EXHIBIT 11
STATEMENT OF COMPUTATION OF NET LOSS PER SHARE
Year Ended Nine Months Ended
December 31, September 30,
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1994 1995 1995 1996
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Net loss applicable to common stock ..................... $ (12,974,175) $ (11,693,454) $ (8,853,346) $ (8,888,174)
Deemed dividend upon conversion
of preferred stock .................................... -- -- -- (5,431,871)
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Net loss applicable to common stock ..................... $ (12,974,175) $ (11,693,454) $ (8,853,346) $ (14,320,045)
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Weighted average shares of
common stock outstanding .............................. 1,404,212 1,426,049 1,408,559 10,463,149
Shares related to Staff Accounting Bulletin topic 4D:
Stock options and warrants .............................. 897,836 897,836 897,836 --
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Shares used in computing net loss per share ............. 2,302,048 2,323,885 2,306,395 10,463,149
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Net loss per share ...................................... $ (5.64) $ (5.03) $ (3.84) $ (1.37)
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Pro Forma
Net loss applicable to common stock ..................... $ (12,974,175) $ (11,693,454) $ (8,853,346)
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Calculation of shares outstanding for computing
pro forma net loss per share:
Shares used in computing net loss per share ............. 2,302,048 2,323,885 2,306,395
Adjusted to reflect the effect of the
assumed conversion of preferred stock ................. 4,690,955 5,293,585 5,217,773
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Shares used in computing pro forma net
loss per share ........................................ 6,993,003 7,617,470 7,524,168
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Pro forma net loss per share ............................ $ (1.86) $ (1.54) $ (1.18)
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