — |   |   | (2,222,390 | ) |
| Other,                net                                                                                         |   |                                          | —     |                          |   | — |   |   | 89,683 |   |
| Net                Cash Provided by (Used in) Investing Activities                                                |   |                                          | (7,369,547  | )                             |   | (351,662 | ) |   | (31,692,451 | ) |
|                                                                                                              |   |                                          |        |                          |   |   |   |   |   |   |
| Cash                Flows From Financing Activities:                                                              |   |                                          |        |                          |   |   |   |   |   |   |
| Proceeds                from short-term advance                                                                   |   |                                          | —     |                          |   | — |   |   | 325,179 |   |
| Repayment                of short-term advance                                                                    |   |                                          | —     |                          |   | — |   |   | (347,369 | ) |
| Proceeds                from issuance of long-term debt                                                           |   |                                          | —     |                          |   | — |   |   | 2,005,609 |   |
| Repayment                of long-term debt                                                                        |   |                                          | (66,596     | )                             |   | (53,079 | ) |   | (1,918,965 | ) |
| Change                in due to related parties                                                                   |   |                                          | —     |                          |   | — |   |   | 154,541 |   |
| Proceeds                from exercise of warrants                                                                 |   |                                          | —     |                          |   | 125,000 |   |   | 44,015,049 |   |
| Proceeds                from exercise of stock options                                                            |   |                                          | 391,790     |                          |   | 176,983 |   |   | 4,945,916 |   |
| Proceeds                from minority interest investment                                                         |   |                                          | —     |                          |   | — |   |   | 3,038,185 |   |
| Proceeds                from issuance of preferred stock                                                          |   |                                          | —     |                          |   | — |   |   | 12,015,000 |   |
| Redemption                of SVR preferred stock                                                                  |   |                                          | —     |                          |   | (100 | ) |   | (100 | ) |
| Proceeds                from issuance of convertible debentures, net                                              |   |                                          | 20,450,000  |                          |   | — |   |   | 40,704,930 |   |
| Payment                of costs associated with convertible debentures                                            |   |                                          | (722,750    | )                             |   | — |   |   | (722,750 | ) |
| Repayments                of convertible debentures                                                               |   |                                          | —     |                          |   | (150,030 | ) |   | (635,757 | ) |
| Purchase                of treasury stock                                                                         |   |                                          | —     |                          |   | — |   |   | (483,869 | ) |
| Proceeds                from issuance of common stock, net                                                        |   |                                          | —     |                          |   | — |   |   | 80,283,719 |   |
| Purchase                and retirement of common stock                                                            |   |                                          | (378,456    | )                             |   | — |   |   | (497,522 | ) |
| Net                Cash Provided by Financing Activities                                                          |   |                                          | 19,673,988  |                          |   | 98,774 |   |   | 182,881,796 |   |
|                                                                                                              |   |                                          |        |                          |   |   |   |   |   |   |
| Effect                of Exchange Rates on Cash                                                                   |   |                                          | (58,151     | )                             |   | (11,276 | ) |   | (28,711 | ) |
|                                                                                                              |   |                                          |        |                          |   |   |   |   |   |   |
| Net                Increase (Decrease) in Cash and Cash Equivalents                                               |   |                                          | (5,684,243  | )                             |   | (12,395,001 | ) |   | 15,341,824 |   |
|                                                                                                              |   |                                          |        |                          |   |   |   |   |   |   |
| Cash                and Cash Equivalents, Beginning of Period                                                     |   |                                          | 21,026,067  |                          |   | 38,208,493 |   |   | — |   |
|                                                                                                              |   |                                          |        |                          |   |   |   |   |   |   |
| Cash                and Cash Equivalents, End of Period                                                           |   | $                                             | 15,341,824  |                          | $      | 25,813,492 |   | $ | 15,341,824 |   |

----

**GENEREX        BIOTECHNOLOGY CORPORATION AND SUBSIDIARIES**

**(A        DEVELOPMENT STAGE COMPANY)**

**NOTES        TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

| **1.** | **Basis                  of Presentation** |
|--------|--------------------------------------------|

| **2.** | **Summary                  of Significant Accounting                  Policies** |
|--------|----------------------------------------------------------------------------------|

**Reclassifications**

| **3.** | **Effects                  of Recent Accounting                  Pronouncements** |
|--------|-----------------------------------------------------------------------------------|

----

**GENEREX        BIOTECHNOLOGY CORPORATION AND SUBSIDIARIES**

**(A        DEVELOPMENT STAGE COMPANY)**

**NOTES        TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

The        Company may from time to time be assessed interest or penalties by major        tax        jurisdictions, although such assessments historically have been minimal and        immaterial to our financial results. If the Company receives an assessment        for        interest and/or penalties, it would be classified in the financial statements        as        general and administrative expense.

*.        *

----

**GENEREX        BIOTECHNOLOGY CORPORATION AND SUBSIDIARIES**

**(A        DEVELOPMENT STAGE COMPANY)**

**NOTES        TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

| **4.** | **Stock-Based                      Compensation** |
|--------|---------------------------------------------------|

----

**GENEREX        BIOTECHNOLOGY CORPORATION AND SUBSIDIARIES**

**(A        DEVELOPMENT STAGE COMPANY)**

**NOTES        TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

|                                                                   |   |   |       | WeightedAverage |   | WeightedAverage   |   |      |   |
|------------------------------------------------------------------------|--------|--------|------------|-----------------|--------|-------------------|--------|-----------|--------|
|                                                                   |   |   |       | Exercise        |   | Remaining         |   | Aggregate |   |
|                                                                   |   |   |       | Price           |   | Contractual       |   | Intrinsic |   |
|                                                                   |   | Shares |       | Share           |   | Term (Years) |   | Value     |   |
|                                                                   |   |   |       |            |   |              |   |      |   |
| Outstanding,                  August 1, 2007                           |   |   | 7,962,638  |            | $      | 0.94              |   |      |   |   |   |   |   |
| Granted                                                                |   |   | —    |            | $      | —           |   |      |   |   |   |   |   |
| Forfeited                  or expired                                  |   |   | (1,490,000 | )               | $      | 2.10              |   |      |   |   |   |   |   |
| Exercised                                                              |   |   | (401,000   | )               | $      | 0.98              |   |      |   |   |   |   |   |
| Outstanding,                  April 30, 2008                           |   |   | 6,071,638  |            | $      | 0.65              |   |      | 1.55   |   | $ | 3,160,533 |   |
| Exercisable,                  April 30, 2008                           |   |   | 6,071,638  |            | $      | 0.65              |   |      | 1.55   |   | $ | 3,160,533 |   |
|                                                                   |   |   |       |            |
| Grant                  Date Fair Value of Forfeited or Expired Options |   | $      | 1.56       |            |
| Total                  Intrinsic Value of Options Exercised            |   | $      | 103,850    |            |

----

**GENEREX        BIOTECHNOLOGY CORPORATION AND SUBSIDIARIES**

**(A        DEVELOPMENT STAGE COMPANY)**

**NOTES        TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

|                                              |   |           |     | Weighted        |   |
|---------------------------------------------------|--------|----------------|----------|-----------------|--------|
|                                              |   |           |     | Average         |   |
|                                              |   |           |     | Grant Date |   |
|                                              |   | Number of |     | Fair            |   |
|                                              |   | Shares         |     | Value           |   |
|                                              |   |           |     |            |   |
| Non-vested                  stock, August 1, 2007 |   |           | —  |            | $      | — |   |
| Granted                                           |   |           | 550,000  |            |   | 1.51 |   |
| Vested                                            |   |           | (312,500 | )               |   | 1.51 |   |
| Forfeited                                         |   |           | —  |            |   | — |   |
| Non-vested                  stock, April 30, 2008 |   |           | 237,500  |            | $      | 1.51 |   |

| **5.** | **Comprehensive                      Income/(Loss)** |
|--------|------------------------------------------------------|

| **6.** | **Accounts                      Payable and Accrued                      Expenses** |
|--------|-------------------------------------------------------------------------------------|

|                                      |   | April 30, |      | July 31, |   |
|-------------------------------------------|--------|----------------|-----------|---------------|--------|
|                                      |   | 2008           |      | 2007          |   |
|                                      |   |           |      |          |   |
| Accounts                  Payable         |   | $              | 3,815,481 |          | $      | 1,791,080 |   |
| Research                  and Development |   |           | 1,456,318 |          |   | 1,956,049 |   |
| Executive                  Compensation   |   |           | 3,722,911 |          |   | 2,252,978 |   |
| Financial                  Services       |   |           | 378,839   |          |   | 1,156,602 |   |
| Total                                     |   | $              | 9,373,549 |          | $      | 7,156,709 |   |

