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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">UNITED
        STATES</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECURITIES
        AND EXCHANGE COMMISSION</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington,
        DC 20549</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FORM
        8-K</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT
        REPORT</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
        to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
        of
        Report (Date of earliest event reported): December 4, 2005</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">GENEREX
        BIOTECHNOLOGY CORPORATION</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
        <div>
          <hr style="COLOR: #000000" align="center" noshade size="1" width="100%">
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
        Name of Registrant as Specified in Its Charter)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
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              <tr>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Delaware</font></div>
                </td>
                <td valign="top" width="27%" style="BORDER-BOTTOM: medium none">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">000-25169</font></div>
                </td>
                <td valign="top" width="27%" style="BORDER-BOTTOM: medium none">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">98-0178636</font></div>
                </td>
              </tr>
              <tr>
                <td valign="top" width="27%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State
                    or Other</font></div>
                </td>
                <td valign="top" width="27%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Commission</font></div>
                </td>
                <td valign="top" width="27%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(IRS
                    Employer</font></div>
                </td>
              </tr>
              <tr>
                <td valign="top" width="27%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Jurisdiction
                    of</font></div>
                </td>
                <td valign="top" width="27%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">File
                    Number)</font></div>
                </td>
                <td valign="top" width="27%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Identification</font></div>
                </td>
              </tr>
              <tr>
                <td valign="top" width="27%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Incorporation)</font></div>
                </td>
                <td align="left" valign="top" width="27%">&#160;</td>
                <td valign="top" width="27%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Number)</font></div>
                </td>
              </tr>

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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
        <div>
          <table cellpadding="0" cellspacing="0" width="100%">

              <tr>
                <td align="left" valign="top" width="40%" style="BORDER-BOTTOM: medium none">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">33
                    Harbour Square, Suite 202, Toronto, Ontario Canada</font></div>
                </td>
                <td valign="top" width="40%" style="BORDER-BOTTOM: medium none">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">M5J
                    2G2</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="40%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
                    of Principal Executive Offices)</font></div>
                </td>
                <td valign="top" width="40%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Zip
                    Code)</font></div>
                </td>
              </tr>

          </table>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registrant&#8217;s
        telephone number, including area code: </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>(416)
        364-2551</u></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">N/A</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
        <div>
          <hr style="COLOR: #000000" align="center" noshade size="1" width="100%">
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Former
        name or former address, if changed since last report.)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check
        the
        appropriate box below if the Form 8-K filing is intended to simultaneously
        satisfy the filing obligation of the registrant under any of the following
        provisions (</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>see</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        General
        Instruction A.2. below):</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><font style="FONT-FAMILY: Wingdings">o</font></strong>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Written
        communications pursuant to Rule 425 under the Securities Act (17 CFR
        230.425)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings"><font style="FONT-FAMILY: Wingdings"><strong>o</strong><font style="FONT-FAMILY: Times New Roman">&#160;</font></font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Soliciting
        material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
        240.14a-12)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol"><font style="FONT-FAMILY: Wingdings"><strong>o</strong><font style="FONT-FAMILY: Times New Roman">&#160;</font></font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
        communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
        240.14d-2(b))</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol"><font style="FONT-FAMILY: Wingdings"><strong>o</strong><font style="FONT-FAMILY: Times New Roman">&#160;</font></font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
        communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
        240.13e-4(c))</font></div><br>
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          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
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        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
        1.01.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Entry
        into a Material Definitive Agreement.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
        2.03.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Creation
        of a Direct Financial Obligation or an Obligation </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">under
        an
        Off-Balance Sheet Arrangement of a Registrant.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
        3.02</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Unregistered
        Sales of Equity Securities.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
        previously reported on the Current Report on Form 8-K of Generex Biotechnology
        Corporation (the &#8220;Company&#8221;) filed with the Securities and Exchange Commission
        (the &#8220;SEC&#8221;) on November 12, 2004 (the &#8220;November Current Report&#8221;), the Company
        closed a private placement with four accredited investors, Cranshire Capital,
        L.P., Omicron Master Trust, Iroquois Capital, L.P. and Smithfield Fiduciary,
        LLC
        (the &#8220;Investors&#8221;) on November 12, 2004, pursuant to which the Company issued 6%
