Exhibit 11
CYTOCLONAL PHARMACEUTICS INC.
COMPUTATION OF NET (LOSS) PER COMMON SHARE
(unaudited)
Three Months Nine Months
Ended September 30, Ended September 30,
1995 1996 1995 1996
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Net (loss) ($678,000) ($808,000) ($2,110,000) ($2,128,000)
Add cumulative preferred dividend (79,000) (79,000) (238,000) (238,000)
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NET (LOSS) USED FOR COMPUTATION ($757,000) ($887,000) ($2,348,000) ($2,366,000)
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Weighted average number of
common shares outstanding 5,249,000 7,687,361 5,229,667 7,631,373
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Shares issuable upon exercise of stock
options and warrants, net of shares
assumed to be repurchased (1) 0 0 98,277 0
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Shares used for computation 5,249,000 7,687,361 5,327,944 7,631,373
========= ========= =========== ===========
Net (loss) per common share ($0.14) ($0.12) ($0.44) ($0.31)
========= ========= =========== ===========
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 through June 30, 1995 and repurchase of
shares using the treasury stock method at an offering price of $5.00.