<PAGE>
                                                                    Exhibit 11.1


<TABLE>
<CAPTION>

                                             Computation of Pro Forma Net Loss Per Share


                                                                                                 Period From Inception
                                                                           Twelve Months            (July 12, 1995)   
                                                                                Ended                   Through       
                                                                         December 31, 1996(1)     December 31, 1995(2)
<S>                                                                      <C>                     <C>                  
Pro forma historical weighted average shares outstanding                        14,478,951               4,097,333    
                                                                                                                      
Series A Preferred Stock, convertible to Common Stock                                                                 
      at consummation of the initial public offering                                     0               5,231,671    
                                                                                                                      
Series B Preferred Stock, convertible to Common Stock                                                                 
      at consummation of the initial public offering                                     0               3,706,234    
                                                                                                                      
Common Stock equivalents for Preferred Stock warrants outstanding                        0                 146,000    
                                                                                                                      
Common Stock equivalents for options outstanding                                         0               1,096,260    
                                                                           ---------------         ---------------    
                                                                                                                      
      Shares used in computing pro forma net loss per share                     14,478,951              14,277,498    
                                                                           ---------------         ---------------    
                                                                           ---------------         ---------------    
                                                                                                                      
Net loss                                                                   $   (10,916,583)        $      (967,583)   
                                                                           ---------------         ---------------    
                                                                           ---------------         ---------------    
                                                                                                                      
Pro forma loss per share                                                   $         (0.75)        $         (0.07)   
                                                                           ---------------         ---------------    
                                                                           ---------------         ---------------    
</TABLE>


_________________________________________
     (1)  The weighted average shares outstanding used in the calculation of 
          net loss per share do not include Common Stock equivalents after 
          June 30, 1996 because they have the effect of reducing net loss per 
          share.

     (2)  Weighted average Common Stock outstanding during the period including
          all Common Stock issued at prices below the public offering
          price during the twelve month period preceding the offering as
          if it was outstanding at inception (July 12, 1995). Issuance of 
          convertible Preferred Stock, Preferred Stock warrants and Common Stock
          options at prices below the public offering price during the twelve
          month period preceding the offering have been included as Common
          Stock equivalents as if they had been issued as Common Stock as of 
          July 12, 1995.