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EXHIBIT 11
(11) COMPUTATION OF PER SHARE AMOUNTS
Six Months Ended Three Months Ended
June 30 June 30
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1998 1997 1998 1997
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Net loss (3,706,456) (9,728,789) (1,907,310) (8,395,182)
Preferred stock dividend (56,486) -- (45,754) --
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Adjusted net loss applicable to
common shares (3,762,942) (9,728,789) (1,953,064) (8,395,182)
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Weighted average common
shares outstanding 27,321,879 19,511,640 32,236,504 19,868,119
Common equivalent shares
representing shares issuable upon
exercise of stock options 37,519,693 8,249,292 37,519,693 8,249,292
Add back of common equivalent
shares due to antidilutive shares (37,519,693) (8,249,292) (37,519,693) (8,249,292)
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Weighted average common shares
outstanding 27,321,879 19,511,640 32,236,504 19,868,119
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Basic net loss per share (0.14) (0.50) (0.06) (0.42)
Diluted net loss per share (0.14) (0.50) (0.06) (0.42)