        Secured Convertible Debentures (the &#8220;Debentures&#8221;) and Warrants to the Investors
        for an aggregate purchase price of $4,000,000. In connection with the issuance
        of the Debentures and Warrants, the Company granted an Additional Investment
        Right to each Investor. A brief description of the terms of the Debentures,
        Warrants and Additional Investment Rights is set forth under the caption
        &#8220;Financial Condition, Liquidity and Resources&#8221; in the Company&#8217;s Annual Report on
        Form 10-K filed with the SEC on October 31, 2005. In connection with the
        foregoing private placement, the Company and the Investors entered into a
        Securities Purchase Agreement dated November 10, 2004 (the &#8220;Securities Purchase
        Agreement&#8221;), and a Registration Rights Agreement, dated November 10, 2004 (the
&#8220;Registration Rights Agreement&#8221;), both of which are discussed in and filed as
        exhibits to the November Current Report. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
        June
        2005, as previously reported on the Company&#8217;s Current Report on Form 8-K dated
        June 16, 2005 and filed on June 17, 2005 (the &#8220;June Current Report&#8221;), the
        Investors exercised 50% of their Additional Investment Rights in the aggregate
        amount of $2,000,000 (the &#8220;First AIR Exercise&#8221;). In September 2005, as
        previously reported on the Company&#8217;s Current Report on Form 8-K filed on
        September 9, 2005 (the &#8220;September Current Report&#8221;), the Investors exercised 50%
        of their Additional Investment Rights in the aggregate amount of $2,000,000
        (the
&#8220;Second AIR Exercise&#8221;). In connection with both the First and Second AIR
        Exercises, the Company granted to each Investor a further Additional Investment
        Right (each an &#8220;Additional AIR&#8221; and collectively, the &#8220;Additional AIRs&#8221;),
        pursuant to which each Investor has the right to purchase detachable units
        consisting of (a) additional AIR Debentures in principal amount equal to
        the
        principal amount of AIR Debentures issuable to each Investor upon each of
        the
        First and Second AIR Exercises (an aggregate of $1,000,000 per Investor)
        with a
        conversion price of $0.82 (the &#8220;Additional AIR Debentures&#8221;) and (b) additional
        AIR Warrants entitling the holder thereof to purchase a number of shares
        of the
        Company&#8217;s common stock equal to 100% of the shares of common stock issuable upon
        the conversion in full at a $0.82 conversion price (subject to adjustment
        as set
        forth therein) (without regard to any restrictions on conversion therein
        contained) of the Additional AIR Debentures contemplated in clause (a) above,
        at
        an exercise price equal to the &#8220;AIR Warrant Exercise Price&#8221; (as such term is
        defined in the Additional Investment Rights) (&#8220;Additional AIR Warrants&#8221;). Brief
        descriptions of the of the terms of the First and Second AIR Exercises and
        the
        Additional AIRs, Additional AIR Debentures and Additional AIR Warrants are
        set
        forth in the June Current Report and the September Current Report, which
        disclosures are incorporated herein by reference. The Company&#8217;s file number with
        the SEC under the Exchange Act of 1934 is 000-25169. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        October 27, 2005, as previously reported on the Company&#8217;s Current Report on Form
        8-K filed on October 31, 2005, the Company and Omicron Master Trust (&#8220;Omicron&#8221;)
        amended the Additional AIR granted to Omicron in connection with the First
        AIR
        Exercise (the &#8220;AIR Amendment&#8221;) to accelerate the initial exercise date of the
        Additional AIR (the 181st day following the date of issuance) in consideration
        of the exercise by Omicron of its Additional AIR and the delivery to the
        Company
        of a Notice of Exercise in respect thereof on or before the close of business
        on
        October 27, 2005. Omicron timely delivered its Notice of Exercise, satisfying
        the conditions specified in the AIR Amendment. Through its exercise of its
        Additional AIR, Omicron purchased a $500,000 principal amount AIR Debenture
        with
        a conversion price of $0.82 and AIR Warrants entitling Omicron to purchase
        a
        number of shares of the Company&#8217;s common stock equal to 100% of the shares of
        common stock issuable upon the conversion in full at a $0.82 conversion price
        (subject to adjustment as set forth therein) (without regard to any restrictions
        on conversion therein contained) of the AIR Debenture at an exercise price
        equal
        to the &#8220;AIR Warrant Exercise Price&#8221; (as such term is defined in the Additional
        AIR). The terms, conversion/exercise features and acceleration provisions
        of the
        AIR Debenture and AIR Warrants received by Omicron are described in more
        detail
        in the June Current Report.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        December 4, 2005, the Company and each of the Investors entered into an
        Amendment No. 3 to Securities Purchase Agreement and Registration Rights
        Agreement (the &#8220;Third Amendment&#8221;), pursuant to which (i) the all of the
        Investors except Omicron agreed to exercise an aggregate of $1,500,000 in
        principal amount of the Additional AIRs granted to such Investors in connection
        with the First AIR Exercise and (ii) all of the Investors, including Omicron,
        agreed to exercise an aggregate of $2,000,000 in principal amount of the
        Additional AIRs granted to the Investors in connection with the Second AIR
        Exercise. The Third Amendment is attached hereto as Exhibit 4.1.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
        connection with the Third Amendment, the Company and the Investors, excluding
        Omicron, amended the Additional AIR granted to such Investors in connection
        with
        the First AIR Exercise (the &#8220;First AIR Amendment&#8221;) to accelerate the initial
        exercise date of the Additional AIR (the 181st day following the date of
        issuance) in consideration of the exercise by such Investors of their Additional
        AIRs and the delivery to the Company of a Notice of Exercise in respect thereof
        on or before the close of business on December 5, 2005. In addition, the
        Company
        and all four of the Investors amended the Additional AIR granted to the
        Investors in connection with the Second AIR Exercise (the &#8220;Second AIR
        Amendment&#8221;) to accelerate the initial exercise date of the Additional AIR (the
        181st day following the date of issuance) in consideration of the exercise
        by
        the Investors of their Additional AIRs and the delivery to the Company of
        a
        Notice of Exercise in respect thereof on or before the close of business
        on
        December 5, 2005. The forms of the First AIR Amendment and the Second AIR
        Amendment are attached hereto as Exhibits 4.2 and 4.3,
        respectively.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each
        Investor timely delivered its Notice of Exercise, satisfying the conditions
        specified in the First AIR Amendment and/or Second AIR Amendment, as applicable.
