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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">&#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">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): October 26, 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">GENEREX
        BIOTECHNOLOGY CORPORATION</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
        <div>
          <hr style="COLOR: #000000" align="center" noshade size="2" width="70%">
        </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</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        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">&#160;</div>
    </div>
    <div><br>
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" width="75%">

            <tr>
              <td align="left" valign="top" width="28%" style="BORDER-BOTTOM: medium none">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Delaware</u></font></div>
              </td>
              <td width="3%" style="BORDER-BOTTOM: medium none">&#160;</td>
              <td align="left" valign="top" width="26%" style="BORDER-BOTTOM: medium none">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>000-25169</u></font></div>
              </td>
              <td width="3%" style="BORDER-BOTTOM: medium none">&#160;</td>
              <td align="left" valign="top" width="24%" style="BORDER-BOTTOM: medium none">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>98-0178636</u></font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="28%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State
                  or Other <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Jurisdiction
                  of <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Incorporation)</font></font></font></div>
              </td>
              <td width="3%">&#160;</td>
              <td align="left" valign="top" width="26%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Commission
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">File
                  Number)</font></font></div>
              </td>
              <td width="3%">&#160;</td>
              <td align="left" valign="top" width="24%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(IRS
                  Employer <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Identification
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Number</font>)</font></font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="28%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td width="3%">&#160;</td>
              <td align="left" valign="top" width="26%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td width="3%">&#160;</td>
              <td align="left" valign="top" width="24%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" colspan="3" valign="middle" width="57%" 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>33
                  Harbour Square, Suite 202, Toronto, Ontario Canada</u></font></div>
              </td>
              <td width="3%" style="BORDER-BOTTOM: medium none">&#160;</td>
              <td align="left" valign="middle" width="24%" style="BORDER-BOTTOM: medium none">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2"><u>M5J
                  2G2</u></font></div>
              </td>
            </tr>
            <tr>
              <td align="left" colspan="3" valign="top" width="57%">
                <div style="MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;<font size="2">(Address
                  of Principal Executive
                  Offices)</font></div>
              </td>
              <td width="3%">&#160;</td>
              <td align="left" valign="top" width="24%">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Zip
                  Code)</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="28%">&#160;</td>
              <td width="3%">&#160;</td>
              <td align="left" valign="top" width="26%">&#160;</td>
              <td width="3%">&#160;</td>
              <td align="left" valign="top" width="24%">&#160;</td>
            </tr>
            <tr>
              <td align="left" colspan="3" valign="top" width="57%" style="BORDER-BOTTOM: #ffffff solid"><font size="2">Registrant&#8217;s
                telephone number, including area code:
                </font></td>
              <td width="3%" style="BORDER-BOTTOM: #ffffff solid">&#160;</td>
              <td align="left" valign="top" width="24%" style="BORDER-BOTTOM: #ffffff solid"><u><font size="2">(416)
                364-2551</font></u></td>
            </tr>

        </table>
      </div>
      <div align="center">&#160;</div>
    </div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;<font size="2">N/A</font></div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
        <hr style="COLOR: #000000" align="center" noshade size="2" width="70%">
        &#160;(Former name or former address, if changed since last
        report.)<br>&#160;</div>
    </div>
    <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 style="DISPLAY: inline; FONT-FAMILY: Wingdings">o
</font></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Written
        communications pursuant to Rule 425 under the Securities Act (17 CFR
        230.425)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: 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"><br>
        <div align="left">
          <table border="0" cellpadding="0" cellspacing="0" width="75%">

              <tr bgcolor="#ccffcc">
                <td align="left" valign="top" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
                    1.01.</font></div>
                </td>
                <td align="left" valign="top" width="37%">
                  <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">Entry
                    into a Material Definitive Agreement.</font></div>
                </td>
              </tr>
              <tr bgcolor="#ffffff">
                <td align="left" valign="top" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
