Exhibit 21



Subsidiaries of The Female Health Company (1)



The subsidiaries of The Female Health Company are as follows:



Name

Jurisdiction of Organization



 

Aspen Park Pharmaceuticals, Inc.

Delaware

Badger Acquisition Sub, Inc.

Delaware

The Female Health Company Limited

United Kingdom

The Female Health Company (UK) Plc.

United Kingdom

The Female Health Company (M) SDN.BHD

Malaysia



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(1)All subsidiaries are wholly owned, directly or indirectly, by The Female Health Company.