----

**GENEREX        BIOTECHNOLOGY CORPORATION AND SUBSIDIARIES**

**(A        DEVELOPMENT STAGE COMPANY)**

**NOTES        TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

| **7.** | **Secured                      Convertible                      Notes** |
|--------|-------------------------------------------------------------------------|

|                                                                             |   | Notes/Debenture |       |
|----------------------------------------------------------------------------------|--------|-----------------|------------|
|                                                                             |   | $20,650,000     |       |
| Date                  Issued                                                     |   |            | 3/2008     |   |
| Promissory                  Note Amount                                          |   | $               | (A         | ) |
| #                  of Promissory Notes                                           |   |            | 6          |   |
| Terms                                                                            |   |            | (B         | ) |
| Conversion                  Price                                                |   | $               | 1.21       |   |
|                                                                             |   |            |       |   |
| Gross                  Proceeds                                                  |   | $               | 20,650,000 |   |
| Net                  Cash Proceeds                                               |   | $               | 20,450,000 |   |
| Warrants                  Issued to Investors (C)                                |   |            | 42,665,274 |   |
| Warrant                  Exercise Price                                          |   | $               | 1.21       |   |
| Existing                  Warrants Re-priced (D)                                 |   |            | 12,697,024 |   |
| Re-priced                  Warrant Exercise Price (D)                            |   |            | 1.10       |   |
| Warrant                  Fair Value (WFV) (includes value of re-priced warrants) |   | $               | 21,976,130 |   |
| Warrant                  Relative Fair Value (WRFV)                              |   | $               | 10,646,218 |   |
| Black                  Scholes Model Assumptions                                 |   |            | (E         | ) |
| Beneficial                  Conversion Feature (BCF)                             |   | $               | 8,768,946  |   |
|                                                                             |   |            |       |   |
| Amortization                  of WFV and BCF as                                  |   |            |       |   |
| Non-cash                  Interest Expense                                       |   | $               | 408,851    |   |
|                                                                             |   |            |       |   |
| Principal                  and Interest Converted                                |   | $               | —    |   |
| Loss                  on Extinguishment                                          |   | $               | —    |   |
| Shares                  Issued Upon Conversion                                   |   |            | —    |   |
|                                                                             |   |            |       |   |
| Principal                  and Interest Repayments                               |   |            |       |   |
| in                  Shares of Common Stock                                       |   | $               | —    |   |
| Loss                  on Extinguishment (C)                                      |   | $               | —    |   |
| Shares                  Issued for Principal and                                 |   |            |       |   |
| Interest                  Repayments                                             |   |            | —    |   |
| Principal                  and Interest Repayments                               |   |            |       |   |
| in                  Cash                                                         |   | $               | —    |   |

|  | (A) | $7,000,000;                  $5,000,000; $3,650,000; (2) $2,000,000;                  $1,000,000 |
|--|-----|--------------------------------------------------------------------------------------------------|

|  | (B) | The                  notes carry an 8% coupon and mature September 30, 2009, provided,                  however,                  the maturity date may be extended at the option of the holder.                  The notes                  carry a 19-month term and amortization in 15 assignments commencing                  in the                  fifth month of the term. The principal and interest payments are                  payable                  in cash or, at the Company's option, the lower of (i) the then                  applicable                  conversion price and (ii) the price which shall be computed as                  90% of the                  arithmetic average of the VWAP of the common stock on each of the                  twenty                  (20) consecutive trading days immediately preceding the applicable                  installment date, subject to certain                  conditions. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**GENEREX        BIOTECHNOLOGY CORPORATION AND SUBSIDIARIES**

**(A        DEVELOPMENT STAGE COMPANY)**

**NOTES        TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

|  | (C) | The                  warrants issued to investors are comprised of the following: Series                  A                  warrants 5,257,729; Series A-1 warrants 7,541,857; Series B warrants                  17,066,108; Series C warrants 12,799,580. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | a. | The                      Series C warrants are issuable contingent upon exercise of                      Series B                      warrants. The relative fair value associated with the Series                      C warrants at                      the commitment date amounted to $1,234,836. At such time the                      contingency                      is met, the Company would include the relative fair value as                      a charge to                      interest expense. The Company has accounted for this contingency                      in                      accordance with EITF 98-5 and 00-27. |
|--|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (D) | The                  Company re-priced 12,697,024 existing warrants. The value associated                  with                  the re-priced warrants amounted to $5,399,160 and valued using                  the                  Black-Scholes pricing model. The value of the re-priced warrants                  have been                  added to the value of the new warrants issued (see (C) above) and                  accounted for in accordance with EITF 98-5 and                  00-27. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (E) | Black                  Scholes pricing model assumptions used in valuing the warrants                  were: risk                  free interest (2.70 percent); expected volatility (.8611); life                  of 1 1⁄2                  years, 7 years and 7 1⁄2 years. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **8.** | **Pending                      Litigation** |
|--------|---------------------------------------------|

*Liquid        Formulations for Proteinic Pharmaceuticals*
*Vaccine        Delivery System for Immunization, Using Biodegradable Polymer        Microspheres*
*Controlled        Releases of Drugs or Hormones in Biodegradable Polymer        Microspheres*

----

**GENEREX        BIOTECHNOLOGY CORPORATION AND SUBSIDIARIES**

**(A        DEVELOPMENT STAGE COMPANY)**

**NOTES        TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

| **9.** | **Net                      Loss Per Share** |
|--------|---------------------------------------------|

| **10.** | **Supplemental                      Disclosure of Cash Flow                      Information** |
|---------|------------------------------------------------------------------------------------------------|

|                                                                                                                                                                                     |   | For the Nine Months Ended |       |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------|------------|
|                                                                                                                                                                                     |   | April 30,                                |       |
|                                                                                                                                                                                     |   | 2008                                          |       | 2007 |   |
| Cash                  paid during the period for:                                                                                                                                        |   |                                          |       |   |   |   |   |
| Interest                                                                                                                                                                                 |   | $                                             | 174,428    |   | $ | 196,368 |   |
| Income                  taxes                                                                                                                                                            |   | $                                             | —    |   | $ | — |   |
|                                                                                                                                                                                     |   |                                          |       |   |   |   |   |
| Disclosure                  of non-cash investing and financing activities:                                                                                                              |   |                                          |       |   |   |   |   |
| Issuance                      of common stock as satisfaction of accrued executive                      compensation                                                                     |   | $                                             | 471,875    |   | $ | — |   |
| Deferred                      debt issuance costs paid from the proceeds of convertible                      notes                                                                       |   | $                                             | 200,000    |   | $ | — |   |
| Value                      of warrants issued in conjunction with issuance of convertible                      debentures                      and related beneficial conversion feature |   | $                                             | 19,415,164 |   | $ | — |   |
| Principal                    repayment of convertible debentures through the of                    common stock                                                                          |   | $                                             | —    |   | $ | 384,616 |   |
| Issuance                      of common stock in conjunction with convertible debenture                      conversion                                                                  |   | $                                             | —    |   | $ | 210,216 |   |

| **11.** | **Stockholders’                      Equity** |
|---------|-----------------------------------------------------|

----

**GENEREX        BIOTECHNOLOGY CORPORATION AND SUBSIDIARIES**

**(A        DEVELOPMENT STAGE COMPANY)**

**NOTES        TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

|                                                                |   |                  Common Stock |      | Additional Paid-In |   | Total Stockholders’ |   |
|---------------------------------------------------------------------|--------|-----------------------------------------|-----------|-------------------------|--------|--------------------------------|--------|
|                                                                |   | Shares                                  |      | Amount                  |   | Capital                        |   | Equity |   |
| Issuance of common stock for services      |   |                                    | 1,011,851 |                    | $      | 1,012                          |   | $ | 1,428,049 |   | $ | 1,429,061 |   |
| Issuance of warrants for services               |   |                                    | —   |                    |   | —                        |   |   | 82,000 |   |   | 82,000 |   |
| Issuance                  of common stock as employee compensation  |   |                                    | 600,754   |                    |   | 601                            |   |   | 904,071 |   |   | 904,672 |   |
| Issuance                  of common stock as executive compensation |   |                                    | 550,000   |                    |   | 550                            |   |   | (550 | ) |   | — |   |
| Stock-based                  executive compensation                 |   |                                    | —   |                    |   | —                        |   |   | 190,518 |   |   | 190,518 |   |
| Issuance                  of common stock in satisfaction           |   |                                    |      |                    |   |                           |   |   |   |   |   |   |   |
| of                  accrued executive compensation                  |   |                                    | —   |                    |   | —                        |   |   | 471,875 |   |   | 471,875 |   |
| Stocks                  options exercised for cash                  |   |                                    | 401,000   |                    |   | 401                            |   |   | 391,389 |   |   | 391,790 |   |
| Issuance                  of warrants in connection with            |   |                                    |      |                    |   |                           |   |   |   |   |   |   |   |
| convertible                  notes                                  |   |                                    | —   |                    |   | —                        |   |   | 19,415,164 |   |   | 19,415,164 |   |
| Total                                                               |   |                                    | 2,563,605 |                    | $      | 2,564                          |   | $ | 22,882,516 |   | $ | 22,885,080 |   |

----

**GENEREX        BIOTECHNOLOGY CORPORATION AND SUBSIDIARIES**

**(A        DEVELOPMENT STAGE COMPANY)**

**NOTES        TO CONSOLIDATED FINANCIAL STATEMENTS**

**(UNAUDITED)**

| **12.** | **Subsequent                      Events** |
|---------|--------------------------------------------|

----

**Item      2. Management's Discussion and Analysis of Financial Condition and Results      of      Operations**

*Part      I, Item 1A - Risk Factors*
*Part      II, Item 8 - Financial Statements and Supplementary Data*
*Part      I, Item 1 - Financial Statements*
*Part      II, Item 1A- Risk Factors *

**Forward-Looking      Statements**

*Item      2. Management's Discussion and Analysis of Financial Condition and Results      of      Operations*

|   | Ÿ | our                expectations concerning product candidates for our                technologies;                                                                                                 |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Ÿ | our                expectations concerning existing or potential development and license                agreements for third-party collaborations and joint                ventures;               |
|   | Ÿ | our                expectations of when different phases of clinical activity may commence                and conclude;                                                                            |
|   | Ÿ | our                expectations of when regulatory submissions may be filed or when                regulatory approvals may be received; and                                                       |
|   | Ÿ | our                expectations of when commercial sales of our products may commence                and                when actual revenue from the product sales may be                received. |

|   | Ÿ | the                inherent uncertainties of product development based on our new and                as yet                not fully proven technologies;                                                           |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Ÿ | the                risks and uncertainties regarding the actual effect on humans of                seemingly                safe and efficacious formulations and treatments when tested                clinically; |
|   | Ÿ | the                inherent uncertainties associated with clinical trials of product                candidates;                                                                                                     |
|   | Ÿ | the                inherent uncertainties associated with the process of obtaining regulatory                approval to market product candidates;                                                                 |
|   | Ÿ | the                inherent uncertainties associated with commercialization of products                that                have received regulatory approval; and                                                   |
|   | Ÿ | our                ability to obtain the necessary financing to fund our                operations.                                                                                                                 |

