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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">&#160;</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): September 8, 2005</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</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>GENEREX
        BIOTECHNOLOGY CORPORATION</u></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">(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">&#160;</div>
      <div align="center">
        <table bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

            <tr bgcolor="#ffffff">
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><u><font size="2">Delaware</font></u></div>
              </td>
              <td width="33%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><u><font size="2">000-25169</font></u></div>
              </td>
              <td width="33%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><u><font size="2">98-0178636</font></u></div>
              </td>
            </tr>
            <tr bgcolor="#ffffff">
              <td width="33%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">(State
                  or Other Jurisdiction of
                  Incorporation)</font></div>
              </td>
              <td width="33%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Commission
                  File Number)</font></div>
              </td>
              <td width="33%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(IRS
                  Employer Identification Number)</font></div>
              </td>
            </tr>

        </table>
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      <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">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        <div align="center">
          <table bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="65%">

              <tr bgcolor="#ffffff">
                <td colspan="2" width="66%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><u><font size="2">33
                    Harbour Square, Suite 202, Toronto, Ontario
                    Canada</font></u></div>
                </td>
                <td width="33%">
                  <div style="MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><u><font size="2">M5J
                    2G2</font></u></div>
                </td>
              </tr>
              <tr bgcolor="#ffffff">
                <td colspan="2" width="66%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
                    of Principal Executive Offices)</font></div>
                </td>
                <td width="33%">
                  <div style="MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Zip
                    Code)</font></font></div>
                </td>
              </tr>
              <tr bgcolor="#ffffff">
                <td colspan="2" width="66%">&#160;</td>
                <td width="33%">&#160;</td>
              </tr>
              <tr bgcolor="#ffffff">
                <td colspan="2" width="66%">&#160;</td>
                <td width="33%">&#160;</td>
              </tr>
              <tr bgcolor="#ffffff">
                <td colspan="2" width="66%"><font size="2">Registrant&#8217;s telephone number,
                  including area code:</font></td>
                <td width="33%"><u><font size="2">(416)
                  364-2551</font></u></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">&#160;</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"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
        &#160;&#160;&#160;&#160;&#160;&#160;&#160;
        N/A&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
        </u></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">(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: 36pt; 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">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o
</font>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: Times New Roman"><strong>&#160;</strong><font style="FONT-FAMILY: Wingdings">o
</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: Times New Roman"><strong>&#160;</strong><font style="FONT-FAMILY: Wingdings">o
</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: Times New Roman"><strong>&#160;</strong><font style="FONT-FAMILY: Wingdings">o
</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>
      <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><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <div align="left">
          <table border="0" cellpadding="0" cellspacing="0" width="100%">

              <tr>
                <td align="left" valign="top" width="12%" 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"><strong>Item
                    1.01. </strong></font></div>
                </td>
                <td align="left" valign="top" width="68%" 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"><strong>Entry
                    into a Material Definitive Agreement..</strong></font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="12%" 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"><strong>Item
                    2.03.</strong></font></div>
                </td>
                <td align="left" valign="top" width="68%" 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"><strong>Creation
                    of a Direct Financial Obligation or an Obligation under an Off-Balance
                    Sheet Arrangement of a Registrant</strong></font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="12%">
                  <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>Item
                    3.02</strong></font></div>
                </td>
                <td align="left" valign="top" width="68%">
                  <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>Unregistered
                    Sales of Equity
                    Securities</strong></font></div>
                </td>
              </tr>

          </table>
        </div>
      </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: 36pt; 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 Quarterly Report
        on Form 10-Q filed with the SEC on June 14, 2005. In connection with the
        foregoing private placement, the Company and the Investors entered into a
        Securities Purchase Agreement and a Registration Rights Agreement, 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 id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
        addition, as previously reported on the Company&#8217;s Current Reports on Form 8-K
        dated June 16, 2005 and June 17, 2005, the Investors exercised 50% of their
        Additional Investment Rights in the aggregate amount of $2,000,000.</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 id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        September 8, 2005 the Company and each of the Investors entered into an
        Amendment No. 2 to Securities Purchase Agreement and Registration Rights
        Agreement (the &#8220;Second Amendment&#8221;), pursuant to which the Investors agreed to
        exercise an additional&#160;$2,000,000 in principal amount of Additional
        Investment Rights (the &#8220;Second AIR Exercise&#8221;). In connection with this
        investment, the Company agreed: </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; 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%">

