Document:

Exhibit
        4.28.2

      WARRANT

      

      

      THE
        SECURITIES REPRESENTED BY THIS WARRANT AND SECURITIES ISSUABLE UPON EXERCISE
        OF
        THIS WARRANT HAVE BEEN ISSUED PURSUANT TO AN EXEMPTION FROM REGISTRATION
        UNDER
        THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND HAVE NOT BEEN
        REGISTERED UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.
        THE
        SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE,
        SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
        STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT AND APPLICABLE STATE
        SECURITIES LAWS OR AN OPINION OF COUNSEL IN FORM REASONABLY ACCEPTABLE TO
        THE
        ISSUER THAT REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT. ANY SUCH
        OFFER, SALE, ASSIGNMENT OR TRANSFER MUST ALSO COMPLY WITH THE APPLICABLE
        STATE
        SECURITIES LAWS.

      

      

      Generex
        Biotechnology Corporation

      Warrant
        To Purchase Common Stock

      

      
        
          	Warrant No.: 2005_____	
                  Number
                    of Shares: 243,902

                
	Date of Original Issuance: July
                  22, 2005	 

        

      

       

      Generex
        Biotechnology Corporation, a Delaware corporation (the “Company”),
        hereby
        certifies that, for good and valuable consideration, the receipt and sufficiency
        of which are hereby acknowledged, Omicron
        Master Trust,
        the
        registered holder hereof or its permitted assigns, is entitled, subject to
        the
        terms set forth below, to purchase from the Company upon surrender of this
        Warrant, at any time or times on or after the date hereof, but not after
        11:59
        P.M. Eastern Time on the Expiration Date (as defined herein) 243,902 fully
        paid
        nonassessable shares of Common Stock (as defined herein) of the Company (the
        “Warrant
        Shares”)
        at the
        purchase price per share provided in Section 1(b) below. 

      

      Section
        1.

      

      (a) Note.
        This
        Warrant is one of a series of Warrants (the “Warrants”)
        issued
        pursuant to the terms of one or more Promissory Note and Agreements,
        as
        amended,
        pursuant
        to which the Company has borrowed funds and issued securities including this
        Warrant between March 28, 2005 and July 22,
        2005
        (collectively, the “Note”).

      

      (b) Definitions.
        The
        following words and terms as used in this Warrant shall have the following
        meanings:

      
        
          
             

          

           

        

        
           

          
            

          

        

        
           

        

      

      (i) “Approved
        Stock Plan”
        shall
        mean any employee benefit plan as defined in Rule 405 under the Securities
        Act
        which has been approved by the Board of Directors of the Company, pursuant
        to
        which the Company’s securities may be issued to any employee, officer, director,
        consultant or other service provider for services provided to the
        Company.

      

      (ii) “Common
        Stock”
        means
        (i) the Company’s common stock, $.001 par value per share, and
        (ii) any capital stock into which such Common Stock shall have been
        changed
        or any capital stock resulting from a reclassification of such Common
        Stock.

      

      (iii) “Conversion
        Entitlement”
        shall
        have the meaning ascribed to it in the Note.

      

      (iv) “Convertible
        Securities”
        means
        any stock or securities (other than Options) directly or indirectly convertible
        into or exchangeable for Common Stock.

      

      (v) “Expiration
        Date”
        means
        July 22,
        2010.

      

      (vi) “Options”
        means
        any rights, warrants, or options to subscribe for or purchase Common Stock
        or
        Convertible Securities. 

      

      (vii) “Person”
        means an
        individual, a limited liability company, a partnership, a joint venture,
        a
        corporation, a trust, an unincorporated organization and a government or
        any
        department or agency thereof.

      

      (viii) “Principal
        Market”
        means
        the Nasdaq National Market or Nasdaq Small-Cap Market.

      

      (ix) “Securities
        Act”
        means
        the Securities Act of 1933, as amended.

      

      (x) “Warrant”
        means
        this Warrant and all Warrants issued in exchange, transfer or replacement
        of any
        thereof.

      

      (xi) “Warrant
        Exercise Price”
        shall be
$0.82
        per
        common share, subject to adjustment as hereinafter provided.

      

      Section
        2. Exercise
        of Warrant.

      

      (a) Subject
        to the terms and conditions hereof, this Warrant may be exercised by the
        holder
        hereof then registered on the books of the Company, in whole or in part,
        at any
        time on any business day on or after the opening of business on the date
        hereof
        and prior to 11:59 P.M. Eastern Time on the Expiration Date by (i) delivery
        of a written notice, in the form of the subscription notice attached as
Exhibit
        A
        hereto
        (the “Exercise
        Notice”),
        of
        such holder’s election to exercise this Warrant, which notice shall specify the
        number of Warrant Shares to be purchased, (ii) payment to the Company of
        an
        amount equal to the Warrant Exercise Price multiplied by the number of Warrant
        Shares as to which this Warrant is being exercised (plus any applicable issue
        or
        transfer taxes) (the “Aggregate
        Exercise Price”)
        in cash
        or by check or wire transfer; and (iii) the surrender to a common
        carrier
        for delivery to the Company as soon as practicable following such date, this
        Warrant (or an indemnification undertaking with respect to this Warrant in
        the
        case of its loss, theft or destruction); provided, that if such Warrant Shares
        are to be issued in any name other than that of the registered holder of
        this
        Warrant, such issuance shall be deemed a transfer and the provisions of Section
        7 shall be applicable. In the event of any exercise of the rights represented
        by
        this Warrant in compliance with this Section 2(a), a certificate or certificates
        for the Warrant Shares so purchased, in such denominations as may be requested
        by the holder hereof and registered in the name of, or as directed by, the
        holder, shall be issued as soon as practicable, and in no event later than
        five
        (5) business days after the Company’s receipt of the Exercise Notice, the
        Aggregate Exercise Price and this Warrant (or an indemnification undertaking
        with respect to this Warrant in the case of its loss, theft or destruction),
        and
        deliver the same at the Company’s expense to, or as directed by, such holder.
        Upon delivery of the Exercise Notice and Aggregate Exercise Price referred
        to in
        clause (ii) above, the holder of this Warrant shall be deemed for all corporate
        purposes to have become the holder of record of the Warrant Shares with respect
        to which this Warrant has been exercised, irrespective of the date of delivery
        of this Warrant as required by clause (iii) above or the certificates evidencing
        such Warrant Shares. In the case of a dispute as to the determination of
        the
        Warrant Exercise Price, the Company shall promptly issue to the holder the
        number of shares of Common Stock that is not disputed and shall submit the
        disputed determinations or arithmetic calculations to the holder via facsimile
        within five (5) business days of receipt of the holder’s subscription
        notice.

      

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      (b) Unless
        the rights represented by this Warrant shall have expired or shall have been
        fully exercised, the Company shall, as soon as practicable and in no event
        later
        than five (5) business days after any exercise and at its own expense, issue
        a
        new Warrant identical in all respects to this Warrant exercised except it
        shall
        represent rights to purchase the number of Warrant Shares purchasable
        immediately prior to such exercise under this Warrant exercised, less the
        number
        of Warrant Shares with respect to which such Warrant is exercised.

      

      (c) Notwithstanding
        anything in this Warrant to the contrary, in no event shall the holder of
        this
        Warrant be entitled to exercise a number of Warrant Shares (or portions thereof)
        to the extent that after giving effect to any such exercise the holder (together
        with its affiliates) would beneficially own in excess of 9.99% of the number
        of
        shares of Common Stock outstanding immediately after giving effect to such
        exercise (not including shares of Common Stock issuable upon (a) exercise
        of any
        remainder of the Conversion Entitlement or any remainder of the Warrant,
        or (b)
        conversion or exercise of the non-converted or unexercised portion of any
        other
        securities of the Company subject to a limitation on conversion or exercise
        analogous to the limitation contained herein beneficially owned by the holder
        or
        any of its affiliates). For purposes of the immediately preceding sentence,
        beneficial ownership shall be determined in accordance with Regulation 13D-G
        of
        the Securities Exchange Act of 1934, as amended, except as otherwise provided
        in
        clauses (a) and (b) of the preceding sentence. To the extent the foregoing
        limitation applies, the determination whether or not the Warrant is exercisable
        and to what extent shall be in the sole discretion of the holder.

      

      Section
        3. Representations
        and Covenants as to Common Stock.
        The
        Company hereby represents and covenants as follows:

      

      (a) This
        Warrant is, and any Warrant issued in substitution for or replacement of
        this
        Warrant will upon issuance be, duly authorized and validly issued.

