<PAGE>

                                                                    EXHIBIT 11.1

GENEMEDICINE, INC.
Calculation of Weighted Average Shares Outstanding
Period for the Twelve Months Ended Dec. 31, 1997

<TABLE> 
<S>        <C>         <C>           <C>          <C>      <C>     <C>    <C> 
      0    31-Dec-96   13,077,369    13,077,369   x        2       =      26,154,738
    564     2-Jan-97   13,077,933    13,077,933   x        1       =      13,077,933
  4,450     3-Jan-97   13,082,383    13,082,383   x        0       =               0
    833     3-Jan-97   13,083,216    13,083,216   x        0       =               0 
    282     3-Jan-97   13,083,498    13,083,498   x        4       =      52,333,992
    564     7-Jan-97   13,084,062    13,084,062   x        0       =               0
    141     7-Jan-97   13,084,203    13,084,203   x        0       =               0
    486     7-Jan-97   13,084,689    13,084,689   x        8       =     104,677,512
  5,236    15-Jan-97   13,089,925    13,089,925   x        1       =      13,089,925
    329    16-Jan-97   13,090,254    13,090,254   x        0       =               0
     70    16-Jan-97   13,090,324    13,090,324   x       14       =     183,264,536
533,333    30-Jan-97   13,623,657    13,623,657   x        6       =      81,741,942
    600     5-Feb-97   13,624,257    13,624,257   x        0       =               0
    120     5-Feb-97   13,624,377    13,624,377   x        0       =               0
    564     5-Feb-97   13,624,941    13,624,941   x        1       =      13,624,941
  1,000     6-Feb-97   13,625,941    13,625,941   x        0       =               0
  1,150     6-Feb-97   13,627,091    13,627,091   x        1       =      13,627,091
    564     7-Feb-97   13,627,655    13,627,655   x        4       =      54,510,620
  1,300    11-Feb-97   13,628,955    13,628,955   x        0       =               0
     50    11-Feb-97   13,629,005    13,629,006   x        1       =      13,629,005
    425    12-Feb-97   13,629,430    13,629,430   x        2       =      27,258,860
    952    14-Feb-97   13,630,382    13,630,382   x        0       =               0
  1,034    14-Feb-97   13,631,416    13,631,416   x        0       =               0
  2,490    14-Feb-97   13,633,906    13,633,906   x        0       =               0
  1,100    14-Feb-97   13,635,006    13,645,006   x        4       =      54,540,024
    423    18-Feb-97   13,635,429    13,635,429   x        0       =               0
     94    18-Feb-97   13,635,523    13,635,523   x        0       =               0
    240    18-Feb-97   13,635,763    13,635,763   x        1       =      13,635,763
    928    19-Feb-97   13,636,691    13,636,691   x        1       =      13,636,691
    500    20-Feb-97   13,637,191    13,637,191   x        0       =               0
  3,290    20-Feb-97   13,640,481    13,640,481   x        0       =               0
    120    20-Feb-97   13,640,601    13,640,601   x        1       =      13,640,601
 10,000    21-Feb-97   13,650,601    13,650,601   x        0       =               0
    280    21-Feb-97   13,650,881    13,650,881   x        0       =               0