        In connection with the exercise of each Additional AIR, each Investor purchased
        a $500,000 principal amount AIR Debenture with a conversion price of $0.82
        and
        AIR Warrants entitling the Investor to purchase a number of shares of the
        Company&#8217;s common stock equal to 100% of the shares of common stock issuable upon
        the conversion in full at a $0.82 conversion price (subject to adjustment
        as set
        forth therein) (without regard to any restrictions on conversion therein
        contained) of the AIR Debenture at an exercise price equal to the &#8220;AIR Warrant
        Exercise Price&#8221; (as such term is defined in the Additional AIR). Accordingly,
        the Company issued to the Investors AIR Debentures in the aggregate amount
        of
        $3,500,000 and AIR Warrants to purchase an aggregate of 4,268,292 shares
        of the
        Company&#8217;s common stock, exercisable for five years commencing six months
        following the issuance thereof. The Company received proceeds of approximately
        $3,500,000 in connection with the Investors&#8217; exercise of their Additional AIRs
        pursuant to the First and Second AIR Amendments.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        AIR
        Debentures have a term of fifteen months and amortize over thirteen months
        in
        thirteen equal monthly installments beginning on the first day of the third
        month following their issuance. Interest on the principal amount outstanding
        will accrue at a rate of 6% per annum. The Company may pay principal and
        accrued
        interest in cash or, at its option, in shares of common stock. If the Company
        elects to pay principal and interest in shares of its common stock, the value
        of
        each share of common stock will be equal to the lesser of (i) $0.82 and (ii)
        ninety percent (90%) of the average of the daily volume weighted average
        price
        for the common stock over the twenty trading day period immediately preceding
        the date of payment. At the option of the holder of each AIR Debenture, the
        principal amount outstanding under each AIR Debenture is initially convertible
        at any time after the closing of the Third Amendment into shares of the
        Company&#8217;s common stock at a conversion price of $0.82.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Upon
        the
        occurrence of an &#8220;Event of Default,&#8221; including a default in payment of principal
        or interest (including late fees) which is not cured within three trading
        days,
        the full principal amount of each AIR Debenture, together with interest and
        other amounts owing in respect thereof, to the date of acceleration will
        become,
        at the holder&#8217;s election, due and payable in cash. The aggregate amount payable
        upon an Event of Default shall be equal to the &#8220;Mandatory Prepayment Amount.&#8221;
        The Mandatory Prepayment Amount for any AIR Debentures shall equal the sum
        of
        (i) the greater of: (A) 130% of the principal amount of AIR Debentures to
        be
        prepaid, plus all accrued and unpaid interest thereon, or (B) the principal
        amount of AIR Debentures to be prepaid, plus all other accrued and unpaid
        interest thereof, divided by the conversion price on (x) the date the Mandatory
        Prepayment Amount is demanded or otherwise due or (y) the date the Mandatory
        Prepayment Amount is paid in full, whichever is less, multiplied by the daily
        volume weighted average price of the common stock on (x) the date the Mandatory
        Prepayment Amount is demanded or otherwise due or (y) the date the Mandatory
        Prepayment Amount is paid in full, whichever is greater, and (ii) all other
        amounts, costs, expenses and liquidated damages due in respect of such AIR
        Debentures. The interest rate on the AIR Debentures will accrue at the rate
        of
        18% per annum, or such lower maximum amount of interest permitted to be charged
        under applicable law, beginning five days after the occurrence of any Event
        of
        Default that results in the acceleration of the AIR Debentures. A late fee
        of
        18% per annum, or such lower maximum amount of interest permitted to be charged
        under applicable law, will accrue on a daily basis on all overdue accrued
        and
        unpaid interest under the AIR Debentures from the due date to the date of
        payment.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        AIR
        Warrants issued to the Investors on December 5, 2005 are initially exercisable
        into an aggregate of 4,268,292 shares of the Company&#8217;s common stock, and the
        initial exercise price of each AIR Warrant is equal to $1.25. The conversion
        price of the AIR Debentures and the exercise price of the AIR Warrants are
        each
        subject to an anti-dilution adjustment upon the issuance by the Company of
        securities at a price per share less than the then conversion price or exercise
        price, as applicable.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
        addition, in consideration of each Investor&#8217;s exercise of its Additional AIR
        granted in connection with the First and Second AIR Exercises, the Company
        granted to each Investor a further Additional Investment Right (each an
&#8220;Additional AIR&#8221; and collectively, the &#8220;Additional AIRs&#8221;), pursuant to which
        each Investor will have the right to purchase detachable units consisting
        of (a)
        additional AIR Debentures in principal amount of $1,000,000 with a conversion
        price of $1.25 (the &#8220;Additional AIR Debentures&#8221;) and (b) additional AIR Warrants
        entitling the holder thereof to purchase a number of shares of the Company&#8217;s
        common stock equal to 100% of the shares of common stock issuable upon the
        conversion in full at a $1.25 conversion price (subject to adjustment as
        set
        forth therein) (without regard to any restrictions on conversion therein
        contained) of the Additional AIR Debentures contemplated in clause (a) above,
        at
        an exercise price equal to the &#8220;AIR Warrant Exercise Price&#8221; (as such term is
        defined in the Additional AIRs) (the &#8220;Additional AIR Warrants&#8221;).</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
        the
        terms of the Third Amendment, the Company also agreed to register for resale
        the
        securities issuable upon conversion/exercise of the Additional AIR Debentures
        and the Additional AIR Warrants, consistent with the Investors&#8217; existing
        registration rights under the Registration Rights Agreement </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each
