<html>
  <head>
    <title>
</title>
</head>
  <body bgcolor="#ffffff">
    <div><br>
      <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): June 16, 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>
          <hr style="COLOR: #000000" align="left" 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">(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>
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" width="81%">

            <tr>
              <td align="left" 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="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Delaware</u></font></div>
              </td>
              <td align="left" 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="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>000-25169</u></font></div>
              </td>
              <td align="left" 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="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>98-0178636</u></font></div>
              </td>
            </tr>
            <tr>
              <td align="left" 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="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State
                  or Other</font></div>
              </td>
              <td align="left" 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="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Commission</font></div>
              </td>
              <td align="left" 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="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(IRS
                  Employer</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" 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="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Jurisdiction
                  of</font></div>
              </td>
              <td align="left" 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="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">File
                  Number)</font></div>
              </td>
              <td align="left" 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="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Identification</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" 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="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Incorporation)</font></div>
              </td>
              <td align="left" valign="top" width="27%" style="BORDER-BOTTOM: medium none">&#160;</td>
              <td align="left" 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="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Number)</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="27%">&#160;</td>
              <td align="left" valign="top" width="27%">&#160;</td>
              <td align="left" valign="top" width="27%">&#160;</td>
            </tr>
            <tr>
              <td align="left" colspan="2" valign="top" width="54%"><u><font size="2">33
                Harbour
                Square, Suite 202, Toronto, Ontario Canada</font></u><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></td>
              <td align="left" valign="top" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>M5J
                2G2</u></font></td>
            </tr>
            <tr>
              <td align="left" colspan="2" valign="top" width="54%"><font size="2">(Address
                of
                Principal Executive Offices)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></td>
              <td align="left" valign="top" width="27%"><font size="2">(Zip
                Code)</font></td>
            </tr>

        </table>
      </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="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">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>
          <hr style="COLOR: #000000" align="left" 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: 18pt; 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"><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"><font style="FONT-FAMILY: Wingdings">o</font>
        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"><font style="FONT-FAMILY: Wingdings">o</font>
        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"><font style="FONT-FAMILY: Wingdings">o</font>
        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>&#160;<br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <div align="center">
          <table bgcolor="#ffffff" cellpadding="0" cellspacing="0" width="100%">

              <tr bgcolor="#ffffff">
                <td width="15%"><font size="2">Item 1.01.</font></td>
                <td width="5%">&#160;</td>
                <td width="80%"><font size="2">Entry into a Material Definitive
                  Agreement.</font></td>
              </tr>
              <tr bgcolor="#ffffff">
                <td width="15%"><font size="2">Item 2.03.</font></td>
                <td width="5%">&#160;</td>
                <td width="80%"><font size="2">Creation of a Direct Financial Obligation
                  or
                  an Obligation<br>under an Off-Balance Sheet Arrangement of a
                  Registrant.</font></td>
              </tr>
              <tr bgcolor="#ffffff">
                <td width="15%"><font size="2">Item 3.02<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;</font></font></td>
                <td width="5%">&#160;</td>
                <td width="80%"><font size="2">Unregistered Sales of Equity
                  Securities.</font></td>
              </tr>