                    2.03.</font></div>
                </td>
                <td align="left" valign="top" width="37%">
                  <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">Creation
                    of a Direct Financial Obligation or an Obligation <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">under
                    an Off-Balance Sheet Arrangement of a
                    Registrant.</font></font></div>
                </td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td align="left" valign="top" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
                    3.02</font></div>
                </td>
                <td align="left" valign="top" width="37%">
                  <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">Unregistered
                    Sales of Equity Securities.</font></div>
                </td>
              </tr>
              <tr bgcolor="#ffffff">
                <td align="left" valign="top" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
                    3.03</font></div>
                </td>
                <td align="left" valign="top" width="37%">
                  <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">Material
                    Modification to Rights of Security
                    Holders</font></div>
                </td>
              </tr>

          </table>
        </div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
        previously reported on the Current Report on Form 8-K of Generex Biotechnology
        Corporation (the &#8220;Company&#8221;) filed with the Securities and Exchange Commission
        (the &#8220;SEC&#8221;) on November 12, 2004 (the &#8220;November Current Report&#8221;), the Company
        closed a private placement with four accredited investors, Cranshire Capital,
        L.P., Omicron Master Trust, Iroquois Capital, L.P. and Smithfield Fiduciary,
        LLC
        (the &#8220;Investors&#8221;) on November 12, 2004, pursuant to which the Company issued 6%
        Secured Convertible Debentures (the &#8220;Debentures&#8221;) and Warrants to the Investors
        for an aggregate purchase price of $4,000,000. In connection with the issuance
        of the Debentures and Warrants, the Company granted an Additional Investment
        Right to each Investor. A brief description of the terms of the Debentures,
        Warrants and Additional Investment Rights is set forth under the caption
        &#8220;Financial Condition, Liquidity and Resources&#8221; in the Company&#8217;s 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 style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Subsequently,
        as reported on the Company&#8217;s Current Report on Form 8-K filed with the SEC on
        June 17, 2005 (the &#8220;June Current Report&#8221;), the Company and each of the Investors
        entered into Amendment No. 1 to Securities Purchase Agreement and Registration
        Rights Agreement (the &#8220;Amendment&#8221;) on June 16, 2005, pursuant to which the
        Investors agreed to exercise of 50% of their Additional Investment Rights
        and
        the Company agreed to issue to the Investors Debentures in the aggregate
        amount
        of $2,000,000 (the &#8220;AIR Debentures&#8221;), 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;), and further Additional Investment Rights (the
&#8220;Additional AIRs&#8221;). Each AIR Warrant entitled the holder to purchase 609,756
        shares of the Company&#8217;s common stock at the exercise price of $0.82 per share.
        The initial exercise date of the Air Warrants and the Additional AIRs was
        defined as the 181st day following the date of issuance (the &#8220;Initial Exercise
        Date&#8221;). The Amendment is discussed in and filed as an exhibit to the June
        Current Report. The forms of the AIR Debentures, Air Warrants and Additional
        AIRs are discussed in the June Current Report and are attached as exhibits
        to
        the Company&#8217;s Annual Report on Form 10-K for the year ended July 31,2005 filed
        with the SEC on October 28, 2005.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        October 26, 2005, the Company and the Investors amended the AIR Warrants
        (the
&#8220;Warrant Amendments&#8221;), pursuant to which the Company agreed to accelerate the
        Initial Exercise Date in consideration of the exercise by each of the Investors
        of not less than 100% of the Air Warrants and the delivery to the Company
        of a
        Notice of Exercise in respect thereof on or before the close of business
        on
        October 27, 2005. Each of the Investors timely delivered the aforementioned
        Notice of Exercise, satisfying the conditions specified in each of the Warrant
        Amendments, which are attached to this Current Report as Exhibits 4.1, 4.2,
        4.3
        and 4.4. The Company received aggregate proceeds of approximately $2,000,000
        in
        connection with the Investors&#8217; exercise of the AIR Warrants. In consideration of
        each of the Investors&#8217; exercise of its AIR Warrant, the Company issued each
        Investor a five-year warrant to purchase 304,878 shares of the Company&#8217;s common
        stock (the &#8220;October Warrants&#8221;). At the holder&#8217;s option, each October Warrant is
        exercisable into shares of common stock at the exercise price of $1.25 per
        share. The exercise price is subject to an anti-dilution adjustment upon
        the
        issuance by the Company of securities at a price per share less than the
        then
        exercise price. If, at any time after the first anniversary of the date of
        issuance of the October Warrants, there is no effective registration statement
        registering for resale the shares of common stock into which the warrants
        are
        exercisable, each holder may exercise its warrant through a cashless exercise.