        Investor may exercise its Additional AIR at any time on or after the 181st
        day
        after closing and on or prior to the earlier of (i) the close of business
        on the
        one-year anniversary after the registration statement for the shares of common
        stock underlying the AIR Debentures and Additional AIR Warrants has gone
        effective and (ii) the two year anniversary of the closing of the transactions
        contemplated by the Third Amendment. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
        addition, in connection with the transactions contemplated by the Third
        Amendment, the Company will issue to a placement agent (i) 170,732 shares
        of
        common stock in lieu of a cash fee equal to 7% of the gross proceeds received
        by
        the Company and (ii) warrants exercisable into approximately 60,000 shares
        of
        common stock at the same exercise price as the AIR Warrants. These shares
        will
        also be registered for resale.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Company undertook the offer and sale of the AIR Debentures, AIR Warrants
        and
        Additional AIRs (including the underlying Additional AIR Debentures and
        Additional AIR Warrants), as well as the shares of common stock and warrants
        issued to the placement agent, in reliance upon Rule 506 of Regulation D
        and
        Section 18(b)(4)(D) of the Securities Act of 1933, as amended. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
        copy of
        the press release issued by the Company announcing the signing of the Third
        Amendment is attached hereto as Exhibit 99.1 and incorporated herein by
        reference.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">THE
        ABOVE
        DESCRIPTION OF, AMONG OTHER THINGS, THE TERMS OF THE THIRD AMENDMENT, THE
        FIRST
        AIR AMENDMENT, THE SECOND AIR AMENDMENT, THE AIR DEBENTURES, THE AIR WARRANTS,
        AND THE ADDITIONAL AIRS IS QUALIFIED IN ITS ENTIRETY BY THE THIRD AMENDMENT,
        THE
        FIRST AIR AMENDMENT, THE SECOND AIR AMENDMENT, THE AIR DEBENTURES, THE AIR
        WARRANTS, AND THE ADDITIONAL AIRS WHICH ARE INCORPORATED BY REFERENCE HEREIN.
        THE COMPANY IS FILING THE THIRD AMENDMENT, THE FIRST AIR AMENDMENT, THE SECOND
        AIR AMENDMENT, THE FORM OF THE AIR DEBENTURES, THE FORM OF THE AIR WARRANTS
        AND
        THE FORM OF THE ADDITIONAL AIRS AS EXHIBITS 41., 4.2, 4.3, 4.3, 4.4, 4.5
        AND
        4.6, RESPECTIVELY, TO THIS CURRENT REPORT ON FORM 8-K.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
        9.01.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Financial
        Statements and Exhibits.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

            <tr valign="top" style="LINE-HEIGHT: 1.25">
              <td align="left" style="WIDTH: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)</font></td>
              <td align="left">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibits.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div>
        <table border="1" cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="11%" style="BORDER-BOTTOM: medium none">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.1</font></div>
              </td>
              <td align="left" valign="top" width="54%" style="BORDER-BOTTOM: medium none">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amendment
                  No. 3 to Securities Purchase Agreement and Registration Rights
                  Agreement
                  entered into by and between Generex Biotechnology Corporation and
                  the
                  Purchasers listed on the signature pages thereto</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="11%" style="BORDER-BOTTOM: medium none">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.2</font></div>
              </td>
              <td align="left" valign="top" width="54%" style="BORDER-BOTTOM: medium none">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
                  of Amendment to the Additional Investment Right issued by Generex
                  Biotechnology Corporation on June 17, 2005 in connection with the
                  First
                  AIR Exercise</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="11%" style="BORDER-BOTTOM: medium none">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.3</font></div>
              </td>
              <td align="left" valign="top" width="54%" style="BORDER-BOTTOM: medium none">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
                  of Amendment to the Additional Investment Right issued by Generex
                  Biotechnology Corporation on September 8, 2005 in connection with
                  the
                  Second AIR Exercise</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="11%" style="BORDER-BOTTOM: medium none">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.3</font></div>
              </td>
              <td align="left" valign="top" width="54%" style="BORDER-BOTTOM: medium none">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
                  of AIR Debentures</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="11%" style="BORDER-BOTTOM: medium none">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.4</font></div>
              </td>
              <td align="left" valign="top" width="54%" style="BORDER-BOTTOM: medium none">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
                  of AIR Warrants</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="11%" style="BORDER-BOTTOM: medium none">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.5</font></div>
              </td>
              <td align="left" valign="top" width="54%" style="BORDER-BOTTOM: medium none">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
                  of Additional AIRs</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="11%" style="BORDER-BOTTOM: medium none">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1</font></div>
              </td>
              <td align="left" valign="top" width="54%" style="BORDER-BOTTOM: medium none">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
                  Release issued by Generex Biotechnology Corporation on June 16,
                  2005</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>SIGNATURE</u></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
        to the requirements of the Securities Exchange Act of 1934, the registrant
        has
        duly caused this report to be signed on its behalf by the undersigned hereunto
        duly authorized.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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                <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              </tr>
              <tr valign="top" bgcolor="#ffffff">
                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">GENEREX
