<DOCUMENT>
<TYPE>EX-21
<SEQUENCE>11
<FILENAME>c68433ex21.txt
<DESCRIPTION>SUBSIDIARIES
<TEXT>
<PAGE>
                                                                      EXHIBIT 21



                 SUBSIDIARIES OF SHEFFIELD PHARMACEUTICALS, INC.

<Table>
<Caption>
     Name                                                                 Jurisdiction of Incorporation
     ----                                                                 -----------------------------
<S>                                                                       <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>