    688    21-Feb-97   13,651,569    13,651,569   x        0       =               0
    120    21-Feb-97   13,651,689    13,651,689   x        3       =      40,955,067
    319    24-Feb-97   13,652,008    13,652,008   x        0       =               0
    253    24-Feb-97   13,652,261    13,652,261   x        0       =               0
    266    24-Feb-97   13,652,527    13,652,527   x        1       =      13,652,527
    250    25-Feb-97   13,652,777    13,652,777   x        1       =      13,652,777
    800    26-Feb-97   13,653,577    13,653,577   x        1       =      13,652,577
    459    27-Feb-97   13,654,036    13,654,035   x        2       =      27,308,072
    238     1-Mar-97   13,654,274    13,654,274   x        2       =      27,308,548
  4,942     3-Mar-97   13,659,216    13,659,216   x        1       =      13,659,216
  5,037     4-Mar-97   13,664,253    13,664,253   x        7       =      95,649,771
    700    11-Mar-97   13,664,953    13,664,953   x       15       =     204,974,295
  2,499    26-Mar-97   13,667,452    13,667,452   x        1       =      13,667,452
    500    27-Mar-97   13,667,952    13,667,952   x        0       =               0
    360    27-Mar-97   13,668,312    13,668,312   x        0       =               0
    730    27-Mar-97   13,669,042    13,669,042   x        8       =     109,352,336
  4,563     4-Apr-97   13,673,605    13,673,605   x        6       =      82,041,630
    141    10-Apr-97   13,673,746    13,673,746   x        0       =               0
     33    10-Apr-97   13,673,779    13,673,779   x        0       =               0
  3,000    10-Apr-97   13,676,779    13,676,779   x        1       =      13,676,779
  1,738    11-Apr-97   13,678,517    13,678,517   x        4       =      54,714,068
    141    15-Apr-97   13,678,658    13,678,658   x        9       =     123,107,922
  2,967    24-Apr-97   13,681,625    13,681,625   x        5       =      68,408,125
  4,467    29-Apr-97   13,686,092    13,686,092   x        1       =      13,686,092
  4,300    30-Apr-97   13,690,392    13,690,392   x        1       =      13,690,392
    476     1-May-97   13,690,868    13,690,868   x        1       =      13,690,868
    238     2-May-97   13,691,106    13,691,106   x       10       =     136,911,060
    595    12-May-97   13,691,701    13,691,701   x        0       =               0
    700    12-May-97   13,692,401    13,692,401   x        0       =               0
  1,000    12-May-97   13,693,401    13,693,401   x        0       =               0
    357    12-May-97   13,693,758    13,693,758   x        0       =               0
  1,016    12-May-97   13,694,744    13,694,744   x        0       =               0
  1,260    12-May-97   13,696,034    13,696,034   x        0       =               0
  1,805    12-May-97   13,697,839    13,697,839   x        2       =      27,395,678
    500    14-May-97   13,698,339    13,698,339   x        0       =               0
    200    14-May-97   13,698,589    13,698,589   x        1       =      13,698,539
  1,050    15-May-97   13,699,589    13,699,589   x        5       =      68,497,945
  4,000    20-May-97   13,703,589    13,703,589   x        2       =      27,407,178
</TABLE> 