      

      (b) All
        Warrant Shares which may be issued upon the exercise of the rights represented
        by this Warrant will, upon issuance, be validly issued, fully paid and
        nonassessable and free from all taxes, liens and charges with respect to
        the
        issue thereof.

      

      (c) During
        the period within which the rights represented by this Warrant may be exercised,
        the Company will at all times have authorized and reserved at least 100%
        of the
        number of shares of Common Stock needed to provide for the exercise of the
        rights then represented by this Warrant and the par value of said shares
        will at
        all times be less than or equal to the applicable Warrant Exercise
        Price.

      

      (d) The
        Company shall promptly secure the listing of the shares of Common Stock issuable
        upon exercise of this Warrant upon each national securities exchange or
        automated quotation system, if any, upon which shares of Common Stock are
        then
        listed (subject to official notice of issuance upon exercise of this Warrant)
        and shall maintain, so long as any other shares of Common Stock shall be
        so
        listed, such listing of all shares of Common Stock from time to time issuable
        upon the exercise of this Warrant; and the Company shall so list on each
        national securities exchange or automated quotation system, as the case may
        be,
        and shall maintain such listing of, any other shares of capital stock of
        the
        Company issuable upon the exercise of this Warrant if and so long as any
        shares
        of the same class shall be listed on such national securities exchange or
        automated quotation system.

      

      (e) The
        Company will not, by amendment of its Certificate of Incorporation or through
        any reorganization, transfer of assets, consolidation, merger, dissolution,
        issue or sale of securities, or any other voluntary action, avoid or seek
        to
        avoid the observance or performance of any of the terms to be observed or
        performed by it hereunder, but will at all times in good faith assist in
        the
        carrying out of all the provisions of this Warrant and in the taking of all
        such
        action as may reasonably be requested by the holder of this Warrant in order
        to
        protect the exercise privilege of the holder of this Warrant against dilution
        or
        other impairment, consistent with the tenor and purpose of this Warrant will
        take all such actions as may be necessary or appropriate in order that the
        Company may validly and legally issue fully paid and nonassessable shares
        of
        Common Stock upon the exercise of this Warrant.

      

      (f) This
        Warrant will be binding upon any entity succeeding to the Company by merger,
        consolidation or acquisition of all or substantially all of the Company’s
        assets.

      

      Section
        4. Taxes.
        The
        Company shall pay any and all taxes which may be payable with respect to
        the
        issuance and delivery of Warrant Shares upon exercise of this
        Warrant.

      

      Section
        5. Warrant
        Holder Not Deemed a Stockholder.
        Except
        as otherwise specifically provided herein, no holder, as such, of this Warrant
        shall be entitled to vote or receive dividends or be deemed the holder of
        shares
        of the Company for any purpose, nor shall anything contained in this Warrant
        be
        construed to confer upon the holder hereof, as such, any of the rights of
        a
        stockholder of the Company or any right to vote, give or withhold consent
        to any
        corporate action (whether any reorganization, issue of stock, reclassification
        of stock, consolidation, merger, conveyance or otherwise), receive notice
        of
        meetings, receive dividends or subscription rights, or otherwise, prior to
        the
        issuance to the holder of this Warrant of the Warrant Shares which he or
        she is
        then entitled to receive upon the due exercise of this Warrant. In addition,
        nothing contained in this Warrant shall be construed as imposing any liabilities
        on such holder to purchase any securities (upon exercise of this Warrant
        or
        otherwise) or as a stockholder of the Company, whether such liabilities are
        asserted by the Company or by creditors of the Company. Notwithstanding this
        Section 5, the Company will provide the holder of this Warrant with copies
        of
        the same notices and other information given to the stockholders of the Company
        generally, contemporaneously with the giving thereof to the
        stockholders.

      

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      Section
        6. Representations
        of Holder. The
        holder of this Warrant, by the acceptance hereof, represents that it is
        acquiring this Warrant and the Warrant Shares for its own account for investment
        only and not with a view towards, or for resale in connection with, the public
        sale or distribution of this Warrant or the Warrant Shares, except pursuant
        to
        sales registered or exempted under the Securities Act; provided, however,
        that
        by making the representations herein, the holder does not agree to hold this
        Warrant or any of the Warrant Shares for any minimum or other specific term
        and
        reserves the right to dispose of this Warrant and the Warrant Shares at any
        time
        in accordance with or pursuant to a registration statement or an exemption
        under
        the Securities Act. The holder of this Warrant further represents, by acceptance
        hereof, that, as of this date, such holder is an “accredited investor” as such
        term is defined in Rule 501(a)(1) of Regulation D promulgated by the
        Securities and Exchange Commission under the Securities Act (an “Accredited
        Investor”).

      

      Section
        7. Ownership
        and Transfer.

      

      (a) The
        Company shall maintain at its principal executive offices (or such other
        office
        or agency of the Company as it may designate by notice to the holder hereof),
        a
        register for this Warrant, in which the Company shall record the name and
        address of the person in whose name this Warrant has been issued, as well
        as the
        name and address of each transferee. The Company may treat the person in
        whose
        name any Warrant is registered on the register as the owner and holder thereof
        for all purposes, notwithstanding any notice to the contrary, but in all
        events
        recognizing any transfers made in accordance with the terms of this
        Warrant.

      

      (b) This
        Warrant and the rights granted to the holder hereof are transferable, in
        whole
        or in part, upon surrender of this Warrant, together with a properly executed
        warrant power in the form of Exhibit
        B
        attached
        hereto; provided, however, that any transfer or assignment shall be subject
        to
        the conditions set forth in Section 7(c) below.

      

      (c) The
        holder of this Warrant understands that this Warrant has not been and is
        not
        expected to be, registered under the Securities Act or any state securities
        laws, and may not be offered for sale, sold, assigned or transferred unless
        (i) subsequently registered thereunder, or (ii) the transferee is
        an
        affiliated entity that is an Accredited Investor, or (iii) such holder
        shall have delivered to the Company an opinion of counsel, in generally
        acceptable form, to the effect that the securities to be sold, assigned or
        transferred may be sold, assigned or transferred pursuant to Regulation S
        under
        the Securities Act or to an exemption from such registration; provided that
        (A) any sale of such securities made in reliance on Rule 144 promulgated
        under the Securities Act may be made only in accordance with the terms of
        said
        Rule and further, if said Rule is not applicable, any resale of such securities
        under circumstances in which the seller (or the person through whom the sale
        is
        made) may be deemed to be an underwriter (as that term is defined in the
        Securities Act) may require compliance with some other exemption under the
        Securities Act or the rules and regulations of the Securities and Exchange
        Commission thereunder; and (B) neither the Company nor any other person
        is
        under any obligation to register the Warrants under the Securities Act or
        any
        state securities laws or to comply with the terms and conditions of any
        exemption thereunder.

      

      (d) The
        initial holder of this Warrant is entitled to certain piggyback registration
        rights in respect of the Warrant Shares such that the Warrant Shares shall
        be
        included on the next registration statement on Form S-2 or Form S-3 that
        the
        Company files after the date hereof to register shares of Common Stock under
        the
        Securities Act, other than any registration statement that the Company files
        to
        register shares of Common Stock issuable pursuant to any employee benefit
        plan.

      

      Section
        8. Adjustment
        of Warrant Exercise Price and Number of Shares.
        The
        Warrant Exercise Price and the number of shares of Common Stock issuable
        upon
        exercise of this Warrant shall be adjusted from time to time as
        follows:

      

      (a) Adjustment
        of Warrant Exercise Price upon Subdivision or Combination of Common
        Stock.
        If the
        Company at any time after the date of issuance of this Warrant subdivides
        (by
        any stock split, stock dividend, recapitalization or otherwise) one or more
        classes of its outstanding shares of Common Stock into a greater number of
        shares, the Warrant Exercise Price in effect immediately prior to such
        subdivision will be proportionately reduced and the number of shares of Common
        Stock obtainable upon exercise of this Warrant will be proportionately
        increased. If the Company at any time after the date of issuance of this
        Warrant
        combines (by combination, reverse stock split or otherwise) one or more classes
        of its outstanding shares of Common Stock into a smaller number of shares,
        the
        Warrant Exercise Price in effect immediately prior to such combination will
        be
        proportionately increased and the number of shares of Common Stock obtainable
        upon exercise of this Warrant will be proportionately decreased.