            <tr valign="top" style="LINE-HEIGHT: 1.25">
              <td style="WIDTH: 36pt">&#160;</td>
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#376;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">to
                  issue the Investors Debentures in the aggregate amount of $2,000,000
                  (the
                  &#8220;AIR Debentures&#8221;) and to reduce the conversion price of the AIR Debentures
                  from $0.82 as originally agreed to $0.60; but such reduction in
                  the
                  conversion price of the AIR Debentures will not trigger any anti-dilution
                  adjustments to the outstanding Debentures and Warrants;
                  </font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; 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%">

            <tr valign="top" style="LINE-HEIGHT: 1.25">
              <td style="WIDTH: 36pt">&#160;</td>
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#376;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">to
                  issue the Investors Warrants to purchase an aggregate of 2,439,024
                  shares
                  of the Company&#8217;s common stock at the exercise price of $0.82 per share
                  (the &#8220;AIR Warrants&#8221;);&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">exercisable
                  for five years commencing six months following the issuance
                  thereof;</font></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; 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%">

            <tr valign="top" style="LINE-HEIGHT: 1.25">
              <td style="WIDTH: 36pt">&#160;</td>
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#376;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                  <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">to
                    grant 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
                    equal to
                    the principal amount of AIR Debentures issuable to each Investor
                    upon the
                    Second AIR Exercise 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), being $0.82 (the
&#8220;Additional
                    AIR Warrants&#8221;).</font></div>
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              </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">
        <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">Under
          the
          terms of the Second 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, as well as additional shares
          issuable upon conversion of the AIR Debentures due to the decrease in conversion
          price, consistent with the Investors&#8217; existing registration rights under the
          Registration Rights Agreement with the exception that the Company will
          have 45
          days to file the registration statement rather than 30 days.</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">&#160;</font></div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <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">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) $0.60 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 Second Amendment into shares of the
          Company&#8217;s common stock at a conversion price of $0.60.</font></div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</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 id="TAB1" style="MARGIN-LEFT: 36pt"></font>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; 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 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">The
        AIR
        Warrants are initially exercisable into an aggregate of 2,439,024 shares
        of the
        Company&#8217;s common stock, and the initial exercise price of each AIR Warrant is
        equal to $0.82. 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 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">Each
          Investor may exercise its Additional AIR at any time on or after the
          181</font><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman, serif"><sup>st</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
          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 AIR Warrants has gone effective
          and (ii)
          the two year anniversary of the closing of the transactions contemplated
          by the
          Second Amendment. </font></div>
      </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 id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
        addition, in connection with the transactions contemplated by the Second
        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 id="TAB1" style="MARGIN-LEFT: 36pt"></font><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 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 id="TAB1" style="MARGIN-LEFT: 36pt"></font><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 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"><font size="2">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <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">THE
          ABOVE
          DESCRIPTION OF, AMONG OTHER THINGS, THE TERMS OF THE SECOND AMENDMENT,
          THE AIR
          DEBENTURES, THE AIR WARRANTS, AND THE ADDITIONAL AIRS IS QUALIFIED IN ITS
          ENTIRETY BY THE SECOND AMENDMENT, THE AIR DEBENTURES, THE AIR WARRANTS,
          AND THE
          ADDITIONAL AIRS WHICH ARE INCORPORATED BY REFERENCE HEREIN. THE COMPANY
          IS
          FILING THE SECOND AMENDMENT AS EXHIBIT 4.1 TO THIS CURRENT REPORT ON FORM
          8-K.
          THE COMPANY IS FILING THE FORM OF THE AIR DEBENTURES AS EXHIBIT 4.2 TO
          THIS
          CURRENT REPORT ON FORM 8-K. THE COMPANY IS FILING THE FORM OF THE AIR WARRANTS
          AS EXHIBIT 4.3 TO THIS CURRENT REPORT ON FORM 8-K. THE COMPANY IS FILING
          THE
          FORM OF THE ADDITIONAL AIRS AS EXHIBIT 4.4 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>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br>&#160;</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">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
            <div align="left">
              <table border="0" cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td align="left" valign="top" width="12%" 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">Item
                        9.01</font></div>
                    </td>
                    <td align="left" valign="top" width="68%" 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">Financial
                        Statements and Exhibits.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
            <div align="left">
              <table border="0" cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td align="left" valign="top" width="5%" 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"><strong>(</strong>c)</font></div>
                    </td>
                    <td align="left" valign="top" width="68%" 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">Exhibits.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </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">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br>
            <div>
              <table cellpadding="0" cellspacing="0" width="100%">