<PAGE>
 

<TABLE> 
<S>        <C>         <C>           <C>          <C>      <C>     <C>    <C> 
    500    22-May-97   13,704,089    13,704,089   x        1       =      13,704,089
  1,500    23-May-97   13,705,589    13,705,589   x        0       =               0
    180    23-May-97   13,705,769    13,705,769   x        0       =               0
  4,610    23-May-97   13,710,379    13,710,379   x        4       =      54,841,516 
    500    27-May-97   13,710,879    12,710,879   x        1       =      13,710,879
    850    28-may-97   13,711,729    13,711,729   x        0       =               0
    450    28,May-97   13,712,179    13,712,179   x        1       =      13,712,179
    900    29-May-97   13,713,079    13,713,079   x        0       =               0
    900    29-May-97   13,713,979    13,713,979   x        1       =      13,713,979
  1,081    30-May-97   13,715,060    13,715,060   x        0       =               0
    353    30-May-97   13,715,413    13,715,413   x        0       =               0
    260    30-May-97   13,715,673    13,715,673   x        0       =               0
    280    30-May-97   13,715,953    13,715,953   x        0       =               0
    240    30-May-97   13,716,193    13,716,193   x        5       =      68,580,965
    190     4-Jun-97   13,716,383    13,716,383   x        0       =               0
    382     4-Jun-97   13,716,765    13,716,765   x        0       =               0
    480     4-Jun-97   13,717,245    13,717,245   x        0       =               0
     94     4-Jun-97   13,717,339    13,717,339   x        0       =               0
    140     4-Jun-97   13,717,479    13,717,479   x        1       =      13,717,479
 10,000     5-Jun-97   13,727,479    13,727,479   x        0       =               0
    500     5-Jun-97   13,727,979    13,727,979   x        6       =      82,367,874
  1,690    11-Jun-97   13,729,669    13,729,669   x        0       =               0
    688    11-Jun-97   13,730,357    13,730,357   x        0       =               0
    120    11-Jun-97   13,730,477    13,730,477   x        1       =      13,730,477
    140    12-Jun-97   13,730,617    13,730,617   x        0       =               0
     60    12-Jun-97   13,730,677    13,730,677   x       18       =     247,152,186
 28,106    30-Jun-97   13,758,783    13,758,783   x        1       =      13,758,783
 17,500     1-Jul-97   13,776,283    13,776,283   x        0       =               0
    238     1-Jul-97   13,776,521    13,776,521   x        2       =      27,553,042
    157     3-Jul-97   13,776,678    13,776,678   x        0       =               0
    815     3-Jul-97   13,777,493    13,777,493   x        0       =               0
    282     3-Jul-97   13,777,775    13,777,775   x        5       =      68,888,875
  7,406     8-Jul-97   13,785,181    13,785,181   x        0       =               0
  1,684     8-Jul-97   13,786,865    13,786,865   x        0       =               0
    329     8-Jul-97   13,787,194    13,787,194   x        3       =      41,361,582
  4,000    11-Jul-97   13,791,194    13,791,194   x        4       =      55,164,776
  4,205    15-Jul-97   13,795,399    13,795,399   x        2       =      27,590,798
  6,935    17-Jul-97   13,802,334    13,802,334   x       47       =     648,709,698
    238     2-Sep-97   13,802,572    13,802,572   x       13       =     179,433,436
    833    15-Sep-97   13,803,405    13,803,405   x        9       =     124,230,645
 24,291    24-Sep-97   13,827,696    13,827,696   x        8       =     110,621,568
    188    02-Oct-97   13,827,884    13,827,884   x       14       =     193,590,376
    714    16-Oct-97   13,828,598    13,828,598   x        0       =               0
    188    16-Oct-97   13,828,786    13,828,786   x        0       =               0
  2,524    16-Oct-97   13,831,310    13,831,310   x       24       =     331,951,440
 13,151    09-Nov-97   13,844,461    13,844,461   x        4       =      55,377,844
    238    13-Nov-97   13,844,699    13,844,699   x        1       =      13,844,699
    478    14-Nov-97   13,845,177    13,845,177   x       12       =     166,142,124
    840    26-Nov-97   13,846,017    13,846,017   x        0       =               0
    140    26-Nov-97   13,846,157    13,846,157   x        7       =      96,923,099
    121    03-Dec-97   13,846,278    13,846,278   x        1       =      13,846,278
    453    04-Dec-97   13,846,731    13,846,731   x        7       =      96,927,117
 10,000    11-Dec-97   13,856,731    13,856,731   x        1       =      13,856,731
    783    12-Dec-97   13,857,514    13,857,514   x        0       =               0
    295    12-Dec-97   13,857,809    13,857,809   x        0       =               0
    235    12-Dec-97   13,858,044    13,858,044   x        3       =      41,574,132
    564    15-Dec-97   13,858,608    13,858,608   x        0       =               0
    300    15-Dec-97   13,858,908    13,858,908   x        8       =     110,871,264
  1,190    23-Dec-97   13,860,098    13,860,098   x        8       =     110,880,784
 34,153    31-Dec-97   13,894,251    13,894,251   x        0       =               0
     66    31-Dec-97   13,894,317    13,894,317   x        0       =               0
 17,105    31-Dec-97   13,911,422    13,911,422   x        0       =               0
--------   31-Dec-97
834,053                                                  365 day       5,001,534,802 /      365      13,702,835
                                                                                                    ===========
                                                                             Loss                     Per Share
                                                                          ----------                  ---------
                                                                          11,753,701                    $0.86
</TABLE>