      

      (b) Distribution
        of Assets.
        If the
        Company shall declare or make any dividend or other distribution of its assets
        (or rights to acquire its assets) to holders of Common Stock, by way of return
        of capital or otherwise (including, without limitation, any distribution
        of
        cash, stock or other securities, property or options by way of a dividend,
        spin
        off, reclassification, corporate rearrangement or other transaction) (a
“Distribution”),
        at
        any time after the issuance of this Warrant, then, in each such
        case:

      

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      (i) the
        Warrant Exercise Price in effect immediately prior to the close of business
        on
        the record date fixed for the determination of holders of Common Stock entitled
        to receive the Distribution shall be reduced, effective as of the close of
        business on such record date, to a price determined by multiplying such Warrant
        Exercise Price by a fraction of which (A) the numerator shall be the Closing
        bid
        price on the trading day immediately preceding such record date minus the
        value
        of the Distribution (as determined in good faith by the Company’s Board of
        Directors) applicable to one share of Common Stock, and (B) the denominator
        shall be the Closing bid price on the trading day immediately preceding such
        record date; and

      

      (ii) either
        (A) the number of Warrant Shares obtainable upon exercise of this Warrant
        shall
        be increased to a number of shares equal to the number of shares of Common
        Stock
        obtainable immediately prior to the close of business on the record date
        fixed
        for the determination of holders of Common Stock entitled to receive the
        Distribution multiplied by the reciprocal of the fraction set forth in the
        immediately preceding clause (i), or (B) in the event that the Distribution
        is
        of common stock of a company whose common stock is traded on a national
        securities exchange or a national automated quotation system, then the holder
        of
        this Warrant shall receive an additional warrant to purchase Common Stock,
        the
        terms of which shall be identical to those of this Warrant, except that such
        warrant shall be exercisable into the amount of the assets that would have
        been
        payable to the holder of this Warrant pursuant to the Distribution had the
        holder exercised this Warrant immediately prior to such record date and with
        an
        exercise price equal to the amount by which the exercise price of this Warrant
        was decreased with respect to the Distribution pursuant to the terms of the
        immediately preceding clause (i). 

       

      (c) Certain
        Events.
        If any
        event occurs of the type contemplated by the provisions of this Section 8
        but
        not expressly provided for by such provisions (including, without limitation,
        the granting of stock appreciation rights, phantom stock rights or other
        rights
        with equity features), then the Company’s Board of Directors will make an
        appropriate adjustment in the Warrant Exercise Price and the number of shares
        of
        Common Stock obtainable upon exercise of this Warrant so as to protect the
        rights of the holders of the Warrants; provided that no such adjustment will
        increase the Warrant Exercise Price or decrease the number of shares of Common
        Stock obtainable as otherwise determined pursuant to this Section
        8.

      

      (d) Notices.

      

      (i) Immediately
        upon any adjustment of the Warrant Exercise Price, the Company will give
        written
        notice thereof to the holder of this Warrant, setting forth in reasonable
        detail, and certifying, the calculation of such adjustment. 

      

      (ii) The
        Company will give written notice to the holder of this Warrant at least twenty
        (20) days prior to the date on which the Company closes its books or takes
        a
        record (A) with respect to any dividend or distribution upon the Common
        Stock, (B) with respect to any pro rata subscription offer to holders
        of
        Common Stock or (C) for determining rights to vote with respect to
        any
        Organic Change (as defined below), dissolution or liquidation, provided that
        such information shall be made known to the public prior to or in conjunction
        with such notice being provided to such holder.

      

      (iii) The
        Company will also give written notice to the holder of this Warrant at least
        twenty (20) days prior to the date on which any Organic Change, dissolution
        or
        liquidation will take place, provided that such information shall be made
        known
        to the public prior to or in conjunction with such notice being provided
        to such
        holder.

      

      Section
        9. Purchase
        Rights; Reorganization, Reclassification, Consolidation, Merger or
        Sale.
        (a) In
        addition to any adjustments pursuant to Section 8 above, if at any time the
        Company grants, issues or sells any Options, Convertible Securities or rights
        to
        purchase stock, warrants, securities or other property pro rata to the record
        holders of any class of Common Stock (the “Purchase
        Rights”),
        then
        the holder of this Warrant will be entitled to acquire, upon the terms
        applicable to such Purchase Rights, the aggregate Purchase Rights which such
        holder could have acquired if such holder had held the number of shares of
        Common Stock acquirable upon complete exercise of this Warrant immediately
        before the date on which a record is taken for the grant, issuance or sale
        of
        such Purchase Rights, or, if no such record is taken, the date as of which
        the
        record holders of Common Stock are to be determined for the grant, issue
        or sale
        of such Purchase Rights.

      

      (b)
        Any
        recapitalization, reorganization, reclassification, consolidation, merger,
        sale
        of all or substantially all of the Company’s assets to another Person or other
        transaction which is effected in such a way that holders of Common Stock
        are
        entitled to receive (either directly or upon subsequent liquidation) stock,
        securities or assets with respect to or in exchange for Common Stock is referred
        to herein as “Organic
        Change.”
        Prior to
        the consummation of any (i) sale of all or substantially all of the Company’s
        assets to an acquiring Person or (ii) other Organic Change following which
        the
        Company is not a surviving entity, the Company will secure from the Person
        purchasing such assets or the successor resulting from such Organic Change
        (in
        each case, the “Acquiring
        Entity”)
        written
        agreement (in form and substance satisfactory to the holders of Warrants
        representing a majority of the shares of Common Stock obtainable upon exercise
        of the Warrants then outstanding) to deliver to each holder of Warrants in
        exchange for such Warrants, a security of the Acquiring Entity evidenced
        by a
        written instrument substantially similar in form and substance to this Warrant
        and satisfactory to the holders of the Warrants (including, an adjusted warrant
        exercise price equal to the value for the Common Stock reflected by the terms
        of
        such consolidation, merger or sale, and exercisable for a corresponding number
        of shares of Common Stock acquirable and receivable upon exercise of the
        Warrants, if the value so reflected is less than the Warrant Exercise Price
        in
        effect immediately prior to such consolidation, merger or sale). Prior to
        the
        consummation of any other Organic Change, the Company shall make appropriate
        provision (in form and substance satisfactory to the holders of Warrants
        representing a majority of the shares of Common Stock obtainable upon exercise
        of the Warrants then outstanding) to insure that each of the holders of the
        Warrants will thereafter have the right to acquire and receive in lieu of
        or in
        addition to (as the case may be) the shares of Common Stock immediately
        theretofore acquirable and receivable upon the exercise of such holder’s
        Warrants, such shares of stock, securities or assets that would have been
        issued
        or payable in such Organic Change with respect to or in exchange for the
        number
        of shares of Common Stock which would have been acquirable and receivable
        upon
        the exercise of such holder’s Warrant as of the date of such Organic Change
        (without taking into account any limitations or restrictions on the
        exercisability of this Warrant).

      

      Section
        10. Lost,
        Stolen, Mutilated or Destroyed Warrant.
        If this
        Warrant is lost, stolen, mutilated or destroyed, the Company shall, on receipt
        of an indemnification undertaking, issue a new Warrant of like denomination
        and
        tenor as this Warrant so lost, stolen, mutilated or destroyed.

      

      Section
        11. Notice.
        Any
        notices, consents, waivers or other communications required or permitted
        to be
        given under the terms of this Warrant must be in writing and will be deemed
        to
        have been delivered: (i) upon receipt, when delivered personally; (ii) upon
        receipt, when sent by facsimile (provided confirmation of transmission is
        mechanically or electronically generated and kept on file by the sending
        party);
        (iii) upon receipt, when sent by e-mail (provided that the transmission is
        electronically tracked and the results of tracking kept on file by the sending
        party); or (iv) one business day after deposit with a nationally recognized
        overnight delivery service, in each case properly addressed to the party
        to
        receive the same. The mailing addresses, facsimile numbers and e-mail addresses
        for such communications shall be as set forth below:

      

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      If
        to the
        Company:

      

      Generex
        Biotechnology Corporation

      33
        Harbour Square, Suite 202

      Toronto,
        Ontario M5J 2G2

      Telephone: (416)
        364-2551

      Facsimile: (416)
        364-9363

      E-mail: mfletcher@generex.com

      Attention: Mark
        A.
        Fletcher

      Executive
        Vice-President and General Counsel

      

      With
        a
        copy to:

      

      Eckert
        Seamans Cherin & Mellott

      1515
        Market Street, 9th
        Floor

      Philadelphia,
        Pennsylvania 19102-1909

      Telephone: (215)
        851-8472

      Facsimile: (215)
        851-8383

      E-mail: gmiller@escm.com

      Attention: Gary
        A.
        Miller, Esq.

      

      Or
        at
        such other mailing address, facsimile number or e-mail address that the Company
        shall specify by notice to the holder.