                  <tr>
                    <td align="left" valign="top" width="11%">
                      <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">4.1</font></div>
                    </td>
                    <td align="left" valign="top" width="54%">
                      <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. 2 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%">
                      <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">4.2</font></div>
                    </td>
                    <td align="left" valign="top" width="54%">
                      <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 Debenture</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" valign="top" width="11%">
                      <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">4.3</font></div>
                    </td>
                    <td align="left" valign="top" width="54%">
                      <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 Warrant</font></div>
                    </td>
                  </tr>
                  <tr>
                    <td align="left" valign="top" width="11%">
                      <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">4.4</font></div>
                    </td>
                    <td align="left" valign="top" width="54%">
                      <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%">
                      <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">&#160;99.1</font></div>
                    </td>
                    <td align="left" valign="top" width="54%">
                      <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 September
                        8,
                        2005</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
        </div><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><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"><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>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

            <tr valign="top" bgcolor="#ffffff">
              <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">Dated:&#160;September
                8, 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">/s/Rose
                C. Perri<font size="3"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></font></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">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
                  <hr style="COLOR: #000000" align="left" noshade size="2" width="80%">
                </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">Chief
                  Operating Officer and </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">C</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">hief
                  Financial Officer </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font size="2">(<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">principal
                  financial officer)</font></font></div>
              </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>&#160;</td>
            </tr>

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        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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        <table cellpadding="0" cellspacing="0" width="100%">

