EXHIBIT 11.1---STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS (UNAUDITED)
GALAGEN INC.
(A DEVELOPMENT STAGE COMPANY)
Period from
November 17,
For the Three Months Ended 1987 (inception) to
-------------------------- March 31,
March 31, 1997 March 31, 1996 1997
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Primary Loss Per Share:
Average shares outstanding 7,163,769 1,955,569 2,199,853
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 - - 115,063
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Total 7,163,769 1,955,569 2,314,916
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Net loss $(1,576,928) $(1,471,233) $(48,760,848)
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Net loss per share $(0.22) $(0.75) $(21.06)
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Fully Diluted Loss Per Share:
Average shares outstanding 7,163,769 1,955,569 2,199,853
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 - - 115,063
Assumed conversion of all series of convertible preferred stock - 3,126,159 644,431
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Total 7,163,769 5,081,728 2,959,347
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Net loss $(1,576,928) $(1,471,233) $(48,760,848)
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Net loss per share $(0.22) $(0.29) $(16.48)
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