      

      To
        a
        holder of this Warrant:

      

      Omicron
        Master Trust

      650
        5th
        Avenue,
        24th
        Floor

      New
        York,
        NY 10019

      Telephone: _____________

      Facsimile: _____________

      

      Or
        at
        such other mailing address, facsimile number or e-mail address that the holder
        of this Warrant shall specify by notice to the Company.

      

      Each
        party shall provide five days’ prior written notice to the other party of any
        change in mailing address, facsimile number or e-mail address. 

      

      Section
        12. Amendments.
        This
        Warrant and any term hereof may be changed, waived, discharged, or terminated
        only by an instrument in writing signed by the party or holder hereof against
        which enforcement of such change, waiver, discharge or termination is sought.
        

      

      Section
        13. Date.
        This
        Warrant, in all events, shall be wholly void and of no effect after
        the
        close of business on the Expiration Date, except that notwithstanding any
        other
        provisions hereof, the provisions of Section 7 shall continue in full force
        and
        effect after such date as to any Warrant Shares or other securities issued
        upon
        the exercise of this Warrant.

      

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

      Section
        14. Descriptive
        Headings; Governing Law.
        The
        descriptive headings of the several Sections and paragraphs of this Warrant
        are
        inserted for convenience only and do not constitute a part of this Warrant.
        This
        Warrant shall be governed by the internal laws of the State of Delaware,
        without
        giving effect to any choice of law or conflict of law provision or rule (whether
        of the State of Delaware or any other jurisdictions) that would cause the
        application of the laws of any jurisdictions other than the State of
        Delaware.

      

      This
        Warrant has been duly executed by the Company this
        22nd
        day
        of
        July,
        2005.

       

      
        	 	 	 
	 	GENEREX
                BIOTECHNOLOGY CORPORATION
	 
 	 
 	 
 
	 	By:  	/s/
                Mark A. Fletcher
	 	Name: Mark
                A. Fletcher
	 	Title: Executive
                Vice-President, General Counsel

      

       

       

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

      
EXHIBIT
        A TO WARRANT

      
 

      SUBSCRIPTION
        FORM

       

      TO
        BE
        EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS WARRANT

       

      The
        undersigned holder hereby exercises the right to purchase _________________
        of
        the shares of Common Stock (“Warrant
        Shares”)
        of
        Generex Biotechnology Corporation, a Delaware corporation (the “Company”),
        evidenced by the attached Warrant (the “Warrant”).
        Capitalized terms used herein and not otherwise defined shall have the
        respective meanings set forth in the Warrant.

      

      1.
        Form
        of Warrant Exercise Price.
        The
        Holder intends that payment of the Warrant Exercise Price shall be made
        as:

      

      a
        “Cash
        Exercise”
        with
        respect to _______________________ Warrant Shares.

      

      2.
        Payment
        of Warrant Exercise Price.
        If the
        holder has elected a Cash Exercise with respect to some or all of the Warrant
        Shares to be issued pursuant hereto, the holder is transmitting herewith
        the sum
        of $___________________ to the Company in payment for such Warrant Shares.
        

      

      3.
        Delivery
        of Warrant Shares.
        The
        Company shall deliver to the holder __________ Warrant Shares in accordance
        with
        the terms of the Warrant.

      

      Date:
        ______________   _____,
        200_

      
 

      Name
        of
        Registered Holder:

      

      ___________________________

      
 

      Signature:

      

      By:
        ____________________________

      Print
        Name and Title:_______________

      Title:___________________________

      

      

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

      EXHIBIT
        B TO WARRANT

      

      FORM
        OF
        WARRANT POWER

      

      

      FOR
        VALUE
        RECEIVED, the undersigned does hereby assign and transfer to ________________,
        Federal Identification No. __________, a warrant to purchase ____________
        shares
        of the capital stock of Generex Biotechnology Corporation, a Delaware
        corporation, represented by warrant certificate no. _____, standing in the
        name
        of the undersigned on the books of said corporation. The undersigned does
        hereby
        irrevocably constitute and appoint ______________, attorney to transfer the
        warrants of said corporation, with full power of substitution in the
        premises.

      

      

      Dated:
        _________, 200_

      

       

      

      

      _____________________________________

      By:________________________________________

      Name:______________________________________

      Title:_______________________________________Unassociated Document

    

      Exhibit
        4.29

      

      NEITHER
        THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE
        HAVE
        BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES
        COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER
        THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY,
        MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
        STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION
        FROM,
        OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
        SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS
        EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT,
        THE
        SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY
        AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED
        IN
        CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH
        SECURITIES.

      

      COMMON
        STOCK PURCHASE WARRANT

      

      To
        Purchase 300,000 Shares of Common Stock of

      

      GENEREX
        BIOTECHNOLOGY CORPORATION

      

      THIS
        COMMON STOCK PURCHASE WARRANT (the “Warrant”)
        certifies that, for value received, Cranshire
        Capital, L.P.
        (the
“Holder”),
        is
        entitled, upon the terms and subject to the limitations on exercise and the
        conditions hereinafter set forth, at any time on or after the 181st
        day
        after the date hereof (the “Initial
        Exercise Date”)
        and on
        or prior to the close of business on the fifth (5th)
        anniversary of the Initial Exercise Date (the “Termination
        Date”)
        but
        not thereafter, to subscribe for and purchase from Generex Biotechnology
        Corporation, a Delaware corporation (the “Company”),
        up to
        300,000 shares (the “Warrant
        Shares”)
        of
        Common Stock, par value $0.001 per share, of the Company (the “Common
        Stock”).
        The
        purchase price of one share of Common Stock under this Warrant shall be equal
        to
        the Exercise Price, as defined in Section 2(b). 

      

      Section
        1. Definitions.
        Capitalized terms used and not otherwise defined herein shall have the meanings
        set forth in that certain Securities Purchase Agreement (the “Purchase
        Agreement”),
        dated
        November 10, 2004, among the Company and the purchasers signatory
        thereto.

      

      Section
        2. Exercise.

      

      a) Exercise
        of Warrant.
        Subject
        to the terms hereof, exercise of the purchase rights represented by this
        Warrant
        may be made at any time or times on or after the Initial Exercise Date and
        on or
        before the Termination Date by delivery to the Company of a duly executed
        facsimile copy of the Notice of Exercise Form annexed hereto (or such other
        office or agency of the Company as it may designate by notice in writing
        to the
        registered Holder at the address of such Holder appearing on the books of
        the
        Company); provided,
        however,
        within
        5 Trading Days of the date said Notice of Exercise is delivered to the Company,
        the Holder shall have surrendered this Warrant to the Company and the Company
        shall have received payment of the aggregate Exercise Price of the shares
        thereby purchased in cash or by wire transfer of immediately available funds.
        

      

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

      b) Exercise
        Price.
        The
        exercise price of the Common Stock under this Warrant shall be $1.20,
        subject
        to adjustment hereunder (the “Exercise
        Price”).

      

      c) Cashless
        Exercise.
        If at
        any time after one year from the date of issuance of this Warrant there is
        no
        effective Registration Statement registering the resale of the Warrant Shares
        by
        the Holder, then this Warrant may also be exercised at such time by means
        of a
“cashless exercise” in which the Holder shall be entitled to receive a
        certificate for the number of Warrant Shares equal to the quotient obtained
        by
        dividing [(A-B) (X)] by (A), where:

      

      (A)
        = the
        VWAP on the Trading Day immediately preceding the date of such
        election;

      

      (B)
        = the
        Exercise Price of this Warrant, as adjusted; and 

      

      (X)
        = the
        number of Warrant Shares issuable upon exercise of this Warrant in accordance
        with the terms of this Warrant by means of a cash exercise rather than a
        cashless exercise.

      

      Notwithstanding
        anything herein to the contrary, on the Termination Date, this Warrant shall
        be
        automatically exercised via cashless exercise pursuant to this Section
        2(c).

