TORONTO -- (MARKET WIRE) -- 10/23/06 -- On October 20, 2006, Generex Biotechnology Corporation (NASDAQ: GNBT), the leader in drug delivery for metabolic diseases through the inner lining of the mouth, together with University Campus Bio-Medico of Rome, Italy, hosted a symposium as an adjunct to the Canadian Diabetes Association Professional Conference and Annual Meetings in Toronto, Canada.

The well-attended symposium was entitled "Diabetes Mellitus and the Changing Landscape of Treatment" and featured the following speakers: Dr. Gerald Bernstein, the Company's Vice-President for Medical Affairs; Dr. Jaime Davidson, the Company's Medical Director; Dr. Breay Paty, an Assistant Professor in the Division of Endocrinology & Metabolism of the University of Alberta Department of Medicine; and Professor Paolo Pozzilli of the Department of Endocrinology and Diabetes at University Campus Bio-Medico.

The symposium took place at the MaRS Discovery District in downtown Toronto, a facility located on the very site of a landmark medical breakthrough -- the discovery of insulin. The MaRS Discovery District is a globally significant facility designed to foster research and innovation and take discoveries from the lab to the marketplace. The MaRS Discovery District brings together best-in-class science with business and capital, creating opportunities for these communities to come together. Leading researchers in diverse fields such as medical sciences, biotechnology, biopharmaceuticals, pharmaceuticals and information technology can connect to technology companies, business services firms, funding agencies and venture capitalists under one roof to turn ideas into products and partnerships.

Following the symposium, Mr. Gabriele Sardo, the Ambassador of Italy to Canada, held a press conference to laud the long and productive collaboration between Generex and Italy's University Campus Bio-Medico. Under the supervision of Professor Paolo Pozzilli, a world-renowned endocrinologist and diabetes investigator, University Campus Bio-Medico undertook some of the early groundbreaking clinical trials of Generex Oral-lyn(TM), Generex's proprietary oral insulin spray product designed to replace prandial injections of insulin.

At the press conference, Undersecretary of State the Honourable Vittorio Michele Craxi of the Italian Ministry of Foreign Affairs also praised the collaboration and hailed the important work of Generex and Campus Bio-Medico and the prospects for fundamentally improving the lives of patients with diabetes.

About Generex

Generex is engaged in the research and development of drug delivery systems and technologies. Generex has developed a proprietary platform technology for the delivery of drugs into the human body through the oral cavity (with no deposit in the lungs). The Company's proprietary liquid formulations allow drugs typically administered by injection to be absorbed into the body by the lining of the inner mouth using the Company's proprietary RapidMist(TM) device. The Company's flagship product, oral insulin (Generex Oral-lyn(TM)), which is available for sale in Ecuador for the treatment of patients with Type-1 and Type-2 diabetes, is in various stages of clinical trials around the world. For more information, visit the Generex website at www.generex.com.

Safe Harbor Statement: This release and oral statements made from time to time by Generex representatives concerning the same subject matter may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by introductory words such as "expects," "plans," "intends," "believes," "will," "estimates," "forecasts," "projects" 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 Generex 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. Generex 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 Generex will obtain regulatory approval for any "phase" of clinical trials. Generex claims the protection of the safe harbor for forward-looking statements that is contained in the Private Securities Litigation Reform Act.

Contacts:
Shayne Gilliatt
Generex Biotechnology Corporation
Phone: (800) 391-6755
or (416) 364-2551

Andrew Hellman
CEOcast, Inc.
Phone: (212) 732-4300

Dolores Naney
Rubenstein Public Relations
Phone: (212) 843-8018