Form: SB-2

Optional form for registration of securities to be sold to the public by small business issuers

October 3, 1996

Documents

COMPUTATION OF PER SHARE EARNINGS

Published on October 3, 1996


EXHIBIT 11

CYTOCLONAL PHARMACEUTICS, INC.

COMPUTATION OF NET (LOSS) PER COMMON SHARE (2)



Year Ended December 31, Six Months Ended June 30,
------------------------------ ------------------------------
Primary 1994 1995 1995 1996
------- ----------- ----------- ----------- -----------
(Unaudited)


Net (loss) $(2,265,000) $(2,691,000) $(1,432,000) $(1,320,000)

Add cumulative preferred dividend (288,000) (317,000) (159,000) (160,000)
----------- ----------- ----------- -----------

NET (LOSS) USED FOR COMPUTATION $(2,553,000) $(3,008,000) $(1,591,000) $(1,480,000)
=========== =========== =========== ===========

Weighted average number of common shares outstanding 5,220,000 5,621,292 5,220,000 7,603,193

Shares issuable upon exercise of stock options and
warrants, net of shares assumed to be repurchased (1) 147,415 73,708 147,415 -
----------- ----------- ----------- -----------

Shares used for computation 5,367,415 5,695,000 5,367,415 7,603,193
=========== =========== =========== ===========

Net (loss) per common share $(.48) $(.53) $(.30) $(.19)
===== ===== ===== =====


Notes and Assumptions:
(1) The Company issued common stock and common stock equivalents for
consideration below the initial public offering price of $5.00.
Consequently, in accordance with Staff Accounting Bulletin 83 (during the
periods covered by statements of operation included in the registration
statement) the following methodology was used in determining weighted
average shares outstanding:
Stock issued in a one year period immediately prior to the offering
was treated as outstanding for the entire period and repurchase of
shares using the treasury stock method at an offering price of $5.00.
(2) Adjusted to reflect retroactively, a 1 for 2.5 reverse stock split effected
on August 2, 1995.