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                                                                     EXHIBIT 11

            STATEMENT REGARDING COMPUTATION OF LOSS PER SHARE 





                                                        YEAR ENDED                              NINE MONTHS ENDED
                                                        DECEMBER 31                               SEPTEMBER 30
                                        -------------------------------------------    ---------------------------------
                                             1994            1995         1996                1996             1997
                                                                                          (Unaudited)  
                                                                                                              
HISTORICAL:                
Weighted average 
   common shares                
   outstanding                                77,586         77,586         77,586                77,586         77,586         

Net effect of dilutive stock options
   based on the
   treasury method                           400,043        400,043        400,043               400,043        400,043
                                         -----------     ----------    -----------           -----------    -----------
   Total                                     477,629        477,629        477,629               477,629        477,629

Net loss                                 $(1,287,772)   $(1,959,874)   $(5,577,688)          $(4,218,092)   $(3,304,416)
   Net income (loss) per
    common share                         $     (2.70)   $     (4.10)   $    (11.68)          $     (8.83)   $     (6.92)



                                                                        
                                                                             YEAR ENDED                NINE MONTHS ENDED
                                                                           DECEMBER 31, 1996           SEPTEMBER 30,1997
                                                                           -----------------          -------------------
                                                                                                       
PRO FORMA:
Weighted average common shares outstanding                                        77,586                     77,586
Weighted average preferred shares outstanding                                  6,758,094                  7,585,514
Net effect of dilutive stock options based on the treasury method                400,043                    400,043
                                                                             -----------                -----------
   Total                                                                       7,235,723                  8,063,143

Net income (loss)                                                            $(5,577,688)               $(3,304,416)
Pro forma net loss per share                                                 $      (.77)               $      (.41)