----

*Part      I, Item 1A Risk Factors*
*Part      II, Item 1A. Risk Factors*

**Executive      Summary**

***About      the Company***

***Strategy***

*Generex      Oral-lynTM*

----

----

*Buccal      Glucose and Energy Products - Glucose RapidSprayTM, BaBOOM! TM Energy Spray and      GlucoBreakTM *

*Metformin      Gum Product/Strategic Alliance*

*Immunomedicine      Technology and Products*

**.**

*Financing*

----

**Accounting      for Research and Development Projects**

----

**Results      of Operations **

**Three      Months Ended April 30, 2008 Compared to Three Months Ended April 30,      2007**

----

**Results      of Operations **

**Nine      Months Ended April 30, 2008 Compared to Nine Months Ended April 30,      2007**

**Developments**

*Financing*

----

*Other*

**Financial      Condition, Liquidity and Resources**

*Secured      Convertible Notes and Warrants*

*per      annum*

----

|  | (i) | Series                A and A-1 Warrants, which are exercisable for a period of 7 years                into an                aggregate of 75% of the number of shares of our common stock initially                issuable upon conversion of the Notes, with the Series A Warrants                being                exercisable into 5,257,729 shares immediately upon issuance and the                Series                A-1 warrants being exercisable into 7,51,857 shares beginning October                1,                2008; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (ii) | Series                B Warrants, which are exercisable beginning October 1, 2008 into                100% of                the shares of our common stock initially issuable upon conversion                of the                Notes (initially 17,066,166 shares) and remaining exercisable for                a period                of 18 months after a registration statement covering the shares of                common                stock issuable upon conversion or exercise of the Notes and Warrants                is                declared effective by the SEC; and |
|--|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iii) | Series                C Warrants, which are exercisable for a period of 7 years beginning                October 1, 2008, but only to the extent that the Series B Warrant                are                exercised and only in the same percentage that the Series B Warrants                are                exercised, up to a maximum percentage of 75% of the number of shares                of                our common stock initially issuable upon conversion of the Notes                (initially a maximum of 12,799,586 shares). |
|--|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

***,***

| ***Date                Issued*** |   | ***Aggregate******No.                of******Shares*** ***Unexercised*** |       | ***Exercise******Price**** |   | ***Exercise Date*** |   | ***Expiration Date*** |                               |
|----------------------------------|--------|-------------------------------------------------------------------------------|------------|----------------------------|--------|--------------------------|--------|----------------------------|------------------------------------|
| March                31, 2008    |   |                                                                          | 12,697,024 |                       | $      | 1.10                     |   |                       | March 31,                2008 |   |   | March                31, 2015 |   |
|                             |   |                                                                          |       |                       |   |                     |   |                       |                               |   |   |   |   |
| March                31, 2008    |   |                                                                          | 5,257,729  |                       | $      | 1.21                     |   |                       | March                31, 2008      |   |   | March                31, 2015 |   |
|                             |   |                                                                          |       |                       |   |                     |   |                       |                               |   |   |   |   |
| March                31, 2008    |   |                                                                          | 20,341,452 |                       | $      | 1.21                     |   |                       | October                1, 2008     |   |   | October                1, 2015 |   |
|                             |   |                                                                          |       |                       |   |                     |   |                       |                               |   |   |   |   |
| March                31, 2008    |   |                                                                          | 17,066,108 |                       | $      | 1.21                     |   |                       | October                1, 2008     |   |   | October                1, 2009 |   |

**Subject      to anti-dilution adjustments upon issuance of securities at a price per share      of      common stock less than the then applicable exercise price or the market price      of      our common stock at that time, whichever is lower.*

**Critical      Accounting Policies**

----

**Off-Balance      Sheet Arrangements **

**Contractual      Obligations **

| **Payments                Due by Period**                                                                        |   |
|------------------------------------------------------------------------------------------------------------------|--------|
| **Contractual                Obligations**                                                                       |   | **Total** |   | **Less than 1****Year** |   | **1-3 years** |   | **3-5 years** |   | **More than****5 years** |   |
|                                                                                                             |   |   |   |   |   |   |   |   |   |   |   |
| Long-Term                Debt Obligations                                                                        |   |   | 3,535,557 |   |   | 2,051,316 |   |   | 816,757 |   |   | 667,484 |   |   | - |   |
| Convertible                Debt Obligations                                                                      |   |   | 22,191,866 |   |   | 13,791,447 |   |   | 8,400,419 |   |   | - |   |   | - |   |
| Capital                Lease Obligations                                                                         |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Operating                Lease Obligations                                                                       |   |   | 493,260 |   |   | 151,769 |   |   | 220,271 |   |   | 121,220 |   |   | - |   |
| Purchase                Obligations                                                                              |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Other                Long-Term Liabilities Reflected on the Registrant's                Balance Sheet under GAAP |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Total                                                                                                            |   | $ | 26,220,683 |   | $ | 15,994,532 |   | $ | 9,437,447 |   | $ | 788,704 |   |   | - |   |

----

Convertible      debt obligations represent scheduled principal and interest payments on our      8%      secured convertible notes. Remaining principal of $20,650,000 is payable in      monthly installments, through September 2009. Approximately $12,390,000 of      principal payments is due in less than one year, and $8,260,000 is due in 1-3      years. Principal may be paid, at our option, in cash or shares of our common      stock, provided that we receive shareholder approval shareholder approval of      the      issuance of securities pursuant to the March 31, 2008 private placement. Because      investors may convert principal into common stock, at any time, at their option,      the timing of principal and interest payments may accelerate relative to this      schedule. 

**Certain      Relationships and Related Transactions**

*Related      Transactions*

** **

*Real      Estate Transactions*

----

*Legal      Fees*

*Consulting      Fees*

*Private      Placement of Notes and Warrants*

**New      Accounting Pronouncements**

----

----

**Item      3. Quantitative and Qualitative Disclosures About Market      Risk.**

| Loan                Amount |   | Interest** **Rateper** **Annum |    |
|----------------------------|--------|------------------------------------------|---------|
| 453,260                    |   |                                     | 6.82    | % |
| 282,682                    |   |                                     | 6.82    | % |
| 688,511                    |   |                                     | 7.60    | % |
| 394,839                    |   |                                     | 8.50    | % |
| 214,220                    |   |                                     | 10      | % |
| 1,209,479                  |   |                                     | 6.07    | % |
| *3,242,991*                |   |                                     | *Total* |   |

**Item      4. Controls and Procedures.**

*Evaluation      of disclosure controls and procedures*

*Changes      in internal control over financial reporting*

----

**PART      II - OTHER INFORMATION**

**Item      1. Legal Proceedings.**

*Newbridge      Securities Corporation v. Generex Biotechnology Corporation.* In      February, 2008, a securities broker-dealer and investment bank filed a complaint      against us in the Supreme Court of the State of New York alleging breach of      a      business advisory agreement and seeking cash, stock, and warrant      compensation.  We entered into a settlement of this litigation with      Newbridge Securities Corporation in March 2008.

**Item      1A. Risk Factors.**

*Part      I, Item 1A - Risk Factors*

***Risks      Related to Our Financial Condition***

***We      have a history of losses and will incur additional      losses.***

----

**Item.      2. Unregistered Sales of Equity Securities and Use of      Proceeds.**

*Unregistered      Sales of Equity Securities*

----

*Issuer      Purchases of Equity Securities*

** **

**Item      3. Defaults Upon Senior Securities.**

**Item      4. Submission of Matters to a Vote of Security Holders.**

**Item      5. Other Information.**

*Item      2 - Unregistered Sales of Equity Securities and Use of Proceeds*
*Unregistered      Sales of Equity Securities*