                  BIOTECHNOLOGY CORPORATION</font></td>
              </tr>
              <tr valign="top" bgcolor="#ffffff">
                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
              </tr>
              <tr valign="top" bgcolor="#ffffff">
                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:&#160;December
                  5, 2005</font></td>
                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:&#160;&#160;</font></td>
                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>/s/
                  Rose C. Perri</u></font></td>
              </tr>
              <tr valign="top" bgcolor="#ffffff">
                <td colspan="2"><font style="FONT-FAMILY: Times New Roman" size="1">&#160;</font></td>
                <td align="left">
                  <hr align="left" noshade size="2" width="80%"><font size="2">Chief
                  Operating Officer and</font></td>
              </tr>
              <tr valign="top" bgcolor="#ffffff">
                <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                <td>
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chief
                    Financial Officer</font></div>
                  <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(principal
                    financial officer) </font></div>
                </td>
              </tr>

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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EXHIBIT
        INDEX</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.1</font></div>
              </td>
              <td align="left" valign="top" width="54%" style="BORDER-BOTTOM: medium none">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amendment
                  No. 3 to Securities Purchase Agreement and Registration Rights
                  Agreement
                  entered into by and between Generex Biotechnology Corporation and
                  the
                  Purchasers listed on the signature pages thereto</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="11%" style="BORDER-BOTTOM: medium none">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.2</font></div>
              </td>
              <td align="left" valign="top" width="54%" style="BORDER-BOTTOM: medium none">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
                  of Amendment to the Additional Investment Right issued by Generex
                  Biotechnology Corporation on June 17, 2005 in connection with the
                  First
                  AIR Exercise</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="11%" style="BORDER-BOTTOM: medium none">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.3</font></div>
              </td>
              <td align="left" valign="top" width="54%" style="BORDER-BOTTOM: medium none">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
                  of Amendment to the Additional Investment Right issued by Generex
                  Biotechnology Corporation on September 8, 2005 in connection with
                  the
                  Second AIR Exercise</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="11%" style="BORDER-BOTTOM: medium none">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.3</font></div>
              </td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
                  of AIR Debentures</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="11%" style="BORDER-BOTTOM: medium none">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.4</font></div>
              </td>
              <td align="left" valign="top" width="54%" style="BORDER-BOTTOM: medium none">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
                  of AIR Warrants</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="11%" style="BORDER-BOTTOM: medium none">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.5</font></div>
              </td>
              <td align="left" valign="top" width="54%" style="BORDER-BOTTOM: medium none">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
                  of Additional AIRs</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="11%" style="BORDER-BOTTOM: medium none">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1</font></div>
              </td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
                  Release issued by Generex Biotechnology Corporation on June 16,
                  2005</font></div>
              </td>
            </tr>

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{"company-data": {"conformed-name": "GENEREX BIOTECHNOLOGY CORP", "cik": "0001059784", "assigned-sic": "2834", "irs-number": "820490211", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-25169", "film-number": "051244361"}, "business-address": {"street1": "33 HARBOUR SQ", "street2": "STE 202", "city": "TORONTO ONTARIO CANADA", "state": "A1", "zip": "M5J 2G2", "phone": "4163642551"}, "mail-address": {"street1": "33 HARBOUR SQ", "street2": "STE 202", "city": "TORONTO ONTARIO CA", "state": "A1", "zip": "M5J 2G2"}}
UNITED
        STATES
SECURITIES
        AND EXCHANGE COMMISSION
Washington,
        DC 20549
FORM
        8-K
CURRENT
        REPORT
Pursuant
        to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
        of
        Report (Date of earliest event reported): December 4, 2005
GENEREX
        BIOTECHNOLOGY CORPORATION
(Exact
        Name of Registrant as Specified in Its Charter)
Delaware
000-25169
98-0178636
(State
                    or Other
(Commission
(IRS
                    Employer
Jurisdiction
                    of
File
                    Number)
Identification
Incorporation)
Number)
33
                    Harbour Square, Suite 202, Toronto, Ontario Canada
M5J
                    2G2
(Address
                    of Principal Executive Offices)
(Zip
                    Code)
Registrant's
        telephone number, including area code:
(416)
        364-2551
N/A
(Former
        name or former address, if changed since last report.)
Check
        the
        appropriate box below if the Form 8-K filing is intended to simultaneously
        satisfy the filing obligation of the registrant under any of the following
        provisions (
see
General
        Instruction A.2. below):
o
Written
        communications pursuant to Rule 425 under the Securities Act (17 CFR
        230.425)
o
Soliciting
        material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
        240.14a-12)
o
Pre-commencement
        communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
        240.14d-2(b))
o
Pre-commencement
        communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
        240.13e-4(c))
Item
        1.01.
Entry
        into a Material Definitive Agreement.
Item
        2.03.
Creation
        of a Direct Financial Obligation or an Obligation
under
        an
        Off-Balance Sheet Arrangement of a Registrant.
Item
        3.02
Unregistered
        Sales of Equity Securities.
