Exhibit 11.1 STATEMENT OF COMPUTATION OF NET LOSS PER SHARE YEAR ENDED DECEMBER 31, ---------------------------- 1995 1996 -------------- ------------ Net loss $(11,693,454) $(12,855,646) Deemed dividend upon conversion of preferred stock - (5,431,871) -------------- ------------ Net loss applicable to common stock (11,693,454) (18,287,517) -------------- ------------ -------------- ------------ Weighted average shares of common stock outstanding 1,426,049 10,936,046 Shares related to Staff Accounting Bulletin topic 4D: Stock options and warrants 897,836 - -------------- ------------ Shares used in computing net loss per share 2,323,885 10,936,046 -------------- ------------ -------------- ------------ Net loss per share $ (5.03) $ (1.67) -------------- ------------ -------------- ------------ PRO FORMA Net loss applicable to common stock $(11,693,454) -------------- -------------- Calculation of shares outstanding for computing pro forma net loss per share: Shares used in computing net loss per share 2,323,885 Adjusted to reflect the effect of the assumed conversion of preferred stock 5,293,585 -------------- Shares used in computing pro forma net loss per share 7,617,470 -------------- -------------- Pro forma net loss per share $ (1.54) -------------- --------------