      

      d) Exercise
        Limitations.
        The
        Holder shall not have the right to exercise any portion of this Warrant,
        pursuant to Section 2(c) or otherwise, to the extent that after giving effect
        to
        such issuance after exercise, the Holder (together with the Holder’s
        affiliates), as set forth on the applicable Notice of Exercise, would
        beneficially own in excess of 4.99% of the number of shares of the Common
        Stock
        outstanding immediately after giving effect to such issuance.  For
        purposes
        of the foregoing sentence, the number of shares of Common Stock beneficially
        owned by the Holder and its affiliates shall include the number of shares
        of
        Common Stock issuable upon exercise of this Warrant with respect to which
        the
        determination of such sentence is being made, but shall exclude the number
        of
        shares of Common Stock which would be issuable upon (A) exercise of the
        remaining, nonexercised portion of this Warrant beneficially owned by the
        Holder
        or any of its affiliates and (B) exercise or conversion of the unexercised
        or
        nonconverted portion of any other securities of the Company (including, without
        limitation, any other Debentures or Warrants) subject to a limitation on
        conversion or exercise analogous to the limitation contained herein beneficially
        owned by the Holder or any of its affiliates.  Except as set forth
        in the
        preceding sentence, for purposes of this Section 2(d), beneficial ownership
        shall be calculated in accordance with Section 13(d) of the Exchange Act,
        it
        being acknowledged by Holder that the Company is not representing to Holder
        that
        such calculation is in compliance with Section 13(d) of the Exchange Act
        and
        Holder is solely responsible for any schedules required to be filed in
        accordance therewith. To the extent that the limitation contained in this
        Section 2(d) applies, the determination of whether this Warrant is exercisable
        (in relation to other securities owned by the Holder) and of which a portion
        of
        this Warrant is exercisable shall be in the sole discretion of such Holder,
        and
        the submission of a Notice of Exercise shall be deemed to be such Holder’s
        determination of whether this Warrant is exercisable (in relation to other
        securities owned by such Holder) and of which portion of this Warrant is
        exercisable, in each case subject to such aggregate percentage limitation,
        and
        the Company shall have no obligation to verify or confirm the accuracy of
        such
        determination. For purposes of this Section 2(d), in determining the number
        of
        outstanding shares of Common Stock, the Holder may rely on the number of
        outstanding shares of Common Stock as reflected in (x) the Company’s most recent
        Form 10-Q or Form 10-K, as the case may be, (y) a more recent public
        announcement by the Company or (z) any other notice by the Company or the
        Company’s Transfer Agent setting forth the number of shares of Common Stock
        outstanding.  Upon the written or oral request of the Holder, the
        Company
        shall within two Trading Days confirm orally and in writing to the Holder
        the
        number of shares of Common Stock then outstanding.  In any case, the
        number
        of outstanding shares of Common Stock shall be determined after giving effect
        to
        the conversion or exercise of securities of the Company, including this Warrant,
        by the Holder or its affiliates since the date as of which such number of
        outstanding shares of Common Stock was reported. 

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      e) Mechanics
        of Exercise.
        

      

      i. Authorization
        of Warrant Shares.
        The
        Company covenants that all Warrant Shares which may be issued upon the exercise
        of the purchase rights represented by this Warrant will, upon exercise of
        the
        purchase rights represented by this Warrant, be duly authorized, validly
        issued,
        fully paid and nonassessable and free from all taxes, liens and charges in
        respect of the issue thereof (other than taxes in respect of any transfer
        occurring contemporaneously with such issue). The Company covenants that
        during
        the period the Warrant is outstanding, it will reserve from its authorized
        and
        unissued Common Stock a sufficient number of shares to provide for the issuance
        of the Warrant Shares upon the exercise of any purchase rights under this
        Warrant. The Company further covenants that its issuance of this Warrant
        shall
        constitute full authority to its officers who are charged with the duty of
        executing stock certificates to execute and issue the necessary certificates
        for
        the Warrant Shares upon the exercise of the purchase rights under this Warrant.
        The Company will take all such reasonable action as may be necessary to assure
        that such Warrant Shares may be issued as provided herein without violation
        of
        any applicable law or regulation, or of any requirements of the Trading Market
        upon which the Common Stock may be listed.

      

      ii. Delivery
        of Certificates Upon Exercise.
        Certificates for shares purchased hereunder shall be transmitted by the transfer
        agent of the Company to the Holder by crediting the account of the Holder’s
        prime broker with the Depository Trust Company through its Deposit Withdrawal
        Agent Commission (“DWAC”)
        system
        if the Company is a participant in such system, and otherwise by physical
        delivery to the address specified by the Holder in the Notice of Exercise
        within
        3 Trading Days from the delivery to the Company of the Notice of Exercise
        Form,
        surrender of this Warrant and payment of the aggregate Exercise Price as
        set
        forth above (“Warrant
        Share Delivery Date”).
        This
        Warrant shall be deemed to have been exercised on the date the Exercise Price
        is
        received by the Company. The Warrant Shares shall be deemed to have been
        issued,
        and Holder or any other person so designated to be named therein shall be
        deemed
        to have become a holder of record of such shares for all purposes, as of
        the
        date the Warrant has been exercised by payment to the Company of the Exercise
        Price and all taxes required to be paid by the Holder, if any, pursuant to
        Section 2(e)(vii) prior to the issuance of such shares, have been paid.

      

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      iii. Delivery
        of New Warrants Upon Exercise.
        If this
        Warrant shall have been exercised in part, the Company shall, at the time
        of
        delivery of the certificate or certificates representing Warrant Shares,
        deliver
        to Holder a new Warrant evidencing the rights of Holder to purchase the
        unpurchased Warrant Shares called for by this Warrant, which new Warrant
        shall
        in all other respects be identical with this Warrant.

      

      iv. Rescission
        Rights.
        If the
        Company fails to cause its transfer agent to transmit to the Holder a
        certificate or certificates representing the Warrant Shares pursuant to this
        Section 2(e)(iv) by the Warrant Share Delivery Date, then the Holder will
        have
        the right to rescind such exercise; provided that if as a result of the
        limitations set forth in Section 2(d) hereof, such failure by the Company
        is for
        a portion of the Warrant Shares for which a Notice of Exercise has been
        delivered, the Holder shall be permitted to rescind solely that portion not
        so
        exercised.

      

      v. Compensation
        for Buy-In on Failure to Timely Deliver Certificates Upon
        Exercise.
        In
        addition to any other rights available to the Holder, if the Company fails
        to
        cause its transfer agent to transmit to the Holder a certificate or certificates
        representing the Warrant Shares pursuant to an exercise on or before the
        Warrant
        Share Delivery Date, and if after such date the Holder is required by its
        broker
        to purchase (in an open market transaction or otherwise) shares of Common
        Stock
        to deliver in satisfaction of a sale by the Holder of the Warrant Shares
        which
        the Holder anticipated receiving upon such exercise (a “Buy-In”),
        then
        the Company shall (1) pay in cash to the Holder the amount by which (x) the
        Holder’s total purchase price (including brokerage commissions, if any) for the
        shares of Common Stock so purchased exceeds (y) the amount obtained by
        multiplying (A) the number of Warrant Shares that the Company was required
        to
        deliver to the Holder in connection with the exercise at issue times (B)
        the
        price at which the sell order giving rise to such purchase obligation was
        executed, and (2) at the option of the Holder, either reinstate the portion
        of
        the Warrant and equivalent number of Warrant Shares for which such exercise
        was
        not honored or deliver to the Holder the number of shares of Common Stock
        that
        would have been issued had the Company timely complied with its exercise
        and
        delivery obligations hereunder. For example, if the Holder purchases Common
        Stock having a total purchase price of $11,000 to cover a Buy-In with respect
        to
        an attempted exercise of shares of Common Stock with an aggregate sale price
        giving rise to such purchase obligation of $10,000, under clause (1) of the
        immediately preceding sentence the Company shall be required to pay the Holder
        $1,000. The Holder shall provide the Company written notice indicating the
        amounts payable to the Holder in respect of the Buy-In, together with applicable
        confirmations and other evidence reasonably requested by the Company. Nothing
        herein shall limit a Holder’s right to pursue any other remedies available to it
        hereunder, at law or in equity including, without limitation, a decree of
        specific performance and/or injunctive relief with respect to the Company’s
        failure to timely deliver certificates representing shares of Common Stock
        upon
        exercise of the Warrant as required pursuant to the terms hereof.

      

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      vi. No
        Fractional Shares or Scrip.
        No
        fractional shares or scrip representing fractional shares shall be issued
        upon
        the exercise of this Warrant. As to any fraction of a share which Holder
        would
        otherwise be entitled to purchase upon such exercise, the Company shall pay
        a
        cash adjustment in respect of such final fraction in an amount equal to such
        fraction multiplied by the Exercise Price.

      

      vii. Charges,
        Taxes and Expenses.
        Issuance of certificates for Warrant Shares shall be made without charge
        to the
        Holder for any issue or transfer tax or other incidental expense in respect
        of
        the issuance of such certificate, all of which taxes and expenses shall be
        paid
        by the Company, and such certificates shall be issued in the name of the
        Holder
        or in such name or names as may be directed by the Holder; provided,
        however,
        that in
        the event certificates for Warrant Shares are to be issued in a name other
        than
        the name of the Holder, this Warrant when surrendered for exercise shall
        be
        accompanied by the Assignment Form attached hereto duly executed by the Holder;
        and the Company may require, as a condition thereto, the payment of a sum
        sufficient to reimburse it for any transfer tax incidental thereto.