As
        previously reported on the Current Report on Form 8-K of Generex Biotechnology
        Corporation (the "Company") filed with the Securities and Exchange Commission
        (the "SEC") on November 12, 2004 (the "November Current Report"), the Company
        closed a private placement with four accredited investors, Cranshire Capital,
        L.P., Omicron Master Trust, Iroquois Capital, L.P. and Smithfield Fiduciary,
        LLC
        (the "Investors") on November 12, 2004, pursuant to which the Company issued 6%
        Secured Convertible Debentures (the "Debentures") and Warrants to the Investors
        for an aggregate purchase price of $4,000,000. In connection with the issuance
        of the Debentures and Warrants, the Company granted an Additional Investment
        Right to each Investor. A brief description of the terms of the Debentures,
        Warrants and Additional Investment Rights is set forth under the caption
        "Financial Condition, Liquidity and Resources" in the Company's Annual Report on
        Form 10-K filed with the SEC on October 31, 2005. In connection with the
        foregoing private placement, the Company and the Investors entered into a
        Securities Purchase Agreement dated November 10, 2004 (the "Securities Purchase
        Agreement"), and a Registration Rights Agreement, dated November 10, 2004 (the
"Registration Rights Agreement"), both of which are discussed in and filed as
        exhibits to the November Current Report.
In
        June
        2005, as previously reported on the Company's Current Report on Form 8-K dated
        June 16, 2005 and filed on June 17, 2005 (the "June Current Report"), the
        Investors exercised 50% of their Additional Investment Rights in the aggregate
        amount of $2,000,000 (the "First AIR Exercise"). In September 2005, as
        previously reported on the Company's Current Report on Form 8-K filed on
        September 9, 2005 (the "September Current Report"), the Investors exercised 50%
        of their Additional Investment Rights in the aggregate amount of $2,000,000
        (the
"Second AIR Exercise"). In connection with both the First and Second AIR
        Exercises, the Company granted to each Investor a further Additional Investment
        Right (each an "Additional AIR" and collectively, the "Additional AIRs"),
        pursuant to which each Investor has the right to purchase detachable units
        consisting of (a) additional AIR Debentures in principal amount equal to
        the
        principal amount of AIR Debentures issuable to each Investor upon each of
        the
        First and Second AIR Exercises (an aggregate of $1,000,000 per Investor)
        with a
        conversion price of $0.82 (the "Additional AIR Debentures") and (b) additional
        AIR Warrants entitling the holder thereof to purchase a number of shares
        of the
        Company's common stock equal to 100% of the shares of common stock issuable upon
        the conversion in full at a $0.82 conversion price (subject to adjustment
        as set
        forth therein) (without regard to any restrictions on conversion therein
        contained) of the Additional AIR Debentures contemplated in clause (a) above,
        at
        an exercise price equal to the "AIR Warrant Exercise Price" (as such term is
        defined in the Additional Investment Rights) ("Additional AIR Warrants"). Brief
        descriptions of the of the terms of the First and Second AIR Exercises and
        the
        Additional AIRs, Additional AIR Debentures and Additional AIR Warrants are
        set
        forth in the June Current Report and the September Current Report, which
        disclosures are incorporated herein by reference. The Company's file number with
        the SEC under the Exchange Act of 1934 is 000-25169.
On
        October 27, 2005, as previously reported on the Company's Current Report on Form
        8-K filed on October 31, 2005, the Company and Omicron Master Trust ("Omicron")
        amended the Additional AIR granted to Omicron in connection with the First
        AIR
        Exercise (the "AIR Amendment") to accelerate the initial exercise date of the
        Additional AIR (the 181st day following the date of issuance) in consideration
        of the exercise by Omicron of its Additional AIR and the delivery to the
        Company
        of a Notice of Exercise in respect thereof on or before the close of business
        on
        October 27, 2005. Omicron timely delivered its Notice of Exercise, satisfying
        the conditions specified in the AIR Amendment. Through its exercise of its
        Additional AIR, Omicron purchased a $500,000 principal amount AIR Debenture
        with
        a conversion price of $0.82 and AIR Warrants entitling Omicron to purchase
        a
        number of shares of the Company's common stock equal to 100% of the shares of
        common stock issuable upon the conversion in full at a $0.82 conversion price
        (subject to adjustment as set forth therein) (without regard to any restrictions
        on conversion therein contained) of the AIR Debenture at an exercise price
        equal
        to the "AIR Warrant Exercise Price" (as such term is defined in the Additional
        AIR). The terms, conversion/exercise features and acceleration provisions
        of the
        AIR Debenture and AIR Warrants received by Omicron are described in more
        detail
        in the June Current Report.
On
        December 4, 2005, the Company and each of the Investors entered into an
        Amendment No. 3 to Securities Purchase Agreement and Registration Rights
        Agreement (the "Third Amendment"), pursuant to which (i) the all of the
        Investors except Omicron agreed to exercise an aggregate of $1,500,000 in
        principal amount of the Additional AIRs granted to such Investors in connection
        with the First AIR Exercise and (ii) all of the Investors, including Omicron,
        agreed to exercise an aggregate of $2,000,000 in principal amount of the
        Additional AIRs granted to the Investors in connection with the Second AIR
        Exercise. The Third Amendment is attached hereto as Exhibit 4.1.
