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.