      

      viii. Closing
        of Books.
        The
        Company will not close its stockholder books or records in any manner which
        prevents the timely exercise of this Warrant, pursuant to the terms
        hereof.

      

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      Section
        3. Certain Adjustments.

      

      a) Stock
        Dividends and Splits.
        If the
        Company, at any time while this Warrant is outstanding: (A) pays a stock
        dividend or otherwise make a distribution or distributions on shares of its
        Common Stock or any other equity or equity equivalent securities payable
        in
        shares of Common Stock (which, for avoidance of doubt, shall not include
        any
        shares of Common Stock issued by the Company pursuant to this Warrant), (B)
        subdivides outstanding shares of Common Stock into a larger number of shares,
        (C) combines (including by way of reverse stock split) outstanding shares
        of
        Common Stock into a smaller number of shares, or (D) issues by reclassification
        of shares of the Common Stock any shares of capital stock of the Company,
        then
        in each case the Exercise Price shall be multiplied by a fraction of which
        the
        numerator shall be the number of shares of Common Stock (excluding treasury
        shares, if any) outstanding before such event and of which the denominator
        shall
        be the number of shares of Common Stock outstanding after such event and
        the
        number of shares issuable upon exercise of this Warrant shall be proportionately
        adjusted. Any adjustment made pursuant to this Section 3(a) shall become
        effective immediately after the record date for the determination of
        stockholders entitled to receive such dividend or distribution and shall
        become
        effective immediately after the effective date in the case of a subdivision,
        combination or re-classification.

      

      b) Subsequent
        Equity Sales.
        If the
        Company or any Subsidiary thereof, as applicable, at any time while this
        Warrant
        is outstanding, shall offer, sell, grant any option to purchase or offer,
        sell
        or grant any right to reprice its securities, or otherwise dispose of or
        issue
        (or announce any offer, sale, grant or any option to purchase or other
        disposition) any Common Stock or Common Stock Equivalents entitling any Person
        to acquire shares of Common Stock, at an effective price per share less than
        the
        then Exercise Price (such lower price, the “Base
        Share Price”
        and
        such issuances collectively, a “Dilutive
        Issuance”),
        as
        adjusted hereunder (if the holder of the Common Stock or Common Stock
        Equivalents so issued shall at any time, whether by operation of purchase
        price
        adjustments, reset provisions, floating conversion, exercise or exchange
        prices
        or otherwise, or due to warrants, options or rights per share which is issued
        in
        connection with such issuance, be entitled to receive shares of Common Stock
        at
        an effective price per share which is less than the Exercise Price, such
        issuance shall be deemed to have occurred for less than the Exercise Price),
        then, the Exercise Price shall be reduced to equal the Base Share Price and
        the
        number of Warrant Shares issuable hereunder shall be increased such that
        the
        aggregate Exercise Price payable hereunder, after taking into account the
        decrease in the Exercise Price, shall be equal to the aggregate Exercise
        Price
        prior to such adjustment. Such adjustment shall be made whenever such Common
        Stock or Common Stock Equivalents are issued. The Company shall notify the
        Holder in writing, no later than the Trading Day following the issuance of
        any
        Common Stock or Common Stock Equivalents subject to this section, indicating
        therein the applicable issuance price, or of applicable reset price, exchange
        price, conversion price and other pricing terms (such notice the “Dilutive
        Issuance Notice”).
        For
        purposes of clarification, whether or not the Company provides a Dilutive
        Issuance Notice pursuant to this Section 3(b), upon the occurrence of any
        Dilutive Issuance, after the date of such Dilutive Issuance the Holder is
        entitled to receive a number of Warrant Shares based upon the Base Share
        Price
        regardless of whether the Holder accurately refers to the Base Share Price
        in
        the Notice of Exercise. Notwithstanding
        the foregoing, no adjustment will be made hereunder in respect of (i) an
        Exempt
        Issuance other
        than an Exempt Issuance that involves an MFN Transaction or a Variable Rate
        Transaction for which the adjustment provisions of Section 3(b) shall be
        applicable or (ii) issuances of up to, in the aggregate, the first 1,500,000
        shares of Common Stock or Common Stock Equivalents (subject to adjustment
        for
        reverse and forward stock splits, stock dividends, stock combinations and
        other
        similar transactions of the Common Stock that occur after the date of this
        Agreement) to consultants of the Company in any 12 month period pursuant
        to a
        resolution duly adopted by a majority of the non-employee members of the
        Board
        of Directors of the Company or a majority of the members of a committee of
        non-employee directors established for such purpose.

      

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      c) Pro
        Rata Distributions.
        If the
        Company, at any time prior to the Termination Date, shall distribute to all
        holders of Common Stock (and not to Holders of the Warrants) evidences of
        its
        indebtedness or assets or rights or warrants to subscribe for or purchase
        any
        security other than the Common Stock (which shall be subject to Section 3(b)),
        then in each such case the Exercise Price shall be adjusted by multiplying
        the
        Exercise Price in effect immediately prior to the record date fixed for
        determination of stockholders entitled to receive such distribution by a
        fraction of which the denominator shall be the VWAP determined as of the
        record
        date mentioned above, and of which the numerator shall be such VWAP on such
        record date less the then per share fair market value at such record date
        of the
        portion of such assets or evidence of indebtedness so distributed applicable
        to
        one outstanding share of the Common Stock as determined by the Board of
        Directors in good faith. In either case the adjustments shall be described
        in a
        statement provided to the Holders of the portion of assets or evidences of
        indebtedness so distributed or such subscription rights applicable to one
        share
        of Common Stock. Such adjustment shall be made whenever any such distribution
        is
        made and shall become effective immediately after the record date mentioned
        above.

      

      d) Fundamental
        Transaction.
        If, at
        any time while this Warrant is outstanding, (A) the Company effects any merger
        or consolidation of the Company with or into another Person, (B) the Company
        effects any sale of all or substantially all of its assets in one or a series
        of
        related transactions, (C) any tender offer or exchange offer (whether by
        the
        Company or another Person) is completed pursuant to which holders of Common
        Stock are permitted to tender or exchange their shares for other securities,
        cash or property, or (D) the Company effects any reclassification of the
        Common
        Stock or any compulsory share exchange pursuant to which the Common Stock
        is
        effectively converted into or exchanged for other securities, cash or property
        (in any such case, a “Fundamental
        Transaction”),
        then,
        upon any subsequent conversion of this Warrant, the Holder shall have the
        right
        to receive, for each Warrant Share that would have been issuable upon such
        exercise absent such Fundamental Transaction, at the option of the Holder,
        (a)
        upon exercise of this Warrant, the number of shares of Common Stock of the
        successor or acquiring corporation or of the Company, if it is the surviving
        corporation, and Alternate Consideration receivable upon or as a result of
        such
        reorganization, reclassification, merger, consolidation or disposition of
        assets
        by a Holder of the number of shares of Common Stock for which this Warrant
        is
        exercisable immediately prior to such event or (b) if the Company is acquired
        in
        an all cash transaction, cash equal to the value of this Warrant as determined
        in accordance with the Black-Scholes option pricing formula (the “Alternate
        Consideration”).
        For
        purposes of any such exercise, the determination of the Exercise Price shall
        be
        appropriately adjusted to apply to such Alternate Consideration based on
        the
        amount of Alternate Consideration issuable in respect of one share of Common
        Stock in such Fundamental Transaction, and the Company shall apportion the
        Exercise Price among the Alternate Consideration in a reasonable manner
        reflecting the relative value of any different components of the Alternate
        Consideration. If holders of Common Stock are given any choice as to the
        securities, cash or property to be received in a Fundamental Transaction,
        then
        the Holder shall be given the same choice as to the Alternate Consideration
        it
        receives upon any exercise of this Warrant following such Fundamental
        Transaction. To the extent necessary to effectuate the foregoing provisions,
        any
        successor to the Company or surviving entity in such Fundamental Transaction
        shall issue to the Holder a new warrant consistent with the foregoing provisions
        and evidencing the Holder’s right to exercise such warrant into Alternate
        Consideration. The terms of any agreement pursuant to which a Fundamental
        Transaction is effected shall include terms requiring any such successor
        or
        surviving entity to comply with the provisions of this Section 3(d) and insuring
        that this Warrant (or any such replacement security) will be similarly adjusted
        upon any subsequent transaction analogous to a Fundamental
        Transaction.

