EXHIBIT 11.1---STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS (UNAUDITED)
GALAGEN INC.
(A DEVELOPMENT STAGE COMPANY)
Period from
November 17,
For the Three months Ended For the Nine months Ended 1987 (inception) to
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September 30, September 30, September 30, September 30, September 30,
1997 1996 1997 1996 1997
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Primary Loss Per Share:
Average shares outstanding 7,186,180 7,134,136 7,173,078 6,450,999 2,087,995
SAB No. 83 shares - for stock options
granted at exercise prices less than the
initial public offering price during the 12
months preceding the initial public
offering using the treasury method - - - - 109,163
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Total 7,186,180 7,134,136 7,173,078 6,450,999 2,197,157
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Net loss $(1,282,943) $(1,955,731) $(4,316,437) $(12,661,123) $(51,500,357)
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Net loss per share $(0.18) $(0.27) $(0.60) $(1.96) $(23.44)
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Fully Diluted Loss Per Share:
Average shares outstanding 7,186,180 7,134,136 7,173,078 6,450,999 2,087,995
SAB No. 83 shares - for stock options
granted at exercise prices less than the
initial public offering price during the 12
months preceding the initial public
offering using the treasury method - - - - 109,163
Assumed conversion of all series of
convertible preferred stock - - - - 611,383
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Total 7,186,180 7,134,136 7,173,078 6,450,999 2,808,541
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Net loss $(1,282,943) $(1,955,731) $(4,316,437) $(12,661,123) $(51,500,357)
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Net loss per share $(0.18) $(0.27) $(0.60) $(1.96) $(18.34)
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