<DOCUMENT>
<TYPE>EX-21
<SEQUENCE>5
<FILENAME>c60732ex21.txt
<DESCRIPTION>SUBSIDIARIES OF REGISTRANT
<TEXT>

<PAGE>   1
                                                                      EXHIBIT 21



                 SUBSIDIARIES OF SHEFFIELD PHARMACEUTICALS, INC.


<TABLE>
<CAPTION>
         Name                                                                   Jurisdiction of Incorporation
         ----                                                                   -----------------------------
<S>     <C>                                                                    <C>
1.       Ion Pharmaceuticals, Inc. (100% owned subsidiary)                      Delaware

2.       CP Pharmaceuticals, Inc. (100% owned subsidiary)                       Delaware

3.       Systemic Pulmonary Delivery, Ltd. (100% owned subsidiary)              Bermuda

4.       Respiratory Steroid Delivery, Ltd. (80.1% owned subsidiary)            Bermuda
</TABLE>



</TEXT>
</DOCUMENT>