      

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      e) Calculations.
        All
        calculations under this Section 3 shall be made to the nearest cent or the
        nearest 1/100th of a share, as the case may be. The number of shares of Common
        Stock outstanding at any given time shall not includes shares of Common Stock
        owned or held by or for the account of the Company, and the description of
        any
        such shares of Common Stock shall be considered on issue or sale of Common
        Stock. For purposes of this Section 3, the number of shares of Common Stock
        deemed to be issued and outstanding as of a given date shall be the sum of
        the
        number of shares of Common Stock (excluding treasury shares, if any) issued
        and
        outstanding.

      

      f) Voluntary
        Adjustment By Company.
        The
        Company may at any time during the term of this Warrant reduce the then current
        Exercise Price to any amount and for any period of time deemed appropriate
        by
        the Board of Directors of the Company.

      

      g) Notice
        to Holders.
        

      

      i. Adjustment
        to Exercise Price.
        Whenever the Exercise Price is adjusted pursuant to this Section 3, the Company
        shall promptly mail to each Holder a notice setting forth the Exercise Price
        after such adjustment and setting forth a brief statement of the facts requiring
        such adjustment. If the Company issues a variable rate security, despite
        the
        prohibition thereon in the Purchase Agreement, the Company shall be deemed
        to
        have issued Common Stock or Common Stock Equivalents at the lowest possible
        conversion or exercise price at which such securities may be converted or
        exercised in the case of a Variable Rate Transaction (as defined in the Purchase
        Agreement), or the lowest possible adjustment price in the case of an MFN
        Transaction (as defined in the Purchase Agreement.

      

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      ii. Notice
        to Allow Exercise by Holder.
        If (A)
        the Company shall declare a dividend (or any other distribution) on the Common
        Stock; (B) the Company shall declare a special nonrecurring cash dividend
        on or
        a redemption of the Common Stock; (C) the Company shall authorize the granting
        to all holders of the Common Stock rights or warrants to subscribe for or
        purchase any shares of capital stock of any class or of any rights; (D) the
        approval of any stockholders of the Company shall be required in connection
        with
        any reclassification of the Common Stock, any consolidation or merger to
        which
        the Company is a party, any sale or transfer of all or substantially all
        of the
        assets of the Company, of any compulsory share exchange whereby the Common
        Stock
        is converted into other securities, cash or property; (E) the Company shall
        authorize the voluntary or involuntary dissolution, liquidation or winding
        up of
        the affairs of the Company; then, in each case, the Company shall cause to
        be
        mailed to the Holder at its last addresses as it shall appear upon the Warrant
        Register of the Company, at least 20 calendar days prior to the applicable
        record or effective date hereinafter specified, a notice stating (x) the
        date on
        which a record is to be taken for the purpose of such dividend, distribution,
        redemption, rights or warrants, or if a record is not to be taken, the date
        as
        of which the holders of the Common Stock of record to be entitled to such
        dividend, distributions, redemption, rights or warrants are to be determined
        or
        (y) the date on which such reclassification, consolidation, merger, sale,
        transfer or share exchange is expected to become effective or close, and
        the
        date as of which it is expected that holders of the Common Stock of record
        shall
        be entitled to exchange their shares of the Common Stock for securities,
        cash or
        other property deliverable upon such reclassification, consolidation, merger,
        sale, transfer or share exchange; provided,
        that
        the failure to mail such notice or any defect therein or in the mailing thereof
        shall not affect the validity of the corporate action required to be specified
        in such notice. The Holder is entitled to exercise this Warrant during the
        20-day period commencing the date of such notice to the effective date of
        the
        event triggering such notice.

      

      Section
        4. Transfer
        of Warrant.

      

      a) Transferability.
        Subject
        to compliance with any applicable securities laws and the conditions set
        forth
        in Sections 5(a) and 4(d) hereof and to the provisions of Section 4.1 of
        the
        Purchase Agreement, this Warrant and all rights hereunder are transferable,
        in
        whole or in part, upon surrender of this Warrant at the principal office
        of the
        Company, together with a written assignment of this Warrant substantially
        in the
        form attached hereto duly executed by the Holder or its agent or attorney
        and
        funds sufficient to pay any transfer taxes payable upon the making of such
        transfer. Upon such surrender and, if required, such payment, the Company
        shall
        execute and deliver a new Warrant or Warrants in the name of the assignee
        or
        assignees and in the denomination or denominations specified in such instrument
        of assignment, and shall issue to the assignor a new Warrant evidencing the
        portion of this Warrant not so assigned, and this Warrant shall promptly
        be
        cancelled. A Warrant, if properly assigned, may be exercised by a new holder
        for
        the purchase of Warrant Shares without having a new Warrant issued.

      

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      b) New
        Warrants.
        This
        Warrant may be divided or combined with other Warrants upon presentation
        hereof
        at the aforesaid office of the Company, together with a written notice
        specifying the names and denominations in which new Warrants are to be issued,
        signed by the Holder or its agent or attorney. Subject to compliance with
        Section 4(a), as to any transfer which may be involved in such division or
        combination, the Company shall execute and deliver a new Warrant or Warrants
        in
        exchange for the Warrant or Warrants to be divided or combined in accordance
        with such notice.

      

      c) Warrant
        Register.
        The
        Company shall register this Warrant, upon records to be maintained by the
        Company for that purpose (the “Warrant
        Register”),
        in
        the name of the record Holder hereof from time to time. The Company may deem
        and
        treat the registered Holder of this Warrant as the absolute owner hereof
        for the
        purpose of any exercise hereof or any distribution to the Holder, and for
        all
        other purposes, absent actual notice to the contrary.

      

      d) Transfer
        Restrictions.
        If,
        at the
time
        of
        the surrender of this Warrant in connection with any transfer of this Warrant,
        the transfer of this Warrant shall not be registered pursuant to an effective
        registration
        statement under the Securities Act
        and
under
        applicable state securities or blue sky laws, the Company may require, as
        a
        condition of allowing such transfer (i) that the Holder or transferee of
        this
        Warrant, as the case may be, furnish to the Company a written opinion of
        counsel
        (which opinion shall be in form, substance and scope customary for opinions
        of
        counsel in comparable transactions) to the effect that such transfer may
        be made
        without
        registration under
        the
        Securities Act and under applicable state securities or blue sky laws, (ii)
        that
        the holder or transferee execute and deliver to the Company an investment
        letter
        in form and substance acceptable to the Company and (iii) that the transferee
        be
        an “accredited
        investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7), or (a)(8)
        promulgated under the Securities Act or a qualified institutional buyer as
        defined in Rule 144A(a) under the Securities Act.

      

      Section
        5. Miscellaneous.

      

      a) Title
        to Warrant.
        Prior
        to the Termination Date and subject to compliance with applicable laws and
        Section 4 of this Warrant, this Warrant and all rights hereunder are
        transferable, in whole or in part, at the office or agency of the Company
        by the
        Holder in person or by duly authorized attorney, upon surrender of this Warrant
        together with the Assignment Form annexed hereto properly endorsed. The
        transferee shall sign an investment letter in form and substance reasonably
        satisfactory to the Company.

      

      b) No
        Rights as Shareholder Until Exercise.
        This
        Warrant does not entitle the Holder to any voting rights or other rights
        as a
        shareholder of the Company prior to the exercise hereof. Upon the surrender
        of
        this Warrant and the payment of the aggregate Exercise Price (or by means
        of a
        cashless exercise), the Warrant Shares so purchased shall be and be deemed
        to be
        issued to such Holder as the record owner of such shares as of the close
        of
        business on the later of the date of such surrender or payment.

      

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

      c) Loss,
        Theft, Destruction or Mutilation of Warrant.
        The
        Company covenants that upon receipt by the Company of evidence reasonably
        satisfactory to it of the loss, theft, destruction or mutilation of this
        Warrant
        or any stock certificate relating to the Warrant Shares, and in case of loss,
        theft or destruction, of indemnity or security reasonably satisfactory to
        it
        (which, in the case of the Warrant, shall not include the posting of any
        bond),
        and upon surrender and cancellation of such Warrant or stock certificate,
        if
        mutilated, the Company will make and deliver a new Warrant or stock certificate
        of like tenor and dated as of such cancellation, in lieu of such Warrant
        or
        stock certificate.

      

      d) Saturdays,
        Sundays, Holidays, etc.
        If the
        last or appointed day for the taking of any action or the expiration of any
        right required or granted herein shall be a Saturday, Sunday or a legal holiday,
        then such action may be taken or such right may be exercised on the next
        succeeding day not a Saturday, Sunday or legal holiday.

      

      e) Authorized
        Shares.
        

