EXHIBIT 11
Exhibit 11
INNOTECH, INC.
Computation of Net Loss and Pro Forma Net Loss
Per Common Share
Three Months and Nine Months Ended September 30, 1996 and 1995
(Unaudited)
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Three Months Ended Nine Months Ended,
September 30, September 30,
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1996 1995 1996 1995
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Weighted average shares of common
stock outstanding 8,052,609 704,285 5,872,172 704,285
Common stock issued during 1995,
deemed to be outstanding for entire
period (1) - 68,706 - 68,706
Convertible, redeemable preferred
stock (2)(3) - 3,954,370 1,157,712 3,954,370
Common stock warrants (1)(4) - 999,340 - 999,340
Common stock options (1)(4) - 497,231 - 497,231
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Weighted average number of common
shares outstanding (pro forma for 1995) 8,052,609 6,223,932 7,029,884 6,223,932
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Net loss $ (2,623,228) $ (2,959,802) $ (8,063,630) $ (7,276,452)
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Net loss per common share (pro forma
for 1995) $ (0.33) $ (0.48) $ (1.15) $ (1.17)
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(1) For the three months and nine months ended September 30, 1995, common
stock, common stock warrants and common stock options issued within a one-
year period prior to the initial filing of the registration statement
related to the initial public offering have been treated as outstanding
for the entire period. In the case of common stock warrants and common
stock options, the treasury stock approach has been utilized. Common stock
warrants and common stock options issued prior to one year before the
initial filing date have not been considered as their effect would be
anti-dilutive.
(2) For the three months and nine months ended September 30, 1995,
convertible, redeemable preferred stock issued within a one-year period
prior to the initial filing of the registration statement related to the
initial public offering has been treated as outstanding for the entire
period. In addition, convertible, redeemable preferred stock issued prior
to one year before the initial filing date was considered converted into
common stock on the respective original dates of issuance.
(3) For the three months and nine months ended September 30, 1996,
convertible, redeemable preferred stock was considered converted into
common stock on the respective original dates of issuance.
(4) For the three months and nine months ended September 30, 1996, common
stock warrants and common stock options have not been considered as their
effect would be anti-dilutive.