EXHIBIT 11
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
              
              
YEAR ENDED DECEMBER 31, 1995
              
Weighted average shares outstanding                   1,188,424
Common equivalent shares                                560,821 (1)
                                                        -------
                                                      1,749,245 (2)
                                                      ---------
              
Net income                                               $9,892
                                                         ------
Common and common equivalent shares                   1,749,245       $0.01
                                                                      -----
              
YEAR ENDED DECEMBER 31, 1996      
              
Weighted average shares outstanding                   1,445,761
Common equivalent shares                                560,821 (1)
                                                        -------
                                                      2,006,582 (3)
                                                      ---------
              
              
Net loss                                            ($5,512,113)
                                                     ----------
Common and common equivalent shares                   2,006,582      ($2.75)
                                                                      -----
              
              
SIX MONTHS ENDED JUNE 30, 1996         
              
Common Shares:
Weighted average shares outstanding                   1,200,552
Common equivalent shares                                560,821 (1)
                                                        -------
                                                      1,761,373 (3)
                                                      ---------
              
              
Net loss                                            ($1,783,601)
                                                     ----------
Common and common equivalent shares                   1,761,373      ($1.01)
                                                                      -----

Six months ended June 30, 1997         
              
Weighted average shares outstanding                   1,819,113
Common equivalent shares                                560,821 (1)
                                                        -------
                                                      2,379,934 (3)
                                                      ---------


Net loss                                            ($3,825,115)
                                                     ----------
Common and common equivalent shares                   2,379,934      ($1.61)
                                                                      -----
              
              
(1)  Common equivalent shares include equivalent shares 
  related to the options, warrants and stock issued within the 
  one year period prior to the filing of the registration statement.

(2)  Options and warrants issued in 1995 are not included for purposes
  of the calculation because the related exercise prices were either in
  excess of or equal to the fair market value of the Company's common 
  stock.

(3)  Options and warrants issued in the periods preceding the 
  one year prior to filing the registration statement are not included
  for purposes of the calculation because they are antidilutive.