      

      The
        Company covenants that during the period the Warrant is outstanding, it will
        reserve from its authorized and unissued Common Stock a sufficient number
        of
        shares to provide for the issuance of the Warrant Shares upon the exercise
        of
        any purchase rights under this Warrant. The Company further covenants that
        its
        issuance of this Warrant shall constitute full authority to its officers
        who are
        charged with the duty of executing stock certificates to execute and issue
        the
        necessary certificates for the Warrant Shares upon the exercise of the purchase
        rights under this Warrant. The Company will take all such reasonable action
        as
        may be necessary to assure that such Warrant Shares may be issued as provided
        herein without violation of any applicable law or regulation, or of any
        requirements of the Trading Market upon which the Common Stock may be listed.
        

      

      Except
        and to the extent as waived or consented to by the Holder, the Company shall
        not
        by any action, including, without limitation, amending its certificate of
        incorporation or through any reorganization, transfer of assets, consolidation,
        merger, dissolution, issue or sale of securities or any other voluntary action,
        avoid or seek to avoid the observance or performance of any of the terms
        of this
        Warrant, but will at all times in good faith assist in the carrying out of
        all
        such terms and in the taking of all such actions as may be necessary or
        appropriate to protect the rights of Holder as set forth in this Warrant
        against
        impairment. Without limiting the generality of the foregoing, the Company
        will
        (a) not increase the par value of any Warrant Shares above the amount payable
        therefor upon such exercise immediately prior to such increase in par value,
        (b)
        take all such action as may be necessary or appropriate in order that the
        Company may validly and legally issue fully paid and nonassessable Warrant
        Shares upon the exercise of this Warrant, and (c) use commercially reasonable
        efforts to obtain all such authorizations, exemptions or consents from any
        public regulatory body having jurisdiction thereof as may be necessary to
        enable
        the Company to perform its obligations under this Warrant.

      

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

      Before
        taking any action which would result in an adjustment in the number of Warrant
        Shares for which this Warrant is exercisable or in the Exercise Price, the
        Company shall obtain all such authorizations or exemptions thereof, or consents
        thereto, as may be necessary from any public regulatory body or bodies having
        jurisdiction thereof.

      

      f) Jurisdiction.
        All
        questions concerning the construction, validity, enforcement and interpretation
        of this Warrant shall be determined in accordance with the provisions of
        the
        Purchase Agreement.

      

      g) Restrictions.
        The
        Holder acknowledges that the Warrant Shares acquired upon the exercise of
        this
        Warrant, if not registered, will have restrictions upon resale imposed by
        state
        and federal securities laws.

      

      h) Nonwaiver
        and Expenses.
        No
        course of dealing or any delay or failure to exercise any right hereunder
        on the
        part of Holder shall operate as a waiver of such right or otherwise prejudice
        Holder’s rights, powers or remedies, notwithstanding the fact that all rights
        hereunder terminate on the Termination Date. If the Company willfully and
        knowingly fails to comply with any provision of this Warrant, which results
        in
        any material damages to the Holder, the Company shall pay to Holder such
        amounts
        as shall be sufficient to cover any costs and expenses including, but not
        limited to, reasonable attorneys’ fees, including those of appellate
        proceedings, incurred by Holder in collecting any amounts due pursuant hereto
        or
        in otherwise enforcing any of its rights, powers or remedies
        hereunder.

      

      i) Notices.
        Any
        notice, request or other document required or permitted to be given or delivered
        to the Holder by the Company shall be delivered in accordance with the notice
        provisions of the Purchase Agreement.

      

      j) Limitation
        of Liability.
        No
        provision hereof, in the absence of any affirmative action by Holder to exercise
        this Warrant or purchase Warrant Shares, and no enumeration herein of the
        rights
        or privileges of Holder, shall give rise to any liability of Holder for the
        purchase price of any Common Stock or as a stockholder of the Company, whether
        such liability is asserted by the Company or by creditors of the
        Company.

      

      k) Remedies.
        Holder,
        in addition to being entitled to exercise all rights granted by law, including
        recovery of damages, will be entitled to specific performance of its rights
        under this Warrant. The Company agrees that monetary damages would not be
        adequate compensation for any loss incurred by reason of a breach by it of
        the
        provisions of this Warrant and hereby agrees to waive the defense in any
        action
        for specific performance that a remedy at law would be adequate.

      

      l) Successors
        and Assigns.
        Subject
        to applicable securities laws, this Warrant and the rights and obligations
        evidenced hereby shall inure to the benefit of and be binding upon the
        successors of the Company and the successors and permitted assigns of Holder.
        The provisions of this Warrant are intended to be for the benefit of all
        Holders
        from time to time of this Warrant and shall be enforceable by any such Holder
        or
        holder of Warrant Shares.

      

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

      m) Amendment.
        This
        Warrant may be modified or amended or the provisions hereof waived with the
        written consent of the Company and the Holder.

      

      n) Severability.
        Wherever possible, each provision of this Warrant shall be interpreted in
        such
        manner as to be effective and valid under applicable law, but if any provision
        of this Warrant shall be prohibited by or invalid under applicable law, such
        provision shall be ineffective to the extent of such prohibition or invalidity,
        without invalidating the remainder of such provisions or the remaining
        provisions of this Warrant.

      

      o) Headings.
        The
        headings used in this Warrant are for the convenience of reference only and
        shall not, for any purpose, be deemed a part of this Warrant.

      

      

      ********************

      

      IN
        WITNESS WHEREOF, the Company has caused this Warrant to be executed by its
        officer thereunto duly authorized.

      

      

      Dated:
        October 20, 2005

       

      
        	 	 	 
	 	
                GENEREX
                  BIOTECHNOLOGY CORPORATION

              
	 
 	 
 	 
 
	 	By:  	/s/ Mark
                A. Fletcher
	 	
                

              
	 	
                Name:
                  Mark A. Fletcher

                Title:
                  Executive Vice-President, General
                  Counsel

              

      

       

      
 

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

      NOTICE
        OF EXERCISE

      

      TO: GENEREX
        BIOTECHNOLOGY CORPORATION

      

      (1) The
        undersigned hereby elects to purchase ________ Warrant Shares of the Company
        pursuant to the terms of the attached Warrant (only if exercised in full),
        and
        tenders herewith payment of the exercise price in full, together with all
        applicable transfer taxes, if any.

      

      (2) Payment
        shall take the form of (check applicable box):

      

      [
        ] in
        lawful money of the United States; or

      

      [
        ] the
        cancellation of such number of Warrant Shares as is necessary, in accordance
        with the formula set forth in subsection 2(c), to exercise this Warrant with
        respect to the maximum number of Warrant Shares purchasable pursuant to the
        cashless exercise procedure set forth in subsection 2(c).

      

      (3) Please
        issue a certificate or certificates representing said Warrant Shares in the
        name
        of the undersigned or in such other name as is specified below:

      

      _______________________________

      

      The
        Warrant Shares shall be delivered to the following:

      

      _______________________________

      _______________________________

      _______________________________

      

      (4)
        Accredited
        Investor.
        The
        undersigned is an “accredited investor” as defined in Regulation D promulgated
        under the Securities Act of 1933, as amended.

      

      [SIGNATURE
        OF HOLDER]

       

      Name
        of
        Investing Entity:
        ________________________________________________________________________

      Signature
        of Authorized Signatory of Investing Entity:
        _________________________________________________

      Name
        of
        Authorized Signatory:
        ___________________________________________________________________

      Title
        of
        Authorized Signatory:
        ____________________________________________________________________

      Date:
        ________________________________________________________________________________________

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      ASSIGNMENT
        FORM

      

      (To
        assign the foregoing warrant, execute

      this
        form
        and supply required information. 

      Do
        not
        use this form to exercise the warrant.)

      

      

      

      FOR
        VALUE
        RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby
        assigned to

      

      

      _______________________________________________
        whose address is

      

      _______________________________________________________________.

      

      

      

      _______________________________________________________________

      

      Dated:
        ______________, _______

      

       

      
        
          	 	Holder’s Signature: 	_____________________________
	 	
                	
                
	 	Holder’s Address: 	_____________________________
	 	 	 
	 	 	_____________________________

        

        
 

      

      Signature
        Guaranteed: ___________________________________________

      

      

      NOTE:
        The
        signature to this Assignment Form must correspond with the name as it appears
        on
        the face of the Warrant, without alteration or enlargement or any change
        whatsoever, and must be guaranteed by a bank or trust company. Officers of
        corporations and those acting in a fiduciary or other representative capacity
        should file proper evidence of authority to assign the foregoing
        Warrant.

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