        The number of shares to be issued upon a cashless exercise will be equal
        to the
        quotient resulting from the following calculation: [(the VWAP on the trading
        day
        immediately preceding the date of such election less the exercise price,
        as
        adjusted) multiplied by the number of shares issuable upon exercise of the
        warrant by means of a cash exercise] divided by the VWAP on the trading day
        immediately preceding the date of such election. Each holder has agreed that
        it
        will not exercise its October Warrant if such exercise would cause the holder,
        together with its respective affiliates, to beneficially own more than 4.99%
        of
        the Company&#8217;s shares of common stock then outstanding. The form of the October
        Warrant is attached to this Current Report as Exhibit 4.5.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        offer
        and sale of the October Warrants, including the shares of common stock into
        which such warrants are exercisable, are exempt from registration under the
        Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;) in reliance upon Rule
        506 of Regulation D, Section 4(2) and Section 18(b)(4)(D) thereof. Each of
        the
        Investors has previously represented and warranted to the Company that it
        is an
&#8220;accredited investor&#8221; as that term is defined in Rule 501(a) of Regulation D.
        Any certificates representing the October Warrants and shares of common stock
        issued upon exercise thereof will be legended to indicate that they are
        restricted. The sale of such securities did not involve the use of underwriters,
        and no commissions were paid in connection therewith.</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">Additionally,
        on October 27, 2005, the Company and Omicron Master Trust (&#8220;Omicron&#8221;) amended
        the Additional AIR granted to Omicron (the &#8220;AIR Amendment&#8221;) to accelerate the
        Initial Exercise Date in consideration of the exercise by Omicron of its
        Additional AIR and the delivery to the Company of a Notice of Exercise in
        respect thereof on or before the close of business on October 27, 2005. Omicron
        timely delivered its Notice of Exercise, satisfying the conditions specified
        in
        the AIR Amendment, which is attached to this Current Report as Exhibit 4.6.
        In
        connection with Omicron&#8217;s exercise of the Additional AIR, the Company received
        aggregate proceeds of $500,000. Through its exercise of its Additional AIR,
        Omicron purchased a $500,000 principal amount AIR Debenture with a conversion
        price of $0.82 and AIR Warrants entitling Omicron to purchase a number of
        shares
        of the Company&#8217;s common stock equal to 100% of the shares of common stock
        issuable upon the conversion in full at a $0.82 conversion price (subject
        to
        adjustment as set forth therein) (without regard to any restrictions on
        conversion therein contained) of the $500,000 AIR Debenture at an exercise
        price
        equal to the &#8220;AIR Warrant Exercise Price&#8221; (as such term is defined in the
        Additional AIR). The terms, conversion/exercise features and acceleration
        provisions of the AIR Debenture and AIR Warrants received by Omicron are
        described in detail in the June Current Report, which is incorporated by
        reference herein.</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 WARRANT AMENDMENTS,
        THE
        OCTOBER WARRANTS AND THE AIR AMENDMENT, IS QUALIFIED IN ITS ENTIRETY BY THE
        WARRANT AMENDMENTS, THE OCTOBER WARRANTS AND THE AIR AMENDMENTS WHICH ARE
        INCORPORATED BY REFERENCE HEREIN. THE COMPANY IS FILING THE WARRANT AMENDMENTS,
        THE FORM OF THE OCTOBER WARRANT AND THE AIR AMENDMENT AS EXHIBITS 4.1, 4.2,
        4.3,
        4.4, 4.5 AND 4.6, RESPECTIVELY, TO THIS CURRENT REPORT ON FORM 8-K.