In
        connection with the Third Amendment, the Company and the Investors, excluding
        Omicron, amended the Additional AIR granted to such Investors in connection
        with
        the First AIR Exercise (the "First AIR Amendment") to accelerate the initial
        exercise date of the Additional AIR (the 181st day following the date of
        issuance) in consideration of the exercise by such Investors of their Additional
        AIRs and the delivery to the Company of a Notice of Exercise in respect thereof
        on or before the close of business on December 5, 2005. In addition, the
        Company
        and all four of the Investors amended the Additional AIR granted to the
        Investors in connection with the Second AIR Exercise (the "Second AIR
        Amendment") to accelerate the initial exercise date of the Additional AIR (the
        181st day following the date of issuance) in consideration of the exercise
        by
        the Investors of their Additional AIRs and the delivery to the Company of
        a
        Notice of Exercise in respect thereof on or before the close of business
        on
        December 5, 2005. The forms of the First AIR Amendment and the Second AIR
        Amendment are attached hereto as Exhibits 4.2 and 4.3,
        respectively.
Each
        Investor timely delivered its Notice of Exercise, satisfying the conditions
        specified in the First AIR Amendment and/or Second AIR Amendment, as applicable.
        In connection with the exercise of each Additional AIR, each Investor purchased
        a $500,000 principal amount AIR Debenture with a conversion price of $0.82
        and
        AIR Warrants entitling the Investor to purchase a number of shares of the
        Company's common stock equal to 100% of the shares of common stock issuable upon
        the conversion in full at a $0.82 conversion price (subject to adjustment
        as set
        forth therein) (without regard to any restrictions on conversion therein
        contained) of the AIR Debenture at an exercise price equal to the "AIR Warrant
        Exercise Price" (as such term is defined in the Additional AIR). Accordingly,
        the Company issued to the Investors AIR Debentures in the aggregate amount
        of
        $3,500,000 and AIR Warrants to purchase an aggregate of 4,268,292 shares
        of the
        Company's common stock, exercisable for five years commencing six months
        following the issuance thereof. The Company received proceeds of approximately
        $3,500,000 in connection with the Investors' exercise of their Additional AIRs
        pursuant to the First and Second AIR Amendments.
The
        AIR
        Debentures have a term of fifteen months and amortize over thirteen months
        in
        thirteen equal monthly installments beginning on the first day of the third
        month following their issuance. Interest on the principal amount outstanding
        will accrue at a rate of 6% per annum. The Company may pay principal and
        accrued
        interest in cash or, at its option, in shares of common stock. If the Company
        elects to pay principal and interest in shares of its common stock, the value
        of
        each share of common stock will be equal to the lesser of (i) $0.82 and (ii)
        ninety percent (90%) of the average of the daily volume weighted average
        price
        for the common stock over the twenty trading day period immediately preceding
        the date of payment. At the option of the holder of each AIR Debenture, the
        principal amount outstanding under each AIR Debenture is initially convertible
        at any time after the closing of the Third Amendment into shares of the
        Company's common stock at a conversion price of $0.82.
Upon
        the
        occurrence of an "Event of Default," including a default in payment of principal
        or interest (including late fees) which is not cured within three trading
        days,
        the full principal amount of each AIR Debenture, together with interest and
        other amounts owing in respect thereof, to the date of acceleration will
        become,
        at the holder's election, due and payable in cash. The aggregate amount payable
        upon an Event of Default shall be equal to the "Mandatory Prepayment Amount."
        The Mandatory Prepayment Amount for any AIR Debentures shall equal the sum
        of
        (i) the greater of: (A) 130% of the principal amount of AIR Debentures to
        be
        prepaid, plus all accrued and unpaid interest thereon, or (B) the principal
        amount of AIR Debentures to be prepaid, plus all other accrued and unpaid
        interest thereof, divided by the conversion price on (x) the date the Mandatory
        Prepayment Amount is demanded or otherwise due or (y) the date the Mandatory
        Prepayment Amount is paid in full, whichever is less, multiplied by the daily
        volume weighted average price of the common stock on (x) the date the Mandatory
        Prepayment Amount is demanded or otherwise due or (y) the date the Mandatory
        Prepayment Amount is paid in full, whichever is greater, and (ii) all other
        amounts, costs, expenses and liquidated damages due in respect of such AIR
        Debentures. The interest rate on the AIR Debentures will accrue at the rate
        of
        18% per annum, or such lower maximum amount of interest permitted to be charged
        under applicable law, beginning five days after the occurrence of any Event
        of
        Default that results in the acceleration of the AIR Debentures. A late fee
        of
        18% per annum, or such lower maximum amount of interest permitted to be charged
        under applicable law, will accrue on a daily basis on all overdue accrued
        and
        unpaid interest under the AIR Debentures from the due date to the date of
        payment.
The
        AIR
        Warrants issued to the Investors on December 5, 2005 are initially exercisable
        into an aggregate of 4,268,292 shares of the Company's common stock, and the
        initial exercise price of each AIR Warrant is equal to $1.25. The conversion
        price of the AIR Debentures and the exercise price of the AIR Warrants are
        each
        subject to an anti-dilution adjustment upon the issuance by the Company of
        securities at a price per share less than the then conversion price or exercise
        price, as applicable.
In
        addition, in consideration of each Investor's exercise of its Additional AIR
        granted in connection with the First and Second AIR Exercises, the Company
        granted to each Investor a further Additional Investment Right (each an
"Additional AIR" and collectively, the "Additional AIRs"), pursuant to which
        each Investor will have the right to purchase detachable units consisting
        of (a)
        additional AIR Debentures in principal amount of $1,000,000 with a conversion
        price of $1.25 (the "Additional AIR Debentures") and (b) additional AIR Warrants
        entitling the holder thereof to purchase a number of shares of the Company's
        common stock equal to 100% of the shares of common stock issuable upon the
        conversion in full at a $1.25 conversion price (subject to adjustment as
        set
        forth therein) (without regard to any restrictions on conversion therein
        contained) of the Additional AIR Debentures contemplated in clause (a) above,
        at
        an exercise price equal to the "AIR Warrant Exercise Price" (as such term is
        defined in the Additional AIRs) (the "Additional AIR Warrants").