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              <td align="left" valign="top" width="15%" 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"><strong><u>Exhibit
                  Number</u></strong></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"><strong><u>Description</u></strong></font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="15%">&#160;</td>
              <td align="left" valign="top" width="54%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="15%">4.1</td>
              <td align="left" valign="top" width="54%">
                <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. 2 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="15%">
                <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>
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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 Debenture</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="15%">
                <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%">
                <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 Warrant</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="15%">
                <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%">
                <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="15%">
                <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%">
                <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 September
                  8,
                  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": "051076462"}, "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): September 8, 2005
GENEREX
        BIOTECHNOLOGY CORPORATION
(Exact
        Name of Registrant as Specified in Its Charter)
Delaware
000-25169
98-0178636
(State
                  or Other Jurisdiction of
                  Incorporation)
(Commission
                  File Number)
(IRS
                  Employer Identification 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 Quarterly Report
        on Form 10-Q filed with the SEC on June 14, 2005. In connection with the
        foregoing private placement, the Company and the Investors entered into a
        Securities Purchase Agreement and a Registration Rights Agreement, both of
        which
        are discussed in and filed as exhibits to the November Current Report.
In
        addition, as previously reported on the Company's Current Reports on Form 8-K
        dated June 16, 2005 and June 17, 2005, the Investors exercised 50% of their
        Additional Investment Rights in the aggregate amount of $2,000,000.
On
        September 8, 2005 the Company and each of the Investors entered into an
        Amendment No. 2 to Securities Purchase Agreement and Registration Rights
        Agreement (the "Second Amendment"), pursuant to which the Investors agreed to
        exercise an additional $2,000,000 in principal amount of Additional
        Investment Rights (the "Second AIR Exercise"). In connection with this
        investment, the Company agreed:
Ÿ
to
                  issue the Investors Debentures in the aggregate amount of $2,000,000
                  (the
                  "AIR Debentures") and to reduce the conversion price of the AIR Debentures
                  from $0.82 as originally agreed to $0.60; but such reduction in
                  the
                  conversion price of the AIR Debentures will not trigger any anti-dilution
                  adjustments to the outstanding Debentures and Warrants;
Ÿ
to
                  issue the Investors Warrants to purchase an aggregate of 2,439,024
                  shares
                  of the Company's common stock at the exercise price of $0.82 per share
                  (the "AIR Warrants");
exercisable
                  for five years commencing six months following the issuance
                  thereof;
Ÿ
to
                    grant 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
                    equal to
                    the principal amount of AIR Debentures issuable to each Investor
                    upon the
                    Second AIR Exercise 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), being $0.82 (the
"Additional
                    AIR Warrants").
Under
          the
          terms of the Second 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, as well as additional shares
          issuable upon conversion of the AIR Debentures due to the decrease in conversion
          price, consistent with the Investors' existing registration rights under the
          Registration Rights Agreement with the exception that the Company will
          have 45
          days to file the registration statement rather than 30 days.
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) $0.60 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 Second Amendment into shares of the
          Company's common stock at a conversion price of $0.60.
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 are initially exercisable into an aggregate of 2,439,024 shares
        of the
        Company's common stock, and the initial exercise price of each AIR Warrant is
        equal to $0.82. 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.
Each
          Investor may exercise its Additional AIR at any time on or after the
          181
st
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 AIR Warrants has gone effective
          and (ii)
          the two year anniversary of the closing of the transactions contemplated
          by the
          Second Amendment.
In
        addition, in connection with the transactions contemplated by the Second
        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 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 Amendment
        is attached hereto as Exhibit 99.1 and incorporated herein by
        reference.
THE
          ABOVE
          DESCRIPTION OF, AMONG OTHER THINGS, THE TERMS OF THE SECOND AMENDMENT,
          THE AIR
          DEBENTURES, THE AIR WARRANTS, AND THE ADDITIONAL AIRS IS QUALIFIED IN ITS
          ENTIRETY BY THE SECOND AMENDMENT, THE AIR DEBENTURES, THE AIR WARRANTS,
          AND THE
          ADDITIONAL AIRS WHICH ARE INCORPORATED BY REFERENCE HEREIN. THE COMPANY
          IS
          FILING THE SECOND AMENDMENT AS EXHIBIT 4.1 TO THIS CURRENT REPORT ON FORM
          8-K.
          THE COMPANY IS FILING THE FORM OF THE AIR DEBENTURES AS EXHIBIT 4.2 TO
          THIS
          CURRENT REPORT ON FORM 8-K. THE COMPANY IS FILING THE FORM OF THE AIR WARRANTS
          AS EXHIBIT 4.3 TO THIS CURRENT REPORT ON FORM 8-K. THE COMPANY IS FILING
          THE
          FORM OF THE ADDITIONAL AIRS AS EXHIBIT 4.4 TO THIS CURRENT REPORT ON FORM
          8-K.
Item
                        9.01
Financial
                        Statements and Exhibits.
(
c)
Exhibits.
4.1
Amendment
                        No. 2 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 AIR Debenture
4.3
Form
                        of AIR Warrant
4.4
Form
                        of Additional AIRs
99.1
Press
                        Release issued by Generex Biotechnology Corporation on September
                        8,
                        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
Dated: September
                8, 2005
By:
/s/Rose
                C. Perri
Chief
                  Operating Officer and
C
hief
                  Financial Officer
(
principal
                  financial officer)
EXHIBIT
        INDEX
Exhibit
                  Number
Description
4.1
Amendment
                  No. 2 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 AIR Debenture
4.3
Form
                  of AIR Warrant
4.4
Form
                  of Additional AIRs
99.1
Press
                  Release issued by Generex Biotechnology Corporation on September
                  8,
                  2005