EXHIBIT 11 APOLLO BIOPHARMACEUTICS, INC. STATEMENT RE: COMPUTATION OF LOSS PER SHARE Year ended Nine months ended December 31, September 30, ---------------- ----------------- 1995 1994 1996 1995 ---- ---- ---- ---- (unaudited) Net loss ................... $(392,149) $(523,007) $(222,912) $(305,906) --------- --------- --------- --------- --------- --------- --------- --------- Weighted average common shares outstanding......... 3,130,068 3,005,959 3,531,000 2,994,941 "Cheap" stock issued November 30, 1995 to December 20, 1996.......... 654,555 654,555 654,555 654,555 --------- --------- --------- --------- 3,784,623 3,660,514 4,185,555 3,649,496 --------- --------- --------- --------- --------- --------- --------- --------- Net loss per share.......... $(.10) $(.14) $(.05) $(.08) ------ ------ ------ ----- ------ ------ ------ -----