**Exhibit 11**

 

**CELSIONCORPORATION**

**COMPUTATIONOF EARNINGS PER SHARE**

 
| ** **                                                          | ** ** | **Three Months Ended** | ** ** | **Six Months Ended** | ** ** |
|---------------------------------------------------------------------|------------|----------------------------------|------------|--------------------------------|------------|
| ** **                                                          | ** ** | **June 30,**                | ** ** | **June 30,**              | ** ** |
| ** **                                                          | ** ** | **2008**                         | ** ** | **2007**                       | ** ** | **2008** | ** ** | **2007** | ** ** |
|                                                                |       |                             |       |                           |       |   |   |   |   |
| Net loss from  continuing operatons - basic and diluted             |       | $                                | (2,430,166 | )                              | $          | (4,632,790 | ) | $ | (6,512,008 | ) | $ | (7,865,255 | ) |
| Net income from  discontinued operations - basic and diluted        |       | $                                | —     |                           | $          | 48,847,362 |   | $ | — |   | $ | 49,722,156 |   |
| Net loss - basic  and diluted                                       |       | $                                | (2,430,166 | )                              | $          | 44,214,572 |   | $ | (6,512,008 | ) | $ | 41,856,901 |   |
| Weighted average  shares outstanding - basic                        |       | 10,146,446                       |       | 10,773,023                     |       | 10,144,944 |   | 10,760,019 |   |
| Dilutive  securities - options and warrants                         |       | —                           |       | 855,457                        |       | — |   | 733,835 |   |
| Adjusted  weighted average shares outstanding - dilutive            |       | 10,146,446                       |       | 11,628,480                     |       | 10,144,944 |   | 11,493,854 |   |
| Net loss from  continuing operations per common share - basic       |       | $                                | (0.24      | )                              | $          | (0.43 | ) | $ | (0.64 | ) | $ | (0.73 | ) |
| Net loss from  continuing operations per common share - diluted     |       | $                                | (0.24      | )                              | $          | (0.43 | ) | $ | (0.64 | ) | $ | (0.73 | ) |
| Net income from  discontinued operations per common share - basic   |       | $                                | —     |                           | $          | 4.53 |   | $ | — |   | $ | 4.62 |   |
| Net income from  discontinued operations per common share - diluted |       | $                                | —     |                           | $          | 4.20 |   | $ | — |   | $ | 4.33 |   |
| Net (loss) /  income per common share - basic                       |       | $                                | (0.24      | )                              | $          | 4.10 |   | $ | (0.64 | ) | $ | 3.89 |   |
| Net (loss) /  income per common share - diluted                     |       | $                                | (0.24      | )                              | $          | 3.80 |   | $ | (0.64 | ) | $ | 3.64 |   |

 

·                  For the three and six monthperiods ended June 30, 2008 outstanding warrants and options that can beconverted into Common Stock are not included as their effect was anti-dilutive.

 

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