----

**Item      6. Exhibits.**

| **Exhibit****Number**  |   | **Description                of Exhibit****(1)**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|-----------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 2                           |   | Agreement                and Plan of Merger among Generex Biotechnology Corporation, Antigen                Express, Inc. and AGEXP Acquisition Inc. (incorporated by reference                to                Exhibit 2.1 to Generex Biotechnology Corporation’s Current Report on Form                8-K filed on August 15, 2003)                                                                                                                                                                                                                                                    |
|                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 3(i)                        |   | Restated                Certificate of Incorporation of Generex Biotechnology Corporation                (incorporated by reference to Exhibit 3(II) to Generex Biotechnology                Corporation’s Report on Form 10-Q filed on June 19,                2006)                                                                                                                                                                                                                                                                                                                      |
|                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 3(ii)                       |   | Amended                and Restated Bylaws of Generex Biotechnology Corporation (incorporated                by                reference to Exhibit 3(ii) to Generex Biotechnology Corporation’s Report                on Form 8-K filed on December 5, 2007)                                                                                                                                                                                                                                                                                                                              |
|                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 4.1                         |   | Form                of Common Stock Certificate (incorporated by reference to Exhibit                4.1 to                Generex Biotechnology Corporation’s Registration Statement on Form S-1                (File No. 333-82667) filed on July 12, 1999)                                                                                                                                                                                                                                                                                                                              |
|                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 4.2.1                       |   | Form                of Securities Purchase Agreement entered into with Cranshire Capital,                L.P.; Gryphon Partners, L.P.; Langley Partners, L.P.; Lakeshore Capital,                Ltd.; LH Financial; Omicron Capital; Photon Fund, Ltd.; Howard Todd                Horberg and Vertical Ventures, LLC dated May 29, 2003 (incorporated                by                reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Report on                Form 10-Q/A for the quarter ended April 30, 2003 filed on August                13,                2003) |
|                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 4.2.2                       |   | Form                of Registration Rights Agreement entered into with Cranshire Capital,                L.P.; Gryphon Partners, L.P.; Langley Partners, L.P.; Lakeshore Capital,                Ltd.; LH Financial; Omicron Capital; Photon Fund, Ltd.; Howard Todd                Horberg and Vertical Ventures, LLC dated May 29, 2003 (incorporated                by                reference to Exhibit 4.2 to Generex Biotechnology Corporation’s Report on                Form 10-Q/A for the quarter ended April 30, 2003 filed on August                13,                2003) |
|                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 4.2.3                       |   | Form                of Warrant granted to Cranshire Capital, L.P.; Gryphon Partners,                L.P.;                Langley Partners, L.P.; Lakeshore Capital, Ltd.; LH Financial; Omicron                Capital; Photon Fund, Ltd.; Howard Todd Horberg and Vertical Ventures,                LLC                dated May 29, 2003 (incorporated by reference to Exhibit 4.3 to Generex                Biotechnology Corporation’s Report on Form 10-Q/A for the quarter ended                April 30, 2003 filed on August 13, 2003)                                             |
|                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 4.3                         |   | Form                of replacement Warrant issued to warrant holders exercising at reduced                exercise price in May and June 2003 (incorporated by reference to                Exhibit                4.13.7 to Generex Biotechnology Corporation’s Report on Form 10-K for the                period ended July 31, 2003 filed on October 29, 2003)                                                                                                                                                                                                                           |
|                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 4.4.1                       |   | Securities                Purchase Agreement, dated December 19, 2003, by and among Generex                Biotechnology Corporation and the investors named therein (incorporated                by                reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Report on                Form 8-K/A filed on March 24, 2004)                                                                                                                                                                                                                                           |

| 4.4.2  |   | Registration                Rights Agreement, dated December 19, 2003, by and among Generex                Biotechnology Corporation and the investors named therein (incorporated                by                reference to Exhibit 4.2 to Generex Biotechnology Corporation’s Report on                Form 8-K/A filed on March 24, 2004) |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                   |
| 4.4.3  |   | Form                of Warrant issued in connection with Exhibit 4.4.1 (incorporated                by                reference to Exhibit 4.3 to Generex Biotechnology Corporation’s Report on                Form 8-K/A filed on March 24, 2004)                                                                                               |

| 4.4.4 |   | Form                of Additional Investment Right issued in connection with Exhibit                4.4.1                (incorporated by reference to Exhibit 4.4 to Generex Biotechnology                Corporation’s Report on Form 8-K/A filed on March 24,                2004) |
|-------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4.5.1  |   | Securities                Purchase Agreement, dated January 7, 2004, by and between Generex                Biotechnology Corporation and ICN Capital Limited (incorporated by                reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Report on                Form 8-K filed on March 1, 2004)                                                             |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                     |
| 4.5.2  |   | Registration                Rights Agreement, dated January 7, 2004, by and between Generex                Biotechnology Corporation and ICN Capital Limited (incorporated by                reference to Exhibit 4.2 to Generex Biotechnology Corporation’s Report on                Form 8-K filed on March 1, 2004)                                                             |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                     |
| 4.5.3  |   | Warrant                issued in connection with Exhibit 4.5.1 (incorporated by reference                to                Exhibit 4.3 to Generex Biotechnology Corporation’s Report on Form 8-K                filed on March 1, 2004)                                                                                                                                            |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                     |
| 4.5.4  |   | Additional                Investment Right issued in connection with Exhibit 4.5.1 (incorporated                by                reference to Exhibit 4.4 to Generex Biotechnology Corporation’s Report on                Form 8-K filed on March 1, 2004)                                                                                                                        |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                     |
| 4.6.1  |   | Securities                Purchase Agreement, dated January 9, 2004, by and between Generex                Biotechnology Corporation and Vertical Ventures, LLC (incorporated                by                reference to Exhibit 4.5 to Generex Biotechnology Corporation’s Report on                Form 8-K filed on March 1, 2004)                                           |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                     |
| 4.6.2  |   | Registration                Rights Agreement, dated January 9, 2004, by and between Generex                Biotechnology Corporation and Vertical Ventures, LLC (incorporated                by                reference to Exhibit 4.6 to Generex Biotechnology Corporation’s Report on                Form 8-K filed on March 1, 2004)                                           |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                     |
| 4.6.3  |   | Warrant                issued in connection with Exhibit 4.6.1 (incorporated by reference                to                Exhibit 4.7 to Generex Biotechnology Corporation’s Report on Form 8-K                filed on March 1, 2004)                                                                                                                                            |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                     |
| 4.6.4  |   | Additional                Investment Right issued in connection with Exhibit 4.6.1 (incorporated                by                reference to Exhibit 4.8 to Generex Biotechnology Corporation’s Report on                Form 8-K filed on March 1, 2004)                                                                                                                        |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                     |
| 4.7.1  |   | Securities                Purchase Agreement, dated February 6, 2004, by and between Generex                Biotechnology Corporation and Alexandra Global Master Fund, Ltd.                (incorporated by reference to Exhibit 4.9 to Generex Biotechnology                Corporation’s Report on Form 8-K filed on March 1,                2004)                              |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                     |
| 4.7.2  |   | Registration                Rights Agreement, dated February 6, 2004, by and between Generex                Biotechnology Corporation and Alexandra Global Master Fund, Ltd.                (incorporated by reference to Exhibit 4.10 to Generex Biotechnology                Corporation’s Report on Form 8-K filed on March 1,                2004)                             |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                     |
| 4.7.3  |   | Warrant                issued in connection with Exhibit 4.7.1 (incorporated by reference                to                Exhibit 4.11 to Generex Biotechnology Corporation’s Report on Form 8-K                filed on March 1, 2004)                                                                                                                                           |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                     |
| 4.7.4  |   | Additional                Investment Right issued in connection with Exhibit 4.7.1 (incorporated                by                reference to Exhibit 4.12 to Generex Biotechnology Corporation’s Report on                Form 8-K filed on March 1, 2004)                                                                                                                       |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                     |
| 4.7.5  |   | Escrow                Agreement, dated February 26, 2004, by and among Generex Biotechnology                Corporation, Eckert Seamans Cherin & Mellott, LLC and Alexandra Global                Master Fund, Ltd. (incorporated by reference to Exhibit 4.13 to Generex                Biotechnology Corporation’s Report on Form 8-K filed on March 1,                2004) |

| 4.8.1 |   | Securities                Purchase Agreement, dated February 11, 2004, by and between Generex                Biotechnology Corporation and Michael Sourlis (incorporated by reference                to Exhibit 4.14 to Generex Biotechnology Corporation’s Report on Form 8-K                filed on March 1, 2004) |
|-------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.8.2 |   | Registration                Rights Agreement, dated February 11, 2004, by and between Generex                Biotechnology Corporation and Michael Sourlis (incorporated by reference                to Exhibit 4.15 to Generex Biotechnology Corporation’s Report on Form 8-K                filed on March 1, 2004) |
|-------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4.8.3  |   | Additional                Investment Right issued in connection with Exhibit 4.8.1 (incorporated                by                reference to Exhibit 4.17 to Generex Biotechnology Corporation’s Report on                Form 8-K filed on March 1, 2004)                                                                                      |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                    |
| 4.9.1  |   | Securities                Purchase Agreement, dated February 13, 2004, by and between Generex                Biotechnology Corporation and Zapfe Holdings, Inc. (incorporated                by                reference to Exhibit 4.18 to Generex Biotechnology Corporation’s Report on                Form 8-K filed on March 1, 2004)         |
|   |   |                                                                                                                                                                                                                                                                                                                                                    |
| 4.9.2  |   | Registration                Rights Agreement, dated February 13, 2004, by and between Generex                Biotechnology Corporation and Zapfe Holdings, Inc. (incorporated                by                reference to Exhibit 4.19 to Generex Biotechnology Corporation’s Report on                Form 8-K filed on March 1, 2004)         |
|   |   |                                                                                                                                                                                                                                                                                                                                                    |
| 4.9.3  |   | Warrant                issued in connection with Exhibit 4.9.1 (incorporated by reference                to                Exhibit 4.20 to Generex Biotechnology Corporation’s Report on Form 8-K                filed on March 1, 2004)                                                                                                          |
|   |   |                                                                                                                                                                                                                                                                                                                                                    |
| 4.9.4  |   | Additional                Investment Right issued in connection with Exhibit 4.9.1 (incorporated                by                reference to Exhibit 4.21 Generex Biotechnology Corporation’s Report on                Form 8-K filed on March 1, 2004)                                                                                         |
|   |   |                                                                                                                                                                                                                                                                                                                                                    |
| 4.10.1 |   | Securities                Purchase Agreement, dated June 23, 2004, by and among Generex                Biotechnology Corporation and the investors named therein (incorporated                by                reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Report on                Form 8-K filed on July 14, 2004)         |
|   |   |                                                                                                                                                                                                                                                                                                                                                    |
| 4.10.2 |   | Registration                Rights Agreement, dated June 23, 2004, by and among Generex Biotechnology                Corporation and the investors (incorporated by reference to Exhibit                4.2 to                Generex Biotechnology Corporation’s Report on Form 8-K filed on July 14,                2004)                       |
|   |   |                                                                                                                                                                                                                                                                                                                                                    |
| 4.10.3 |   | Form                of Warrant issued in connection with Exhibit 4.10.1 (incorporated                by                reference to Exhibit 4.3 to Generex Biotechnology Corporation’s Report on                Form 8-K filed on July 14, 2004)                                                                                                  |
|   |   |                                                                                                                                                                                                                                                                                                                                                    |
| 4.10.4 |   | Form                of Additional Investment Right issued in connection Exhibit 4.10.1                (incorporated by reference to Exhibit 4.4 to Generex Biotechnology                Corporation’s Report on Form 8-K filed on July 14,                2004)                                                                                   |
|   |   |                                                                                                                                                                                                                                                                                                                                                    |
| 4.11.1 |   | Securities                Purchase Agreement, dated November 10, 2004, by and among Generex                Biotechnology Corporation and the investors named therein (incorporated                by                reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Report on                Form 8-K filed on November 12, 2004) |
|   |   |                                                                                                                                                                                                                                                                                                                                                    |
| 4.11.2 |   | Form                of 6% Secured Convertible Debenture issued in connection with Exhibit                4.11.1 (incorporated by reference to Exhibit 4.2 to Generex Biotechnology                Corporation’s Report on Form 8-K filed on November 12,                2004)                                                                     |
|   |   |                                                                                                                                                                                                                                                                                                                                                    |
| 4.11.3 |   | Registration                Rights Agreement, dated November 10, 2004, by and among Generex                Biotechnology Corporation and the investors named therein (incorporated                by                reference to Exhibit 4.3 to Generex Biotechnology Corporation’s Report on                Form 8-K filed on November 12, 2004) |
|   |   |                                                                                                                                                                                                                                                                                                                                                    |
| 4.11.4 |   | Form                of Voting Agreement entered into in connection with Exhibit 4.11.1                (incorporated by reference to Exhibit 4.7 to Generex Biotechnology                Corporation’s Report on Form 8-K filed on November 12,                2004)                                                                               |

