Form: 10KSB40

Annual Report Form for Small Businesses that also have a Positive Response to Item 405

March 28, 1997

Documents

EXHIBIT 11

Published on March 28, 1997



EXHIBIT 11

CYTOCLONAL PHARMACEUTICS INC.

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



Year Ended December 31,
-----------------------------------
Primary 1995 1996
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Net (loss) . . . . . . . . . . . . . . . . . . . . . . . . $(2,691,000) $(2,890,000)

Add cumulative preferred dividend. . . . . . . . . . . . . (317,000) (307,000)
------------ ------------

NET (LOSS) USED FOR COMPUTATION. . . . . . . . . . . . . . $(3,008,000) $(3,197,000)
============ ============


Weighted average number of common shares outstanding . . . 5,621,292 7,640,000

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

Shares used for computation. . . . . . . . . . . . . . . . 5,695,000 7,640,000
========== =========


Net (loss) per common share. . . . . . . . . . . . . . . . $(.53) $(.42)
====== ======



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.