Form: 10KSB40

Annual Report Form for Small Businesses that also have a Positive Response to Item 405

June 28, 2000

EXHIBIT 21

Published on June 28, 2000



EXHIBIT 21


LIST OF SUBSIDIARIES


Hemex, Inc., a Delaware corporation

Aethlon, Inc., a California corporation

Syngen Research, Inc., a California corporation, doing business as Aethlon
Laboratories, Inc.

Cell Activation, Inc., a California corporation, doing business as Aethlon
Laboratories, Inc.