| 4.12   |   | Warrant                issued to The Aethena Group, LLC on April 28, 2005 (incorporated                by                reference to Exhibit 4.20 to Generex Biotechnology Corporation’s Quarterly                Report on Form 10-Q filed on June 14, 2005)                                                                                                                                                                                                               |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| 4.13.1 |   | Amendment                No. 4 to Securities Purchase Agreement and Registration Rights Agreement                entered into by and between Generex Biotechnology Corporation and                the                Purchasers listed on the signature pages thereto on January 19, 2006                (incorporated by reference herein to Exhibit 4.1 to Generex Biotechnology                Corporation’s Report on Form 8-K filed on January 20,                2006) |

----

| 4.13.2 |   | Form                of Additional AIRs issued in connection with Exhibit 4.13.1 (incorporated                by reference herein to Exhibit 4.4 to Generex Biotechnology Corporation’s                Report on Form 8-K filed on January 20, 2006)                                                                                    |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                         |
| 4.14   |   | Form                of Warrant issued by Generex Biotechnology Corporation on January                23, 2006                (incorporated by reference to Exhibit 4.2 to Generex Biotechnology                Corporation’s Report on Form 8-K filed on January 24,                2006)                                              |
|   |   |                                                                                                                                                                                                                                                                                                                                         |
| 4.15.1 |   | Agreement                to Amend Warrants between Generex Biotechnology Corporation and Cranshire                Capital L.P. dated February 27, 2006 (incorporated by reference to                Exhibit                4.1 to Generex Biotechnology Corporation’s Report on Form 8-K filed on                February 28, 2006).   |
|   |   |                                                                                                                                                                                                                                                                                                                                         |
| 4.15.2 |   | Agreement                to Amend Warrants between Generex Biotechnology Corporation and Omicron                Master Trust dated February 27, 2006 (incorporated by reference to                Exhibit                4.2 to Generex Biotechnology Corporation’s Report on Form 8-K filed on                February 28, 2006).     |
|   |   |                                                                                                                                                                                                                                                                                                                                         |
| 4.15.3 |   | Agreement                to Amend Warrants between Generex Biotechnology Corporation and Iroquois                Capital L.P. dated February 27, 2006 (incorporated by reference to                Exhibit                4.3 to Generex Biotechnology Corporation’s Report on Form 8-K filed on                February 28, 2006).    |
|   |   |                                                                                                                                                                                                                                                                                                                                         |
| 4.15.4 |   | Agreement                to Amend Warrants between Generex Biotechnology Corporation and Smithfield                Fiduciary LLC dated February 27, 2006 (incorporated by reference                to                Exhibit 4.4 to Generex Biotechnology Corporation’s Report on Form 8-K                filed on February 28, 2006). |
|   |   |                                                                                                                                                                                                                                                                                                                                         |
| 4.15.5 |   | Form                of Warrant issued by Generex Biotechnology Corporation on February                27,                2006 (incorporated by reference to Exhibit 4.26 to Generex Biotechnology                Corporation’s Report on Form 10-K filed on October 16,                2006)                                           |
|   |   |                                                                                                                                                                                                                                                                                                                                         |
| 4.16.1 |   | Agreement                to Amend Additional Investment Right between Generex Biotechnology                Corporation and Cranshire Capital, L.P. dated February 28, 2006                (incorporated by reference to Exhibit 4.1 to Generex Biotechnology                Corporation’s Report on Form 8-K filed on March 1, 2006).  |
|   |   |                                                                                                                                                                                                                                                                                                                                         |
| 4.16.2 |   | Agreement                to Amend Additional Investment Right between Generex Biotechnology                Corporation and Omicron Master Trust dated February 28, 2006 (incorporated                by reference to Exhibit 4.2 to Generex Biotechnology Corporation’s Report                on Form 8-K filed on March 1, 2006).     |
|   |   |                                                                                                                                                                                                                                                                                                                                         |
| 4.16.3 |   | Agreement                to Amend Additional Investment Right between Generex Biotechnology                Corporation and Iroquois Capital LP dated February 28, 2006 (incorporated                by reference to Exhibit 4.3 to Generex Biotechnology Corporation’s Report                on Form 8-K filed on March 1, 2006).      |
|   |   |                                                                                                                                                                                                                                                                                                                                         |
| 4.16.4 |   | Agreement                to Amend Additional Investment Right between Generex Biotechnology                Corporation and Smithfield Fiduciary LLC dated February 28, 2006                (incorporated by reference to Exhibit 4.4 to Generex Biotechnology                Corporation’s Report on Form 8-K filed on March 1, 2006). |

| 4.16.5 |   | Form                of Additional AIR Debenture issued by Generex Biotechnology Corporation                on                February 28, 2006 (incorporated by reference to Exhibit 4.31 to Generex                Biotechnology Corporation’s Report on Form 10-K filed on October 16,                2006) |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.16.6 |   | Form                of Additional AIR Warrant issued by Generex Biotechnology Corporation                on                February 28, 2006 (incorporated by reference to Exhibit 4.32 to Generex                Biotechnology Corporation’s Report on Form 10-K filed on October 16,                2006) |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.17.1 |   | Form                of Agreement to Amend Warrants between Generex Biotechnology Corporation                and the Investors dated March 6, 2006 (incorporated by reference                to                Exhibit 4.1 to Generex Biotechnology Corporation’s Report on Form 8-K                filed on March 7, 2006). |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4.17.2 |   | Form                of Warrant issued by Generex Biotechnology Corporation on March 6,                2006                (incorporated by reference to Exhibit 4.2 to Generex Biotechnology                Corporation’s Report on Form 8-K filed on March 7,                2006)                                                         |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                              |
| 4.18   |   | Warrant                issued by Generex Biotechnology Corporation on April 17, 2006 to                Zapfe                Holdings, Inc. (incorporated by reference to Exhibit 4.33 to Generex                Biotechnology Corporation’s Report on Form 10-Q filed on June 14,                2006)                                      |
|   |   |                                                                                                                                                                                                                                                                                                                                              |
| 4.19   |   | Form                of Warrant issued by Generex Biotechnology Corporation on April 17,                2006                to certain employees (incorporated by reference to Exhibit 4.34 to                Generex                Biotechnology Corporation’s Report on Form 10-Q filed on June 14,                2006).                 |
|   |   |                                                                                                                                                                                                                                                                                                                                              |
| 4.20.1 |   | Securities                Purchase Agreement entered into by and between Generex Biotechnology                Corporation and four Investors on June 1, 2006 (incorporated by reference                to Exhibit 4.1 to Generex Biotechnology Corporation’s Report on Form 8-K                filed on June 2, 2006)                       |
|   |   |                                                                                                                                                                                                                                                                                                                                              |
| 4.20.2 |   | Form                of Warrant issued by Generex Biotechnology Corporation on June 1,                2006                (incorporated by reference to Exhibit 4.2 to Generex Biotechnology                Corporation’s Report on Form 8-K filed on June 2, 2006)                                                                          |
|   |   |                                                                                                                                                                                                                                                                                                                                              |
| 4.21.1 |   | Form                of Amendment to Outstanding Warrants (incorporated by reference to                Exhibit                4.3 to Generex Biotechnology Corporation’s Report on Form 8-K filed on                June 2, 2006)                                                                                                            |
|   |   |                                                                                                                                                                                                                                                                                                                                              |
| 4.21.2 |   | Form                of Warrant issued by Generex Biotechnology Corporation on June 1,                2006 in                connection with Exhibit 4.39 (incorporated by reference to Exhibit                4.4 to                Generex Biotechnology Corporation’s Report on Form 8-K filed on June 2,                2006)            |
|   |   |                                                                                                                                                                                                                                                                                                                                              |
| 4.22.1 |   | Securities                Purchase Agreement, dated March 31, 2008, by and among Generex                Biotechnology Corporation and the investors named therein (incorporated                by                reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Report on                Form 8-K filed on April 2, 2008). |
|   |   |                                                                                                                                                                                                                                                                                                                                              |
| 4.22.2 |   | Registration                Rights Agreement, dated March 31, 2008, by and among Generex Biotechnology                Corporation and the investors (incorporated by reference to Exhibit                4.7 to                Generex Biotechnology Corporation’s Report on Form 8-K filed on April 2,                2008).               |
|   |   |                                                                                                                                                                                                                                                                                                                                              |
| 4.22.3 |   | Form                of 8% Secured Convertible Note, as amended issued in connection with                Exhibit 4.22.1 (incorporated by reference to Exhibit 4.2 to Generex                Biotechnology Corporation’s Registration Statement on Form S-3 filed on                April 30, 2008)                                           |
|   |   |                                                                                                                                                                                                                                                                                                                                              |
| 4.22.4 |   | Form                of Series A Warrant, as amended issued in connection with Exhibit                4.22.1                (incorporated by reference to Exhibit 4.3 to Generex Biotechnology                Corporation’s Registration Statement on Form S-3 filed on April 30,                2008)                                       |
|   |   |                                                                                                                                                                                                                                                                                                                                              |
| 4.22.5 |   | Form                of Series A-1 Warrant, as amended issued in connection with Exhibit                4.22.1                (incorporated by reference to Exhibit 4.4 to Generex Biotechnology                Corporation’s Registration Statement on Form S-3 filed on April 30,                2008)                                     |
|   |   |                                                                                                                                                                                                                                                                                                                                              |
| 4.22.6 |   | Form                of Series B Warrant, as amended issued in connection with Exhibit                4.22.1                (incorporated by reference to Exhibit 4.5 to Generex Biotechnology                Corporation’s Registration Statement on Form S-3 filed on April 30,                2008)                                       |
|   |   |                                                                                                                                                                                                                                                                                                                                              |
| 4.22.7 |   | Form                of Series C Warrant, as amended issued in connection with Exhibit                4.22.1                (incorporated by reference to Exhibit 4.6 to Generex Biotechnology                Corporation’s Registration Statement on Form S-3 filed on April 30,                2008).                                      |
|   |   |                                                                                                                                                                                                                                                                                                                                              |
| 4.22.8 |   | Security                Agreement entered into in connection with Exhibit 4.22.1 (incorporated                by                reference to Exhibit 4.8 to Generex Biotechnology Corporation’s Report on                Form 8-K filed on April 2, 2008).                                                                                  |

