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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">UNITED
      STATES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington,
      DC 20549</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FORM
      8-K</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT
      REPORT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
      of
      Report (Date of earliest event reported): June 20, 2006</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      GENEREX BIOTECHNOLOGY
      CORPORATION&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(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">&#160;</div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Delaware</font></div>
            </td>
            <td width="2%">&#160;</td>
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            </td>
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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">(State
                or Other</font></div>
            </td>
            <td width="2%">&#160;</td>
            <td valign="bottom" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Commission</font></div>
            </td>
            <td width="2%">&#160;</td>
            <td valign="bottom" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(IRS
                Employer</font></div>
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            <td valign="bottom" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Jurisdiction
                of</font></div>
            </td>
            <td width="2%">&#160;</td>
            <td valign="bottom" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">File
                Number)</font></div>
            </td>
            <td width="2%">&#160;</td>
            <td valign="bottom" width="27%">
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            </td>
            <td width="2%">&#160;</td>
            <td valign="bottom" width="27%">&#160;</td>
            <td width="2%">&#160;</td>
            <td valign="bottom" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Number)</font></div>
            </td>
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          <tr>
            <td valign="bottom" width="27%">&#160;</td>
            <td width="2%">&#160;</td>
            <td valign="bottom" width="27%">&#160;</td>
            <td width="2%">&#160;</td>
            <td valign="bottom" width="27%">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" width="27%">&#160;</td>
            <td width="2%">&#160;</td>
            <td valign="bottom" width="27%">&#160;</td>
            <td width="2%">&#160;</td>
            <td valign="bottom" width="27%">&#160;</td>
          </tr>
          <tr>
            <td colspan="3" valign="bottom" width="55%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">33
                Harbour Square, Suite 202, Toronto, Ontario Canada</font></div>
            </td>
            <td width="2%">&#160;</td>
            <td valign="bottom" width="27%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">M5J
                2G2</font></div>
            </td>
          </tr>
          <tr>
            <td colspan="3" valign="bottom" width="55%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
                of Principal Executive Offices)</font></div>
            </td>
            <td width="2%">&#160;</td>
            <td valign="bottom" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Zip
                Code)</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="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="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      N/A&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Former
      name or former address, if changed since last report.)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions (</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>see</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      General
      Instruction A.2. below):</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o</font>&#160;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 face="Wingdings">o</font>&#160;Soliciting
      material pursuant to Rule 14a-12 under
      the Exchange Act (17 CFR 240.14a-12)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font face="Wingdings">o</font>&#160;Pre-commencement
      communications pursuant to Rule
      14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font face="Wingdings">o</font>&#160;Pre-commencement
      communications pursuant to Rule
      13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div><br>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      1.01.</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Entry
      into a Material Definitive Agreement.</strong></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
      June
      20, 2006, Generex Biotechnology Corporation (the &#8220;Company&#8221;) entered into an
      agreement with Cardinal Health PTS, LLC (&#8220;Cardinal Health&#8221;), a subsidiary of
      Cardinal Health, Inc., pursuant to which Cardinal Health will manufacture
      clinical trial batches of the Company&#8217;s proprietary oral insulin spray product,
      Generex Oral-lyn&#8482;. Under the terms of the agreement, Cardinal Health will
      formulate and fill clinical trial batches of canisters at its manufacturing
      and
      analytical services facility in Research Triangle Park, North Carolina. Cardinal
      Health will schedule production after certain conditions are satisfied,
      including the execution of a Quality Agreement between the parties and receipt
      of a purchase order from the Company. The parties&#8217; performance under the
      agreement will be subject to a Clinical Supply Agreement, which the parties
      expect to enter at a later date.</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">Either
      party may terminate the agreement, or any portion thereof, at any time by
      providing the other party with 45 days&#8217; written notice. In the event that the
      Company terminates the agreement, Cardinal Health will attempt to minimize
      or
      avoid further expenses by scaling down its ongoing work. In the event of
      termination, the Company will be responsible for paying the costs incurred
      by
      Cardinal Health for all work performed prior to termination, any
      samples/materials/equipment/supplies purchased specifically for this project
      and
      efforts to scale-down work following termination, as well as certain
      cancellation fees. </font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cardinal
      Health&#8217;s total liability under the agreement is capped at an amount equal to the
      total fees paid by the Company under the agreement, and neither party will
      be
      liable to the other for indirect, incidental, special or consequential damages
      arising out of its performance under the agreement. The Company is obligated
      to
      indemnify Cardinal Health for any third-party claims arising directly or
      indirectly from: (i) the manufacture, marketing, distribution or sale, or use
      of
      or exposure to, Generex Oral-lyn&#8482; and materials supplied by the Company: (ii)
      the Company&#8217;s negligence or willful misconduct; (iii) the Company&#8217;s breach of
      the agreement; or (iv) the use of any intellectual property provided by the
      Company to Cardinal Health.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Prior
      to
      entering into the agreement, no material relationship existed between the
      Company and its affiliates and Cardinal Health.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company intends to file the agreement, subject to a request for confidential
      treatment for certain of its terms, as an exhibit to its Report on Form 10-K
      for
      the year ended July 31, 2006. </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"><u>Forward-Looking
      Statements</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"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      Report contains "forward-looking statements" within the meaning of the Private
      Securities Litigation Reform Act of 1995, which are subject to the safe harbors
      created thereby. These statements can be identified by introductory words such
      as "expects," "intends," "will," &#8220;may,&#8221; "estimates" or words of similar meaning,
      and by the fact that they do not relate strictly to historical or current facts.