Under
        the
        terms of the Third Amendment, the Company also agreed to register for resale
        the
        securities issuable upon conversion/exercise of the Additional AIR Debentures
        and the Additional AIR Warrants, consistent with the Investors' existing
        registration rights under the Registration Rights Agreement
Each
        Investor may exercise its Additional AIR at any time on or after the 181st
        day
        after closing and on or prior to the earlier of (i) the close of business
        on the
        one-year anniversary after the registration statement for the shares of common
        stock underlying the AIR Debentures and Additional AIR Warrants has gone
        effective and (ii) the two year anniversary of the closing of the transactions
        contemplated by the Third Amendment.
In
        addition, in connection with the transactions contemplated by the Third
        Amendment, the Company will issue to a placement agent (i) 170,732 shares
        of
        common stock in lieu of a cash fee equal to 7% of the gross proceeds received
        by
        the Company and (ii) warrants exercisable into approximately 60,000 shares
        of
        common stock at the same exercise price as the AIR Warrants. These shares
        will
        also be registered for resale.
The
        Company undertook the offer and sale of the AIR Debentures, AIR Warrants
        and
        Additional AIRs (including the underlying Additional AIR Debentures and
        Additional AIR Warrants), as well as the shares of common stock and warrants
        issued to the placement agent, in reliance upon Rule 506 of Regulation D
        and
        Section 18(b)(4)(D) of the Securities Act of 1933, as amended.
A
        copy of
        the press release issued by the Company announcing the signing of the Third
        Amendment is attached hereto as Exhibit 99.1 and incorporated herein by
        reference.
THE
        ABOVE
        DESCRIPTION OF, AMONG OTHER THINGS, THE TERMS OF THE THIRD AMENDMENT, THE
        FIRST
        AIR AMENDMENT, THE SECOND AIR AMENDMENT, THE AIR DEBENTURES, THE AIR WARRANTS,
        AND THE ADDITIONAL AIRS IS QUALIFIED IN ITS ENTIRETY BY THE THIRD AMENDMENT,
        THE
        FIRST AIR AMENDMENT, THE SECOND AIR AMENDMENT, THE AIR DEBENTURES, THE AIR
        WARRANTS, AND THE ADDITIONAL AIRS WHICH ARE INCORPORATED BY REFERENCE HEREIN.
        THE COMPANY IS FILING THE THIRD AMENDMENT, THE FIRST AIR AMENDMENT, THE SECOND
        AIR AMENDMENT, THE FORM OF THE AIR DEBENTURES, THE FORM OF THE AIR WARRANTS
        AND
        THE FORM OF THE ADDITIONAL AIRS AS EXHIBITS 41., 4.2, 4.3, 4.3, 4.4, 4.5
        AND
        4.6, RESPECTIVELY, TO THIS CURRENT REPORT ON FORM 8-K.
Item
        9.01.
Financial
        Statements and Exhibits.
(d)
Exhibits.
4.1
Amendment
                  No. 3 to Securities Purchase Agreement and Registration Rights
                  Agreement
                  entered into by and between Generex Biotechnology Corporation and
                  the
                  Purchasers listed on the signature pages thereto
4.2
Form
                  of Amendment to the Additional Investment Right issued by Generex
                  Biotechnology Corporation on June 17, 2005 in connection with the
                  First
                  AIR Exercise
4.3
Form
                  of Amendment to the Additional Investment Right issued by Generex
                  Biotechnology Corporation on September 8, 2005 in connection with
                  the
                  Second AIR Exercise
4.3
Form
                  of AIR Debentures
4.4
Form
                  of AIR Warrants
4.5
Form
                  of Additional AIRs
99.1
Press
                  Release issued by Generex Biotechnology Corporation on June 16,
                  2005
SIGNATURE
Pursuant
        to the requirements of the Securities Exchange Act of 1934, the registrant
        has
        duly caused this report to be signed on its behalf by the undersigned hereunto
        duly authorized.
GENEREX
                  BIOTECHNOLOGY CORPORATION
Date: December
                  5, 2005
By:
/s/
                  Rose C. Perri
Chief
                  Operating Officer and
Chief
                    Financial Officer
(principal
                    financial officer)
EXHIBIT
        INDEX
4.1
Amendment
                  No. 3 to Securities Purchase Agreement and Registration Rights
                  Agreement
                  entered into by and between Generex Biotechnology Corporation and
                  the
                  Purchasers listed on the signature pages thereto
4.2
Form
                  of Amendment to the Additional Investment Right issued by Generex
                  Biotechnology Corporation on June 17, 2005 in connection with the
                  First
                  AIR Exercise
4.3
Form
                  of Amendment to the Additional Investment Right issued by Generex
                  Biotechnology Corporation on September 8, 2005 in connection with
                  the
                  Second AIR Exercise
4.3
Form
                  of AIR Debentures
4.4
Form
                  of AIR Warrants
4.5
Form
                  of Additional AIRs
99.1
Press
                  Release issued by Generex Biotechnology Corporation on June 16,
                  2005