GalaGen Inc. (A Development Stage Company)
Exhibit 11.1---Statement Re: Computation of Earnings Per Share (unaudited)
For the Three Months Ended For the Six Months Ended
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June 30, 1996 June 30, 1995 June 30, 1996 June 30, 1995
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Primary Loss Per Share:
Average shares outstanding 7,129,263 1,888,815 6,105,442 1,888,710
SAB No. 83 shares - for stock
options granted at exercise
prices less than the initial
public offering price during
the 12 months preceding the
initial public offering using
the treasury method - 133,042 - 133,042
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Total 7,129,263 2,021,857 6,105,442 2,021,752
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Net loss applicable to common
shareholders $(9,234,159) $(1,527,491) $(10,705,392) $(3,082,451)
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Net loss per share applicable
to common shareholders $(1.30) $(.76) $(1.75) $(1.52)
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Fully Diluted Loss Per Share:
Average shares outstanding 7,129,263 1,888,815 6,105,442 1,888,710
SAB No. 83 shares - for stock
options granted at exercise prices
less than the initial public
offering price during the 12
months preceding the initial
public offering using the
treasury method - 133,042 - 133,042
Assumed conversion of all series of
convertible preferred stock - 2,571,936 - 2,595,074
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Total 7,129,263 4,593,793 6,105,442 4,616,826
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Net loss applicable to common
shareholders $(9,234,159) $(1,527,491) $(10,705,392) $(3,082,451)
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Net loss per share applicable $(1.30) $(.33) $(1.75) $(.67)
to common shareholders
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