          </table>
        </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"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;
</font></font></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">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">On
        June
        16, 2005, the Company and each of the Investors entered into Amendment No.
        1 to
        Securities Purchase Agreement and Registration Rights Agreement (the
&#8220;Amendment&#8221;), pursuant to which the Investors agreed to exercise of 50% of their
        Additional Investment Rights in the aggregate amount of $2,000,000 (the &#8220;AIR
        Exercise&#8221;). In consideration for the AIR Exercise, 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 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 existing 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;); </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
                  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
                  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 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) (the &#8220;Additional AIR
                  Warrants&#8221;).</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="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 Amendment, the Company also agreed to provide registration rights
        with respect to the securities issuable upon conversion/exercise of the AIR
        Debentures, 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 id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        AIR
        Debentures will 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 twenty trading day volume weighted
        average price for the common stock for 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&#160;will
        be&#160;initially convertible at any time after the closing of the Amendment
        into shares of the Company&#8217;s common stock at a conversion price of
        $0.60.</font></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><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 will be 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
        will be equal to $0.82. The conversion price of the AIR Debentures and the
        exercise price of the AIR Warrants will be 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 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 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 this transaction. </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, in connection with the transactions contemplated by the 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.</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">As
        the
        Company obtained shareholder approval at its April 5, 2005 annual meeting
        for
        the issuance of up to an aggregate of 10,000,000 shares of common stock or
        securities convertible into common stock for a price of not less than 70%
        of the
        market price at the time of issuance and for aggregate consideration not
        to
        exceed $50,000,000, in excess of the number of shares that NASDAQ&#8217;s Rules
        4350(i)(1)(c) and (D) permit the Company to issue without prior stockholder
        approval, no further stockholder approval is necessary in connection with
        the
        transactions contemplated by the 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 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"><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
        ABOVE
        DESCRIPTION OF, AMONG OTHER THINGS, THE TERMS OF THE AMENDMENT, THE AIR
        DEBENTURES, THE AIR WARRANTS AND THE ADDITIONAL AIRS IS QUALIFIED IN ITS
        ENTIRETY BY THE AMENDMENT, WHICH IS INCORPORATED BY REFERENCE HEREIN. THE
        COMPANY IS FILING THE AMENDMENT AS EXHIBIT 4.1 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"><br></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">Item
        9.01.<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#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 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 id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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 style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td width="5%">&#160;</td>
              <td align="left" valign="top" width="5%">
                <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="90%">
                <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. 1 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 width="5%">&#160;</td>
              <td align="left" valign="top" width="5%">&#160;</td>
              <td align="left" valign="top" width="90%">&#160;</td>
            </tr>
            <tr>
              <td width="5%">&#160;</td>
              <td align="left" valign="top" width="5%">
                <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="90%">
                <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>
      <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:
                June 16, 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/&#160;Rose
                C. Perri</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 style="COLOR: #000000" 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><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chief
                Financial Officer<br>(principal financial officer)
</font></td>
            </tr>

        </table>
      </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><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="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>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <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="85%" 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="85%">&#160;</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">4.1</font></div>
              </td>
              <td align="left" valign="top" width="85%">
                <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. 1 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%">&#160;</td>
              <td align="left" valign="top" width="85%">&#160;</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="85%">
                <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 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">
          <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>
  </body>
</html>
{"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": "05901337"}, "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): June 16, 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 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.
On
        June
        16, 2005, the Company and each of the Investors entered into Amendment No.
        1 to
        Securities Purchase Agreement and Registration Rights Agreement (the
"Amendment"), pursuant to which the Investors agreed to exercise of 50% of their
        Additional Investment Rights in the aggregate amount of $2,000,000 (the "AIR
        Exercise"). In consideration for the AIR Exercise, 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 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 existing 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");
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
                  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 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) (the "Additional AIR
                  Warrants").
Under
        the
        terms of the Amendment, the Company also agreed to provide registration rights
        with respect to the securities issuable upon conversion/exercise of the AIR
        Debentures, the Additional AIR Debentures and the Additional AIR Warrants
        consistent with the Investors' existing registration rights under the
        Registration Rights Agreement.
The
        AIR
        Debentures will 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 twenty trading day volume weighted
        average price for the common stock for 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 will
        be initially convertible at any time after the closing of the 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 will be 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
        will be equal to $0.82. The conversion price of the AIR Debentures and the
        exercise price of the AIR Warrants will be 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 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 this transaction.
In
        addition, in connection with the transactions contemplated by the 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.
As
        the
        Company obtained shareholder approval at its April 5, 2005 annual meeting
        for
        the issuance of up to an aggregate of 10,000,000 shares of common stock or
        securities convertible into common stock for a price of not less than 70%
        of the
        market price at the time of issuance and for aggregate consideration not
        to
        exceed $50,000,000, in excess of the number of shares that NASDAQ's Rules
        4350(i)(1)(c) and (D) permit the Company to issue without prior stockholder
        approval, no further stockholder approval is necessary in connection with
        the
        transactions contemplated by the Amendment.
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 AMENDMENT, THE AIR
        DEBENTURES, THE AIR WARRANTS AND THE ADDITIONAL AIRS IS QUALIFIED IN ITS
        ENTIRETY BY THE AMENDMENT, WHICH IS INCORPORATED BY REFERENCE HEREIN. THE
        COMPANY IS FILING THE AMENDMENT AS EXHIBIT 4.1 TO THIS CURRENT REPORT ON
        FORM
        8-K.
Item
        9.01.
Financial
        Statements and Exhibits.
(c)
Exhibits.
4.1
Amendment
                  No. 1 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
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
Dated:
                June 16, 2005
By:
/s/ Rose
                C. Perri
Chief
                Operating Officer and
Chief
                Financial Officer
(principal financial officer)
EXHIBIT
        INDEX
Exhibit
                  Number
Description
4.1
Amendment
                  No. 1 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
99.1
Press
                  Release issued by Generex Biotechnology Corporation on June 16,
                  2005