</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#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><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Financial
        Statements and Exhibits.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div 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">(d)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#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 align="left">
        <table border="0" cellpadding="0" cellspacing="0" width="100%">

            <tr bgcolor="#ccffcc">
              <td align="left" valign="top" width="8%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.1</font></div>
              </td>
              <td align="left" valign="top" width="54%">
                <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
                  to the Common Stock Purchase Warrant issued by Generex Biotechnology
                  Corporation to Omicron Master Trust on June 17, 2005.</font></div>
              </td>
            </tr>
            <tr bgcolor="#ffffff">
              <td align="left" valign="top" width="8%">&#160;</td>
              <td align="left" valign="top" width="54%">&#160;</td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td align="left" valign="top" width="8%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.2</font></div>
              </td>
              <td align="left" valign="top" width="54%">
                <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
                  to the Common Stock Purchase Warrant issued by Generex Biotechnology
                  Corporation to Smithfield Fiduciary LLC on June 17,
                  2005.</font></div>
              </td>
            </tr>
            <tr bgcolor="#ffffff">
              <td align="left" valign="top" width="8%">&#160;</td>
              <td align="left" valign="top" width="54%">&#160;</td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td align="left" valign="top" width="8%">
                <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">Amendment
                  to the Common Stock Purchase Warrant issued by Generex Biotechnology
                  Corporation to Cranshire Capital, L.P. on June 17,
                  2005.</font></div>
              </td>
            </tr>
            <tr bgcolor="#ffffff">
              <td align="left" valign="top" width="8%">&#160;</td>
              <td align="left" valign="top" width="54%">&#160;</td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td align="left" valign="top" width="8%">
                <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">Amendment
                  to the Common Stock Purchase Warrant issued by Generex Biotechnology
                  to
                  Iroquois Capital LP on June 17, 2005.</font></div>
              </td>
            </tr>
            <tr bgcolor="#ffffff">
              <td align="left" valign="top" width="8%">&#160;</td>
              <td align="left" valign="top" width="54%">&#160;</td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td align="left" valign="top" width="8%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.5</font></div>
              </td>
              <td align="left" valign="top" width="54%">
                <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 Warrant issued by Generex Biotechnology Corporation on October
                  27,
                  2005.</font></div>
              </td>
            </tr>
            <tr bgcolor="#ffffff">
              <td align="left" valign="top" width="8%">&#160;</td>
              <td align="left" valign="top" width="54%">&#160;</td>
            </tr>
            <tr bgcolor="#ccffcc">
              <td align="left" valign="top" width="8%">
                <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">4.6</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
                  to the Additional Investment Right issued by Generex Biotechnology
                  Corporation to Omicron Master Trust on June 17,
                  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">&#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="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">&#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>
          <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;October
                  28, 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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
                  Rose C. Perri</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">
                  <hr style="COLOR: #000000" align="left" noshade size="2" width="80%">
                </td>
              </tr>
              <tr valign="top" bgcolor="#ffffff">
                <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                <td>
                  <div 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">Chief
                    Financial Officer</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">(principal
                    financial officer) </font></div>
                </td>
              </tr>

          </table>
        </div><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><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: 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 style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#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 align="left">
          <table border="0" cellpadding="0" cellspacing="0" width="100%">

              <tr bgcolor="#ccffcc">
                <td align="left" valign="top" width="8%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.1</font></div>
                </td>
                <td align="left" valign="top" width="54%">
                  <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
                    to the Common Stock Purchase Warrant issued by Generex Biotechnology
                    Corporation to Omicron Master Trust on June 17, 2005.</font></div>
                </td>
              </tr>
              <tr bgcolor="#ffffff">
                <td align="left" valign="top" width="8%">&#160;</td>
                <td align="left" valign="top" width="54%">&#160;</td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td align="left" valign="top" width="8%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.2</font></div>
                </td>
                <td align="left" valign="top" width="54%">
                  <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 style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amendment
                      to the Common Stock Purchase Warrant issued by Generex Biotechnology
                      Corporation to Smithfield Fiduciary LLC on June 17,
                      2005.</font></div>
                  </div>
                </td>
              </tr>
              <tr bgcolor="#ffffff">
                <td align="left" valign="top" width="8%">&#160;</td>
                <td align="left" valign="top" width="54%">&#160;</td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td align="left" valign="top" width="8%">
                  <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">
                    <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
                      to the Common Stock Purchase Warrant issued by Generex Biotechnology
                      Corporation to Cranshire Capital, L.P. on June 17,
                      2005.</font></div>
                  </div>
                </td>
              </tr>
              <tr bgcolor="#ffffff">
                <td align="left" valign="top" width="8%">&#160;</td>
                <td align="left" valign="top" width="54%">&#160;</td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td align="left" valign="top" width="8%">
                  <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">
                    <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
                      to the Common Stock Purchase Warrant issued by Generex Biotechnology
                      to
                      Iroquois Capital LP on June 17, 2005.</font></div>
                  </div>
                </td>
              </tr>
              <tr bgcolor="#ffffff">
                <td align="left" valign="top" width="8%">&#160;</td>
                <td align="left" valign="top" width="54%">&#160;</td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td align="left" valign="top" width="8%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.5</font></div>
                </td>
                <td align="left" valign="top" width="54%">
                  <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 style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
                      of Warrant issued by Generex Biotechnology Corporation on October
                      27,
                      2005. </font></div>
                  </div>
                </td>
              </tr>
              <tr bgcolor="#ffffff">
                <td align="left" valign="top" width="8%">&#160;</td>
                <td align="left" valign="top" width="54%">&#160;</td>
              </tr>
              <tr bgcolor="#ccffcc">
                <td align="left" valign="top" width="8%">
                  <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">4.6</font></div>
                </td>
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                      to the Additional Investment Right issued by Generex Biotechnology
                      Corporation to Omicron Master Trust on June 17,
                      2005.</font></div>
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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": "051166570"}, "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"}}
Unassociated Document
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): October 26, 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.
