Exhibit 11.1 CytRx Corporation Computation of Loss Per Share For the Years Ended December 31, 1995, 1994 and 1993 							 1995 1994 1993 						 ----------- ---------- ---------- COMPUTATION OF NET LOSS PER SHARE - PRIMARY Net loss $(10,652,582) $(7,700,186) $(3,228,600) 						 ========== ========= ========= Average number of common shares outstanding 7,905,364 7,893,962 7,878,415 Common shares issuable assuming exercise of stock options and warrants <F1> 0 0 0 						 ---------- --------- --------- Total shares 7,905,364 7,893,962 7,878,415 						 ========== ========= ========= Net loss per share $(1.35) $(0.98) $(0.41) 						 ========== ========= ========= COMPUTATION OF NET LOSS PER SHARE - FULLY DILUTED Net loss $(10,652,582) $(7,700,186) $(3,228,600) 						 ========== ========= ========= Average number of common shares outstanding 7,905,364 7,893,962 7,878,415 Common shares issuable assuming exercise of stock options and warrants <F1> 0 0 0 						 ---------- --------- --------- Total shares 7,905,364 7,893,962 7,878,415 						 ========== ========= ========= Net loss per share $(1.35) $(0.98) $(0.41) 						 ========== ========= ========= <FN> <F1> Stock options and warrants outstanding are excluded from the computation of net loss per share since their effect would be anti-dilutive. <FN>