----

| 4.22.8 |   | Guaranty                entered into in connection with Exhibit 4.22.1 (incorporated by reference                to Exhibit 4.9 to Generex Biotechnology Corporation’s Report on Form 8-K                filed on April 2, 2008).                                   |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                      |
| 9      |   | Form                of Voting Agreement entered into in connection with Exhibit 4.11.1                (incorporated by reference to Exhibit 4.7 to Generex Biotechnology                Corporation’s Report on Form 8-K filed on November 12,                2004) |
|   |   |                                                                                                                                                                                                                                                                      |
| 31.1   |   | Certification                of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley                Act of 2002                                                                                                                                          |
|   |   |                                                                                                                                                                                                                                                                      |
| 31.2   |   | Certification                of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley                Act of 2002                                                                                                                                          |
|   |   |                                                                                                                                                                                                                                                                      |
| 32     |   | Certification                of Chief Executive Officer and Chief Financial Officer pursuant to                Section                906 of the Sarbanes-Oxley Act of                2002                                                                                |

| (1) | In                the case of incorporation by reference to documents filed by the                Registrant under the Exchange Act, the Registrant’s file number under the                Exchange Act is 000-25169. |   |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|

----

**SIGNATURES**

|                              |                                                                               |                                    |
|-----------------------------------|------------------------------------------------------------------------------------|-----------------------------------------|
|                              | **GENEREX                BIOTECHNOLOGY CORPORATION**(Registrant)                   |
|                              |                                                                               |                                    |
| Date:                June 9, 2008 | By:                                                                      | /s/ Anna                E. Gluskin |
|                              | Anna                E. GluskinPresident                and Chief Executive Officer |
|                              |                                                                               |                                    |
| Date:                June 9, 2008 | By:                                                                      | /s/ Rose                C. Perri   |
|                              | Rose                C. PerriChief                Financial Officer                 |

----

**Generex      Biotechnology Corporation**

| **Exhibit****Number**  |   | **Description                of Exhibit****(1)**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|-----------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 2                           |   | Agreement                and Plan of Merger among Generex Biotechnology Corporation, Antigen                Express, Inc. and AGEXP Acquisition Inc. (incorporated by reference                to                Exhibit 2.1 to Generex Biotechnology Corporation’s Current Report on Form                8-K filed on August 15, 2003)                                                                                                                                                                                                                                                    |
|                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 3(i)                        |   | Restated                Certificate of Incorporation of Generex Biotechnology Corporation                (incorporated by reference to Exhibit 3(II) to Generex Biotechnology                Corporation’s Report on Form 10-Q filed on June 19,                2006)                                                                                                                                                                                                                                                                                                                      |
|                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 3(ii)                       |   | Amended                and Restated Bylaws of Generex Biotechnology Corporation (incorporated                by                reference to Exhibit 3(ii) to Generex Biotechnology Corporation’s Report                on Form 8-K filed on December 5, 2007)                                                                                                                                                                                                                                                                                                                              |
|                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 4.1                         |   | Form                of Common Stock Certificate (incorporated by reference to Exhibit                4.1 to                Generex Biotechnology Corporation’s Registration Statement on Form S-1                (File No. 333-82667) filed on July 12, 1999)                                                                                                                                                                                                                                                                                                                              |
|                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 4.2.1                       |   | Form                of Securities Purchase Agreement entered into with Cranshire Capital,                L.P.; Gryphon Partners, L.P.; Langley Partners, L.P.; Lakeshore Capital,                Ltd.; LH Financial; Omicron Capital; Photon Fund, Ltd.; Howard Todd                Horberg and Vertical Ventures, LLC dated May 29, 2003 (incorporated                by                reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Report on                Form 10-Q/A for the quarter ended April 30, 2003 filed on August                13,                2003) |
|                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 4.2.2                       |   | Form                of Registration Rights Agreement entered into with Cranshire Capital,                L.P.; Gryphon Partners, L.P.; Langley Partners, L.P.; Lakeshore Capital,                Ltd.; LH Financial; Omicron Capital; Photon Fund, Ltd.; Howard Todd                Horberg and Vertical Ventures, LLC dated May 29, 2003 (incorporated                by                reference to Exhibit 4.2 to Generex Biotechnology Corporation’s Report on                Form 10-Q/A for the quarter ended April 30, 2003 filed on August                13,                2003) |
|                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 4.2.3                       |   | Form                of Warrant granted to Cranshire Capital, L.P.; Gryphon Partners,                L.P.;                Langley Partners, L.P.; Lakeshore Capital, Ltd.; LH Financial; Omicron                Capital; Photon Fund, Ltd.; Howard Todd Horberg and Vertical Ventures,                LLC                dated May 29, 2003 (incorporated by reference to Exhibit 4.3 to Generex                Biotechnology Corporation’s Report on Form 10-Q/A for the quarter ended                April 30, 2003 filed on August 13, 2003)                                             |
|                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 4.3                         |   | Form                of replacement Warrant issued to warrant holders exercising at reduced                exercise price in May and June 2003 (incorporated by reference to                Exhibit                4.13.7 to Generex Biotechnology Corporation’s Report on Form 10-K for the                period ended July 31, 2003 filed on October 29, 2003)                                                                                                                                                                                                                           |
|                        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| 4.4.1                       |   | Securities                Purchase Agreement, dated December 19, 2003, by and among Generex                Biotechnology Corporation and the investors named therein (incorporated                by                reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Report on                Form 8-K/A filed on March 24, 2004)                                                                                                                                                                                                                                           |

| 4.4.2  |   | Registration                Rights Agreement, dated December 19, 2003, by and among Generex                Biotechnology Corporation and the investors named therein (incorporated                by                reference to Exhibit 4.2 to Generex Biotechnology Corporation’s Report on                Form 8-K/A filed on March 24, 2004) |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                   |
| 4.4.3  |   | Form                of Warrant issued in connection with Exhibit 4.4.1 (incorporated                by                reference to Exhibit 4.3 to Generex Biotechnology Corporation’s Report on                Form 8-K/A filed on March 24, 2004)                                                                                               |