Item
                    3.03
Material
                    Modification to Rights of Security
                    Holders
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.
Subsequently,
        as reported on the Company's Current Report on Form 8-K filed with the SEC on
        June 17, 2005 (the "June Current Report"), the Company and each of the Investors
        entered into Amendment No. 1 to Securities Purchase Agreement and Registration
        Rights Agreement (the "Amendment") on June 16, 2005, pursuant to which the
        Investors agreed to exercise of 50% of their Additional Investment Rights
        and
        the Company agreed to issue to the Investors Debentures in the aggregate
        amount
        of $2,000,000 (the "AIR Debentures"), 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"), and further Additional Investment Rights (the
"Additional AIRs"). Each AIR Warrant entitled the holder to purchase 609,756
        shares of the Company's common stock at the exercise price of $0.82 per share.
        The initial exercise date of the Air Warrants and the Additional AIRs was
        defined as the 181st day following the date of issuance (the "Initial Exercise
        Date"). The Amendment is discussed in and filed as an exhibit to the June
        Current Report. The forms of the AIR Debentures, Air Warrants and Additional
        AIRs are discussed in the June Current Report and are attached as exhibits
        to
        the Company's Annual Report on Form 10-K for the year ended July 31,2005 filed
        with the SEC on October 28, 2005.
On
        October 26, 2005, the Company and the Investors amended the AIR Warrants
        (the
"Warrant Amendments"), pursuant to which the Company agreed to accelerate the
        Initial Exercise Date in consideration of the exercise by each of the Investors
        of not less than 100% of the Air Warrants and the delivery to the Company
        of a
        Notice of Exercise in respect thereof on or before the close of business
        on
        October 27, 2005. Each of the Investors timely delivered the aforementioned
        Notice of Exercise, satisfying the conditions specified in each of the Warrant
        Amendments, which are attached to this Current Report as Exhibits 4.1, 4.2,
        4.3
        and 4.4. The Company received aggregate proceeds of approximately $2,000,000
        in
        connection with the Investors' exercise of the AIR Warrants. In consideration of
        each of the Investors' exercise of its AIR Warrant, the Company issued each
        Investor a five-year warrant to purchase 304,878 shares of the Company's common
        stock (the "October Warrants"). At the holder's option, each October Warrant is
        exercisable into shares of common stock at the exercise price of $1.25 per
        share. The exercise price is subject to an anti-dilution adjustment upon
        the
        issuance by the Company of securities at a price per share less than the
        then
        exercise price. If, at any time after the first anniversary of the date of
        issuance of the October Warrants, there is no effective registration statement
        registering for resale the shares of common stock into which the warrants
        are
        exercisable, each holder may exercise its warrant through a cashless exercise.
        The number of shares to be issued upon a cashless exercise will be equal
        to the
        quotient resulting from the following calculation: [(the VWAP on the trading
        day
        immediately preceding the date of such election less the exercise price,
        as
        adjusted) multiplied by the number of shares issuable upon exercise of the
        warrant by means of a cash exercise] divided by the VWAP on the trading day
        immediately preceding the date of such election. Each holder has agreed that
        it
        will not exercise its October Warrant if such exercise would cause the holder,
        together with its respective affiliates, to beneficially own more than 4.99%
        of
        the Company's shares of common stock then outstanding. The form of the October
        Warrant is attached to this Current Report as Exhibit 4.5.
The
        offer
        and sale of the October Warrants, including the shares of common stock into
        which such warrants are exercisable, are exempt from registration under the
        Securities Act of 1933, as amended (the "Securities Act") in reliance upon Rule
        506 of Regulation D, Section 4(2) and Section 18(b)(4)(D) thereof. Each of
        the
        Investors has previously represented and warranted to the Company that it
        is an
"accredited investor" as that term is defined in Rule 501(a) of Regulation D.
        Any certificates representing the October Warrants and shares of common stock
        issued upon exercise thereof will be legended to indicate that they are
        restricted. The sale of such securities did not involve the use of underwriters,
        and no commissions were paid in connection therewith.
