Exhibit 11.1  COMPUTATION OF NET LOSS PER SHARE


                                             YEAR ENDED JUNE 30,
                                 ----------------------------------------------
                                           1996            1995          1994
                                           ----            ----          ----
Net Loss                           $(21,399,049)    $(6,802,600)  $(3,575,217)

Weighted average shares used
 to compute net loss per share

Weighted average number of shares
 outstanding:

Mandatorily redeemable 
 convertible preferred stock              --          5,324,685     4,200,816

Common                               10,515,094         738,024       714,656

Number of common equivalents as
 a result of convertible 
 warrants outstanding using the
 treasury stock method                    --              9,989         9,989

Number of common shares issued
 and stock options granted in
 accordance with Staff 
 Accounting Bulletin 83                   --            230,169       230,169
                                   ------------     -----------     ---------
Total                                10,515,094       6,302,867     5,155,630
                                   ------------     -----------     ---------
                                   ------------     -----------     ---------
Net loss per share                       $(2.04)         $(1.08)       $(0.69)
                                        -------          ------        ------
                                        -------          ------        ------

    The calculation includes the shares of mandatorily redeemable convertible 
preferred stock (Series A, Series B, Series C, Series D and Series E) and a 
convertible warrant as if they had converted to common stock on their 
respective original dates of issuance, because such shares automatically 
convert to common stock upon the closing of the initial public offering of 
the Company's common stock.