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| 4.4.4  |   | Form                of Additional Investment Right issued in connection with Exhibit                4.4.1                (incorporated by reference to Exhibit 4.4 to Generex Biotechnology                Corporation’s Report on Form 8-K/A filed on March 24,                2004)                                                                                              |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                     |
| 4.5.1  |   | Securities                Purchase Agreement, dated January 7, 2004, by and between Generex                Biotechnology Corporation and ICN Capital Limited (incorporated by                reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Report on                Form 8-K filed on March 1, 2004)                                                             |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                     |
| 4.5.2  |   | Registration                Rights Agreement, dated January 7, 2004, by and between Generex                Biotechnology Corporation and ICN Capital Limited (incorporated by                reference to Exhibit 4.2 to Generex Biotechnology Corporation’s Report on                Form 8-K filed on March 1, 2004)                                                             |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                     |
| 4.5.3  |   | Warrant                issued in connection with Exhibit 4.5.1 (incorporated by reference                to                Exhibit 4.3 to Generex Biotechnology Corporation’s Report on Form 8-K                filed on March 1, 2004)                                                                                                                                            |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                     |
| 4.5.4  |   | Additional                Investment Right issued in connection with Exhibit 4.5.1 (incorporated                by                reference to Exhibit 4.4 to Generex Biotechnology Corporation’s Report on                Form 8-K filed on March 1, 2004)                                                                                                                        |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                     |
| 4.6.1  |   | Securities                Purchase Agreement, dated January 9, 2004, by and between Generex                Biotechnology Corporation and Vertical Ventures, LLC (incorporated                by                reference to Exhibit 4.5 to Generex Biotechnology Corporation’s Report on                Form 8-K filed on March 1, 2004)                                           |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                     |
| 4.6.2  |   | Registration                Rights Agreement, dated January 9, 2004, by and between Generex                Biotechnology Corporation and Vertical Ventures, LLC (incorporated                by                reference to Exhibit 4.6 to Generex Biotechnology Corporation’s Report on                Form 8-K filed on March 1, 2004)                                           |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                     |
| 4.6.3  |   | Warrant                issued in connection with Exhibit 4.6.1 (incorporated by reference                to                Exhibit 4.7 to Generex Biotechnology Corporation’s Report on Form 8-K                filed on March 1, 2004)                                                                                                                                            |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                     |
| 4.6.4  |   | Additional                Investment Right issued in connection with Exhibit 4.6.1 (incorporated                by                reference to Exhibit 4.8 to Generex Biotechnology Corporation’s Report on                Form 8-K filed on March 1, 2004)                                                                                                                        |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                     |
| 4.7.1  |   | Securities                Purchase Agreement, dated February 6, 2004, by and between Generex                Biotechnology Corporation and Alexandra Global Master Fund, Ltd.                (incorporated by reference to Exhibit 4.9 to Generex Biotechnology                Corporation’s Report on Form 8-K filed on March 1,                2004)                              |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                     |
| 4.7.2  |   | Registration                Rights Agreement, dated February 6, 2004, by and between Generex                Biotechnology Corporation and Alexandra Global Master Fund, Ltd.                (incorporated by reference to Exhibit 4.10 to Generex Biotechnology                Corporation’s Report on Form 8-K filed on March 1,                2004)                             |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                     |
| 4.7.3  |   | Warrant                issued in connection with Exhibit 4.7.1 (incorporated by reference                to                Exhibit 4.11 to Generex Biotechnology Corporation’s Report on Form 8-K                filed on March 1, 2004)                                                                                                                                           |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                     |
| 4.7.4  |   | Additional                Investment Right issued in connection with Exhibit 4.7.1 (incorporated                by                reference to Exhibit 4.12 to Generex Biotechnology Corporation’s Report on                Form 8-K filed on March 1, 2004)                                                                                                                       |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                     |
| 4.7.5  |   | Escrow                Agreement, dated February 26, 2004, by and among Generex Biotechnology                Corporation, Eckert Seamans Cherin & Mellott, LLC and Alexandra Global                Master Fund, Ltd. (incorporated by reference to Exhibit 4.13 to Generex                Biotechnology Corporation’s Report on Form 8-K filed on March 1,                2004) |

| 4.8.1 |   | Securities                Purchase Agreement, dated February 11, 2004, by and between Generex                Biotechnology Corporation and Michael Sourlis (incorporated by reference                to Exhibit 4.14 to Generex Biotechnology Corporation’s Report on Form 8-K                filed on March 1, 2004) |
|-------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 4.8.2  |   | Registration                Rights Agreement, dated February 11, 2004, by and between Generex                Biotechnology Corporation and Michael Sourlis (incorporated by reference                to Exhibit 4.15 to Generex Biotechnology Corporation’s Report on Form 8-K                filed on March 1, 2004)                             |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                    |
| 4.8.3  |   | Additional                Investment Right issued in connection with Exhibit 4.8.1 (incorporated                by                reference to Exhibit 4.17 to Generex Biotechnology Corporation’s Report on                Form 8-K filed on March 1, 2004)                                                                                      |
|   |   |                                                                                                                                                                                                                                                                                                                                                    |
| 4.9.1  |   | Securities                Purchase Agreement, dated February 13, 2004, by and between Generex                Biotechnology Corporation and Zapfe Holdings, Inc. (incorporated                by                reference to Exhibit 4.18 to Generex Biotechnology Corporation’s Report on                Form 8-K filed on March 1, 2004)         |
|   |   |                                                                                                                                                                                                                                                                                                                                                    |
| 4.9.2  |   | Registration                Rights Agreement, dated February 13, 2004, by and between Generex                Biotechnology Corporation and Zapfe Holdings, Inc. (incorporated                by                reference to Exhibit 4.19 to Generex Biotechnology Corporation’s Report on                Form 8-K filed on March 1, 2004)         |
|   |   |                                                                                                                                                                                                                                                                                                                                                    |
| 4.9.3  |   | Warrant                issued in connection with Exhibit 4.9.1 (incorporated by reference                to                Exhibit 4.20 to Generex Biotechnology Corporation’s Report on Form 8-K                filed on March 1, 2004)                                                                                                          |
|   |   |                                                                                                                                                                                                                                                                                                                                                    |
| 4.9.4  |   | Additional                Investment Right issued in connection with Exhibit 4.9.1 (incorporated                by                reference to Exhibit 4.21 Generex Biotechnology Corporation’s Report on                Form 8-K filed on March 1, 2004)                                                                                         |
|   |   |                                                                                                                                                                                                                                                                                                                                                    |
| 4.10.1 |   | Securities                Purchase Agreement, dated June 23, 2004, by and among Generex                Biotechnology Corporation and the investors named therein (incorporated                by                reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Report on                Form 8-K filed on July 14, 2004)         |
|   |   |                                                                                                                                                                                                                                                                                                                                                    |
| 4.10.2 |   | Registration                Rights Agreement, dated June 23, 2004, by and among Generex Biotechnology                Corporation and the investors (incorporated by reference to Exhibit                4.2 to                Generex Biotechnology Corporation’s Report on Form 8-K filed on July 14,                2004)                       |
|   |   |                                                                                                                                                                                                                                                                                                                                                    |
| 4.10.3 |   | Form                of Warrant issued in connection with Exhibit 4.10.1 (incorporated                by                reference to Exhibit 4.3 to Generex Biotechnology Corporation’s Report on                Form 8-K filed on July 14, 2004)                                                                                                  |
|   |   |                                                                                                                                                                                                                                                                                                                                                    |
| 4.10.4 |   | Form                of Additional Investment Right issued in connection Exhibit 4.10.1                (incorporated by reference to Exhibit 4.4 to Generex Biotechnology                Corporation’s Report on Form 8-K filed on July 14,                2004)                                                                                   |
|   |   |                                                                                                                                                                                                                                                                                                                                                    |
| 4.11.1 |   | Securities                Purchase Agreement, dated November 10, 2004, by and among Generex                Biotechnology Corporation and the investors named therein (incorporated                by                reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Report on                Form 8-K filed on November 12, 2004) |
|   |   |                                                                                                                                                                                                                                                                                                                                                    |
| 4.11.2 |   | Form                of 6% Secured Convertible Debenture issued in connection with Exhibit                4.11.1 (incorporated by reference to Exhibit 4.2 to Generex Biotechnology                Corporation’s Report on Form 8-K filed on November 12,                2004)                                                                     |
|   |   |                                                                                                                                                                                                                                                                                                                                                    |
| 4.11.3 |   | Registration                Rights Agreement, dated November 10, 2004, by and among Generex                Biotechnology Corporation and the investors named therein (incorporated                by                reference to Exhibit 4.3 to Generex Biotechnology Corporation’s Report on                Form 8-K filed on November 12, 2004) |
|   |   |                                                                                                                                                                                                                                                                                                                                                    |
| 4.11.4 |   | Form                of Voting Agreement entered into in connection with Exhibit 4.11.1                (incorporated by reference to Exhibit 4.7 to Generex Biotechnology                Corporation’s Report on Form 8-K filed on November 12,                2004)                                                                               |