      Forward-looking statements frequently are used in discussing potential product
      applications, potential collaborations, product development activities, clinical
      studies, regulatory submissions and approvals, and similar operating matters.
      Many factors may cause actual results to differ from forward-looking statements,
      including inaccurate assumptions and a broad variety of risks and uncertainties,
      some of which are known and others of which are not. Known risks and
      uncertainties include those identified from time to time in the reports filed
      by
      the Company with the Securities and Exchange Commission, which should be
      considered together with any forward-looking statement. No forward-looking
      statement is a guarantee of future results or events, and one should avoid
      placing undue reliance on such statements. The Company cannot be sure when
      or if
      it will be permitted by regulatory agencies to undertake additional clinical
      trials or to commence any particular phase of clinical trials. Because of this,
      statements regarding the expected timing of clinical trials cannot be regarded
      as actual predictions of when the Company will obtain regulatory approval for
      any &#8220;phase&#8221; of clinical trials. </font></div>
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      has
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      duly authorized.</font></div>
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                BIOTECHNOLOGY CORPORATION</font></div>
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                22, 2006</font></div>
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                Rose C. Perri</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": "0731"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-25169", "film-number": "06919053"}, "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 20, 2006
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.
On
      June
      20, 2006, Generex Biotechnology Corporation (the "Company") entered into an
      agreement with Cardinal Health PTS, LLC ("Cardinal Health"), a subsidiary of
      Cardinal Health, Inc., pursuant to which Cardinal Health will manufacture
      clinical trial batches of the Company's proprietary oral insulin spray product,
      Generex Oral-lyn™. Under the terms of the agreement, Cardinal Health will
      formulate and fill clinical trial batches of canisters at its manufacturing
      and
      analytical services facility in Research Triangle Park, North Carolina. Cardinal
      Health will schedule production after certain conditions are satisfied,
      including the execution of a Quality Agreement between the parties and receipt
      of a purchase order from the Company. The parties' performance under the
      agreement will be subject to a Clinical Supply Agreement, which the parties
      expect to enter at a later date.
Either
      party may terminate the agreement, or any portion thereof, at any time by
      providing the other party with 45 days' written notice. In the event that the
      Company terminates the agreement, Cardinal Health will attempt to minimize
      or
      avoid further expenses by scaling down its ongoing work. In the event of
      termination, the Company will be responsible for paying the costs incurred
      by
      Cardinal Health for all work performed prior to termination, any
      samples/materials/equipment/supplies purchased specifically for this project
      and
      efforts to scale-down work following termination, as well as certain
      cancellation fees.
Cardinal
      Health's total liability under the agreement is capped at an amount equal to the
      total fees paid by the Company under the agreement, and neither party will
      be
      liable to the other for indirect, incidental, special or consequential damages
      arising out of its performance under the agreement. The Company is obligated
      to
      indemnify Cardinal Health for any third-party claims arising directly or
      indirectly from: (i) the manufacture, marketing, distribution or sale, or use
      of
      or exposure to, Generex Oral-lyn™ and materials supplied by the Company: (ii)
      the Company's negligence or willful misconduct; (iii) the Company's breach of
      the agreement; or (iv) the use of any intellectual property provided by the
      Company to Cardinal Health.
Prior
      to
      entering into the agreement, no material relationship existed between the
      Company and its affiliates and Cardinal Health.
The
      Company intends to file the agreement, subject to a request for confidential
      treatment for certain of its terms, as an exhibit to its Report on Form 10-K
      for
      the year ended July 31, 2006.
Forward-Looking
      Statements
This
      Report contains "forward-looking statements" within the meaning of the Private
      Securities Litigation Reform Act of 1995, which are subject to the safe harbors
      created thereby. These statements can be identified by introductory words such
      as "expects," "intends," "will," "may," "estimates" or words of similar meaning,
      and by the fact that they do not relate strictly to historical or current facts.
      Forward-looking statements frequently are used in discussing potential product
      applications, potential collaborations, product development activities, clinical
      studies, regulatory submissions and approvals, and similar operating matters.
      Many factors may cause actual results to differ from forward-looking statements,
      including inaccurate assumptions and a broad variety of risks and uncertainties,
      some of which are known and others of which are not. Known risks and
      uncertainties include those identified from time to time in the reports filed
      by
      the Company with the Securities and Exchange Commission, which should be
      considered together with any forward-looking statement. No forward-looking
      statement is a guarantee of future results or events, and one should avoid
      placing undue reliance on such statements. The Company cannot be sure when
      or if
      it will be permitted by regulatory agencies to undertake additional clinical
      trials or to commence any particular phase of clinical trials. Because of this,
      statements regarding the expected timing of clinical trials cannot be regarded
      as actual predictions of when the Company will obtain regulatory approval for
      any "phase" of clinical trials.
SIGNATURE
Pursuant
      to the requirements of the Securities Exchange Act of 1934, the registrant
      has
      duly caused this report to be signed on its behalf by the undersigned hereunto
      duly authorized.
GENEREX
                BIOTECHNOLOGY CORPORATION
Date: June
                22, 2006
By:
/s/
                Rose C. Perri
Chief
                Operating Officer and
Chief
                Financial Officer
(principal
                financial officer)