<PAGE>
 
                                                                    EXHIBIT 11.1

GENEMEDICINE, INC.
Calculation of Weighted Average Shares Outstanding
Period for the Twelve Months Ended Dec 31, 1996
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<CAPTION> 
<S>           <C>          <C>           <C>          <C> <C> <C>    <C> 
        0     1-Jan-96     12,036,415    12,036,415   x   3   =      36,109,245 
      950     4-Jan-96     12,037,365    12,037,365   x   5   =      60,186,825 
    1,558     9-Jan-96     12,038,923    12,038,923   x   9   =     108,350,307 
    4,763    18-Jan-96     12,043,686    12,043,686   x   4   =      48,174,744 
      423    22-Jan-96     12,044,109    12,044,109   x   9   =     108,396,981 
      238    31-Jan-96     12,044,347    12,044,347   x   1   =      12,044,347 
  418,629     1-Feb-96     12,462,976    12,462,976   x   0   =               0 
      300     1-Feb-96     12,463,276    12,463,276   x   0   =               0
      350     1-Feb-96     12,463,626    12,463,626   x   0   =               0 
       47     1-Feb-96     12,463,673    12,463,673   x   5   =      62,318,365 
      300     6-Feb-96     12,463,973    12,463,973   x   0   =               0
    1,850     6-Feb-96     12,465,823    12,465,823   x   0   =               0
      300     6-Feb-96     12,466,123    12,466,123   x   1   =      12,466,123 
      400     7-Feb-96     12,466,523    12,466,523   x   1   =      12,466,523 
      310     8-Feb-96     12,466,833    12,466,833   x   4   =      49,867,332 
       94    12-Feb-96     12,466,927    12,466,927   x   0   =               0 
      714    12-Feb-96     12,467,641    12,467,641   x   3   =      37,402,923 
       47    15-Feb-96     12,467,688    12,467,688   x   8   =      99,741,504 
      952    23-Feb-96     12,468,640    12,468,640   x  10   =     124,686,400 
      250     4-Mar-96     12,468,890    12,468,890   x   7   =      87,282,230 
   62,287    11-Mar-96     12,531,177    12,531,177   x   4   =      50,124,708 
       47    15-Mar-96     12,531,224    12,531,224   x   5   =      62,656,120 
      423    20-Mar-96     12,531,647    12,531,647   x  13   =     162,911,411 
   15,000     2-Apr-96     12,546,647    12,546,647   x   1   =      12,546,647 
      364     3-Apr-96     12,547,011    12,547,011   x   0   =               0 
       94     3-Apr-96     12,547,105    12,547,105   x   1   =      12,547,105 
      238     4-Apr-96     12,547,343    12,547,343   x   8   =     100,378,744 
      500    12-Apr-96     12,547,843    12,547,843   x   3   =      37,643,529 
       47    15-Apr-96     12,547,890    12,547,890   x   0   =               0 
      185    15-Apr-96     12,548,075    12,548,075   x   4   =      50,192,300 
    2,857    19-Apr-96     12,550,932    12,550,932   x   4   =      50,203,728 
      282    23-Apr-96     12,551,214    12,551,214   x   1   =      12,551,214 
      650    24-Apr-96     12,551,864    12,551,864   x   2   =      25,103,728 
   10,000    26-Apr-96     12,561,864    12,561,864   x   0   =               0 
   20,104    26-Apr-96     12,581,968    12,581,968   x   3   =      37,745,904 
      282    29-Apr-96     12,582,250    12,582,250   x   0   =               0 
   26,301    29-Apr-96     12,608,551    12,608,551   x   0   =               0 
  171,453    29-Apr-96     12,780,004    12,780,004   x  11   =     140,580,044 
    2,900    10-May-96     12,782,904    12,782,904   x   3   =      38,348,712 
      300    13-May-96     12,783,204    12,783,204   x   7   =      89,482,428 
      212    20-May-96     12,783,416    12,783,416   x   3   =      38,350,248 
      300    23-May-96     12,783,716    12,783,716   x   5   =      63,918,580 
      500    28-May-96     12,784,216    12,784,216   x   1   =      12,784,216 
      600    29-May-96     12,784,816    12,784,816   x   1   =      12,784,816 
    2,122    30-May-96     12,786,938    12,786,938   x   4   =      51,147,752 
      238     3-Jun-96     12,787,176    12,787,176   x  11   =     140,658,936 
   35,420    14-Jun-96     12,822,596    12,822,596   x   3   =      38,467,788 
    1,428    17-Jun-96     12,824,024    12,824,024   x  11   =     141,064,264 
   57,705    28-Jun-96     12,881,729    12,881,729   x   3   =      38,645,187 
    1,309     1-Jul-96     12,883,038    12,883,038   x   0   =               0 
      517     1-Jul-96     12,883,555    12,883,555   x   2   =      25,767,110 
      174     3-Jul-96     12,883,729    12,883,729   x   0   =               0 
    1,553     3-Jul-96     12,885,282    12,885,282   x  13   =     167,508,666 
    4,522    16-Jul-96     12,889,804    12,889,804   x   7   =      90,228,628 
       94    23-Jul-96     12,889,898    12,889,898   x   8   =     103,119,184 
   71,428    31-Jul-96     12,961,326    12,961,326   x   6   =      77,767,956 
      238     6-Aug-96     12,961,564    12,961,564   x  20   =     259,231,280 
      300    26-Aug-96     12,961,864    12,961,864   x   1   =      12,961,864 
      425    27-Aug-96     12,962,289    12,962,289   x   3   =      38,886,867 
    4,156    30-Aug-96     12,966,445    12,966,445   x   3   =      38,899,335 
    1,898     2-Sep-96     12,968,343    12,968,343   x   8   =     103,746,744 
    6,692    10-Sep-96     12,975,035    12,975,035   x   0   =               0 
   14,879    10-Sep-96     12,989,914    12,989,914   x   7   =      90,929,398 
      400    17-Sep-96     12,990,314    12,990,314   x  13   =     168,874,082 
      188    30-Sep-96     12,990,502    12,990,502   x   2   =      25,981,004 
      238     2-Oct-96     12,990,740    12,990,740   x   5   =      64,953,700 
    4,578     7-Oct-96     12,995,318    12,995,318   x   8   =     103,962,544 
      282    15-Oct-96     12,995,600    12,995,600   x   1   =      12,995,600 
   10,264    16-Oct-96     13,005,864    13,005,864   x   0   =               0 
    2,856    16-Oct-96     13,008,720    13,008,720   x  12   =     156,104,640 
    1,428    28-Oct-96     13,010,148    13,010,148   x  44   =     572,446,512 
      564    11-Dec-96     13,010,712    13,010,712   x   1   =      13,010,712 
      238    12-Dec-96     13,010,950    13,010,950   x   0   =               0 
      141    12-Dec-96     13,011,091    13,011,091   x   1   =      13,011,091 
    1,190    13-Dec-96     13,012,281    13,012,281   x  11   =     143,135,091 
    1,494    24-Dec-96     13,013,775    13,013,775   x   3   =      39,041,325 
      348    27-Dec-96     13,014,123    13,014,123   x   3   =      39,042,369 
    3,200    30-Dec-96     13,017,323    13,017,323   x   1   =      13,017,323 
   51,046    31-Dec-96     13,068,369    13,068,369   x   0   =               0 
    9,000    31-Dec-96     13,077,369    13,077,369   x   0   =               0 
                                                       365 days   4,654,954,983 /  365 12,753,301
                                                                                   ==============
                                                                      Loss           Per share
                                                                      ----           ---------
                                                                     10,652,972        $0.84
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