| 4.12 |   | Warrant                issued to The Aethena Group, LLC on April 28, 2005 (incorporated                by                reference to Exhibit 4.20 to Generex Biotechnology Corporation’s Quarterly                Report on Form 10-Q filed on June 14,                2005) |
|------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 4.13.1 |   | Amendment                No. 4 to Securities Purchase Agreement and Registration Rights Agreement                entered into by and between Generex Biotechnology Corporation and                the                Purchasers listed on the signature pages thereto on January 19, 2006                (incorporated by reference herein to Exhibit 4.1 to Generex Biotechnology                Corporation’s Report on Form 8-K filed on January 20,                2006) |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.13.2 |   | Form                of Additional AIRs issued in connection with Exhibit 4.13.1 (incorporated                by reference herein to Exhibit 4.4 to Generex Biotechnology Corporation’s                Report on Form 8-K filed on January 20, 2006)                                                                                    |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                         |
| 4.14   |   | Form                of Warrant issued by Generex Biotechnology Corporation on January                23, 2006                (incorporated by reference to Exhibit 4.2 to Generex Biotechnology                Corporation’s Report on Form 8-K filed on January 24,                2006)                                              |
|   |   |                                                                                                                                                                                                                                                                                                                                         |
| 4.15.1 |   | Agreement                to Amend Warrants between Generex Biotechnology Corporation and Cranshire                Capital L.P. dated February 27, 2006 (incorporated by reference to                Exhibit                4.1 to Generex Biotechnology Corporation’s Report on Form 8-K filed on                February 28, 2006).   |
|   |   |                                                                                                                                                                                                                                                                                                                                         |
| 4.15.2 |   | Agreement                to Amend Warrants between Generex Biotechnology Corporation and Omicron                Master Trust dated February 27, 2006 (incorporated by reference to                Exhibit                4.2 to Generex Biotechnology Corporation’s Report on Form 8-K filed on                February 28, 2006).     |
|   |   |                                                                                                                                                                                                                                                                                                                                         |
| 4.15.3 |   | Agreement                to Amend Warrants between Generex Biotechnology Corporation and Iroquois                Capital L.P. dated February 27, 2006 (incorporated by reference to                Exhibit                4.3 to Generex Biotechnology Corporation’s Report on Form 8-K filed on                February 28, 2006).    |
|   |   |                                                                                                                                                                                                                                                                                                                                         |
| 4.15.4 |   | Agreement                to Amend Warrants between Generex Biotechnology Corporation and Smithfield                Fiduciary LLC dated February 27, 2006 (incorporated by reference                to                Exhibit 4.4 to Generex Biotechnology Corporation’s Report on Form 8-K                filed on February 28, 2006). |
|   |   |                                                                                                                                                                                                                                                                                                                                         |
| 4.15.5 |   | Form                of Warrant issued by Generex Biotechnology Corporation on February                27,                2006 (incorporated by reference to Exhibit 4.26 to Generex Biotechnology                Corporation’s Report on Form 10-K filed on October 16,                2006)                                           |
|   |   |                                                                                                                                                                                                                                                                                                                                         |
| 4.16.1 |   | Agreement                to Amend Additional Investment Right between Generex Biotechnology                Corporation and Cranshire Capital, L.P. dated February 28, 2006                (incorporated by reference to Exhibit 4.1 to Generex Biotechnology                Corporation’s Report on Form 8-K filed on March 1, 2006).  |
|   |   |                                                                                                                                                                                                                                                                                                                                         |
| 4.16.2 |   | Agreement                to Amend Additional Investment Right between Generex Biotechnology                Corporation and Omicron Master Trust dated February 28, 2006 (incorporated                by reference to Exhibit 4.2 to Generex Biotechnology Corporation’s Report                on Form 8-K filed on March 1, 2006).     |
|   |   |                                                                                                                                                                                                                                                                                                                                         |
| 4.16.3 |   | Agreement                to Amend Additional Investment Right between Generex Biotechnology                Corporation and Iroquois Capital LP dated February 28, 2006 (incorporated                by reference to Exhibit 4.3 to Generex Biotechnology Corporation’s Report                on Form 8-K filed on March 1, 2006).      |
|   |   |                                                                                                                                                                                                                                                                                                                                         |
| 4.16.4 |   | Agreement                to Amend Additional Investment Right between Generex Biotechnology                Corporation and Smithfield Fiduciary LLC dated February 28, 2006                (incorporated by reference to Exhibit 4.4 to Generex Biotechnology                Corporation’s Report on Form 8-K filed on March 1, 2006). |

| 4.16.5 |   | Form                of Additional AIR Debenture issued by Generex Biotechnology Corporation                on                February 28, 2006 (incorporated by reference to Exhibit 4.31 to Generex                Biotechnology Corporation’s Report on Form 10-K filed on October 16,                2006) |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.16.6 |   | Form                of Additional AIR Warrant issued by Generex Biotechnology Corporation                on                February 28, 2006 (incorporated by reference to Exhibit 4.32 to Generex                Biotechnology Corporation’s Report on Form 10-K filed on October 16,                2006) |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 4.17.1 |   | Form                of Agreement to Amend Warrants between Generex Biotechnology Corporation                and the Investors dated March 6, 2006 (incorporated by reference                to                Exhibit 4.1 to Generex Biotechnology Corporation’s Report on Form 8-K                filed on March 7, 2006).                 |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                              |
| 4.17.2 |   | Form                of Warrant issued by Generex Biotechnology Corporation on March 6,                2006                (incorporated by reference to Exhibit 4.2 to Generex Biotechnology                Corporation’s Report on Form 8-K filed on March 7,                2006)                                                         |
|   |   |                                                                                                                                                                                                                                                                                                                                              |
| 4.18   |   | Warrant                issued by Generex Biotechnology Corporation on April 17, 2006 to                Zapfe                Holdings, Inc. (incorporated by reference to Exhibit 4.33 to Generex                Biotechnology Corporation’s Report on Form 10-Q filed on June 14,                2006)                                      |
|   |   |                                                                                                                                                                                                                                                                                                                                              |
| 4.19   |   | Form                of Warrant issued by Generex Biotechnology Corporation on April 17,                2006                to certain employees (incorporated by reference to Exhibit 4.34 to                Generex                Biotechnology Corporation’s Report on Form 10-Q filed on June 14,                2006).                 |
|   |   |                                                                                                                                                                                                                                                                                                                                              |
| 4.20.1 |   | Securities                Purchase Agreement entered into by and between Generex Biotechnology                Corporation and four Investors on June 1, 2006 (incorporated by reference                to Exhibit 4.1 to Generex Biotechnology Corporation’s Report on Form 8-K                filed on June 2, 2006)                       |
|   |   |                                                                                                                                                                                                                                                                                                                                              |
| 4.20.2 |   | Form                of Warrant issued by Generex Biotechnology Corporation on June 1,                2006                (incorporated by reference to Exhibit 4.2 to Generex Biotechnology                Corporation’s Report on Form 8-K filed on June 2, 2006)                                                                          |
|   |   |                                                                                                                                                                                                                                                                                                                                              |
| 4.21.1 |   | Form                of Amendment to Outstanding Warrants (incorporated by reference to                Exhibit                4.3 to Generex Biotechnology Corporation’s Report on Form 8-K filed on                June 2, 2006)                                                                                                            |
|   |   |                                                                                                                                                                                                                                                                                                                                              |
| 4.21.2 |   | Form                of Warrant issued by Generex Biotechnology Corporation on June 1,                2006 in                connection with Exhibit 4.39 (incorporated by reference to Exhibit                4.4 to                Generex Biotechnology Corporation’s Report on Form 8-K filed on June 2,                2006)            |
|   |   |                                                                                                                                                                                                                                                                                                                                              |
| 4.22.1 |   | Securities                Purchase Agreement, dated March 31, 2008, by and among Generex                Biotechnology Corporation and the investors named therein (incorporated                by                reference to Exhibit 4.1 to Generex Biotechnology Corporation’s Report on                Form 8-K filed on April 2, 2008). |
|   |   |                                                                                                                                                                                                                                                                                                                                              |
| 4.22.2 |   | Registration                Rights Agreement, dated March 31, 2008, by and among Generex Biotechnology                Corporation and the investors (incorporated by reference to Exhibit                4.7 to                Generex Biotechnology Corporation’s Report on Form 8-K filed on April 2,                2008).               |
|   |   |                                                                                                                                                                                                                                                                                                                                              |
| 4.22.3 |   | Form                of 8% Secured Convertible Note, as amended issued in connection with                Exhibit 4.22.1 (incorporated by reference to Exhibit 4.2 to Generex                Biotechnology Corporation’s Registration Statement on Form S-3 filed on                April 30, 2008)                                           |
|   |   |                                                                                                                                                                                                                                                                                                                                              |
| 4.22.4 |   | Form                of Series A Warrant, as amended issued in connection with Exhibit                4.22.1                (incorporated by reference to Exhibit 4.3 to Generex Biotechnology                Corporation’s Registration Statement on Form S-3 filed on April 30,                2008)                                       |
|   |   |                                                                                                                                                                                                                                                                                                                                              |
| 4.22.5 |   | Form                of Series A-1 Warrant, as amended issued in connection with Exhibit                4.22.1                (incorporated by reference to Exhibit 4.4 to Generex Biotechnology                Corporation’s Registration Statement on Form S-3 filed on April 30,                2008)                                     |
|   |   |                                                                                                                                                                                                                                                                                                                                              |
| 4.22.6 |   | Form                of Series B Warrant, as amended issued in connection with Exhibit                4.22.1                (incorporated by reference to Exhibit 4.5 to Generex Biotechnology                Corporation’s Registration Statement on Form S-3 filed on April 30,                2008)                                       |
|   |   |                                                                                                                                                                                                                                                                                                                                              |
| 4.22.7 |   | Form                of Series C Warrant, as amended issued in connection with Exhibit                4.22.1                (incorporated by reference to Exhibit 4.6 to Generex Biotechnology                Corporation’s Registration Statement on Form S-3 filed on April 30,                2008)                                       |

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| 4.22.8 |   | Security                Agreement entered into in connection with Exhibit 4.22.1 (incorporated                by                reference to Exhibit 4.8 to Generex Biotechnology Corporation’s Report on                Form 8-K filed on April 2, 2008).          |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                      |
| 4.22.8 |   | Guaranty                entered into in connection with Exhibit 4.22.1 (incorporated by reference                to Exhibit 4.9 to Generex Biotechnology Corporation’s Report on Form 8-K                filed on April 2, 2008).                                   |
|   |   |                                                                                                                                                                                                                                                                      |
| 9      |   | Form                of Voting Agreement entered into in connection with Exhibit 4.11.1                (incorporated by reference to Exhibit 4.7 to Generex Biotechnology                Corporation’s Report on Form 8-K filed on November 12,                2004) |
|   |   |                                                                                                                                                                                                                                                                      |
| 31.1   |   | Certification                of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley                Act of 2002                                                                                                                                          |
|   |   |                                                                                                                                                                                                                                                                      |
| 31.2   |   | Certification                of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley                Act of 2002                                                                                                                                          |
|   |   |                                                                                                                                                                                                                                                                      |
| 32     |   | Certification                of Chief Executive Officer and Chief Financial Officer pursuant to                Section                906 of the Sarbanes-Oxley Act of                2002                                                                                |

| (1) | In                the case of incorporation by reference to documents filed by the                Registrant under the Exchange Act, the Registrant’s file number under the                Exchange Act is 000-25169. |   |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|

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