Additionally,
        on October 27, 2005, the Company and Omicron Master Trust ("Omicron") amended
        the Additional AIR granted to Omicron (the "AIR Amendment") to accelerate the
        Initial Exercise Date in consideration of the exercise by Omicron of its
        Additional AIR and the delivery to the Company of a Notice of Exercise in
        respect thereof on or before the close of business on October 27, 2005. Omicron
        timely delivered its Notice of Exercise, satisfying the conditions specified
        in
        the AIR Amendment, which is attached to this Current Report as Exhibit 4.6.
        In
        connection with Omicron's exercise of the Additional AIR, the Company received
        aggregate proceeds of $500,000. Through its exercise of its Additional AIR,
        Omicron purchased a $500,000 principal amount AIR Debenture with a conversion
        price of $0.82 and AIR Warrants entitling Omicron to purchase a number of
        shares
        of the Company's common stock equal to 100% of the shares of common stock
        issuable upon the conversion in full at a $0.82 conversion price (subject
        to
        adjustment as set forth therein) (without regard to any restrictions on
        conversion therein contained) of the $500,000 AIR Debenture at an exercise
        price
        equal to the "AIR Warrant Exercise Price" (as such term is defined in the
        Additional AIR). The terms, conversion/exercise features and acceleration
        provisions of the AIR Debenture and AIR Warrants received by Omicron are
        described in detail in the June Current Report, which is incorporated by
        reference herein.
THE
        ABOVE
        DESCRIPTION OF, AMONG OTHER THINGS, THE TERMS OF THE WARRANT AMENDMENTS,
        THE
        OCTOBER WARRANTS AND THE AIR AMENDMENT, IS QUALIFIED IN ITS ENTIRETY BY THE
        WARRANT AMENDMENTS, THE OCTOBER WARRANTS AND THE AIR AMENDMENTS WHICH ARE
        INCORPORATED BY REFERENCE HEREIN. THE COMPANY IS FILING THE WARRANT AMENDMENTS,
        THE FORM OF THE OCTOBER WARRANT AND THE AIR AMENDMENT AS EXHIBITS 4.1, 4.2,
        4.3,
        4.4, 4.5 AND 4.6, RESPECTIVELY, TO THIS CURRENT REPORT ON FORM 8-K.
Item
        9.01.
Financial
        Statements and Exhibits.
(d)
Exhibits.
4.1
Amendment
                  to the Common Stock Purchase Warrant issued by Generex Biotechnology
                  Corporation to Omicron Master Trust on June 17, 2005.
4.2
Amendment
                  to the Common Stock Purchase Warrant issued by Generex Biotechnology
                  Corporation to Smithfield Fiduciary LLC on June 17,
                  2005.
4.3
Amendment
                  to the Common Stock Purchase Warrant issued by Generex Biotechnology
                  Corporation to Cranshire Capital, L.P. on June 17,
                  2005.
4.4
Amendment
                  to the Common Stock Purchase Warrant issued by Generex Biotechnology
                  to
                  Iroquois Capital LP on June 17, 2005.
4.5
Form
                  of Warrant issued by Generex Biotechnology Corporation on October
                  27,
                  2005.
4.6
Amendment
                  to the Additional Investment Right issued by Generex Biotechnology
                  Corporation to Omicron Master Trust on June 17,
                  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: October
                  28, 2005
By:
/s/
                  Rose C. Perri
Chief
                    Operating Officer and
Chief
                    Financial Officer
(principal
                    financial officer)
EXHIBIT
        INDEX
(d)
Exhibits.
4.1
Amendment
                    to the Common Stock Purchase Warrant issued by Generex Biotechnology
                    Corporation to Omicron Master Trust on June 17, 2005.
4.2
Amendment
                      to the Common Stock Purchase Warrant issued by Generex Biotechnology
                      Corporation to Smithfield Fiduciary LLC on June 17,
                      2005.
4.3
Amendment
                      to the Common Stock Purchase Warrant issued by Generex Biotechnology
                      Corporation to Cranshire Capital, L.P. on June 17,
                      2005.
4.4
Amendment
                      to the Common Stock Purchase Warrant issued by Generex Biotechnology
                      to
                      Iroquois Capital LP on June 17, 2005.
4.5
Form
                      of Warrant issued by Generex Biotechnology Corporation on October
                      27,
                      2005.
4.6
Amendment
                      to the Additional Investment Right issued by Generex Biotechnology
                      Corporation to Omicron Master Trust on June 17,
                      2005.