EXHIBIT 11

                STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
                     PER ITEM 601(B)(11) OF REGULATION S-K

                                              YEAR ENDED          YEAR ENDED
                                           DECEMBER 31, 1996   DECEMBER 31, 1997

Common Stock outstanding                       10,284,658          12,965,990
Common Stock equivalents for options
  granted                                               0                   0
Shares used in computing net
  loss per common share(1)                     10,284,658          12,965,990
Net loss                                     $(16,813,994)       $ (6,828,712)
Net loss per common share-basic
  and diluted                                $      (1.63)       $       (0.53)

(1)   Common and common equivalent shares issued from January 1, 1995
      through the effective date of the Company's initial public
      offering on September 25, 1996 have been included in the
      computation using the treasury stock method as if they were
      outstanding for all periods prior to June 30, 1996. Diluted net
      loss per common share is computed using the weighted-average
      number of shares of common and common equivalent shares
      outstanding during the periods. Common equivalent shares consist
      of stock options using the treasury stock method. Common
      equivalent shares from stock options are excluded from the
      computation if their effect is antidilutive.