**Exhibit 11**

 

**CELSIONCORPORATION**

**COMPUTATIONOF EARNINGS PER SHARE**

 
| ** **                                                          | ** ** | **Three Months Ended** | ** ** | **Nine Months Ended** | ** ** |
|---------------------------------------------------------------------|------------|----------------------------------|------------|---------------------------------|------------|
| ** **                                                          | ** ** | **September 30,**           | ** ** | **September 30,**          | ** ** |
| ** **                                                          | ** ** | **2008**                         | ** ** | **2007**                        | ** ** | **2008** | ** ** | **2007** | ** ** |
|                                                                |       |                             |       |                            |       |   |   |   |   |
| Net loss from  continuing operatons - basic and diluted             |       | $                                | (4,340,070 | )                               | $          | (3,650,712 | ) | $ | (10,852,077 | ) | $ | (11,515,968 | ) |
| Net income from  discontinued operations - basic and diluted        |       | $                                | —     |                            | $          | 33,054 |   | $ | — |   | $ | 49,755,211 |   |
| Net (loss) /  income - basic and diluted                            |       | $                                | (4,340,070 | )                               | $          | (3,617,658 | ) | $ | (10,852,077 | ) | $ | 38,239,243 |   |
| Weighted average  shares outstanding - basic                        |       | 10,149,055                       |       | 10,774,497                      |       | 10,146,339 |   | 10,764,878 |   |
| Dilutive  securities - options and warrants                         |       | —                           |       | —                          |       | — |   | 761,839 |   |
| Adjusted  weighted average shares outstanding - dilutive            |       | 10,149,055                       |       | 10,774,497                      |       | 10,146,339 |   | 11,526,717 |   |
| Net loss from  continuing operations per common share - basic       |       | $                                | (0.43      | )                               | $          | (0.34 | ) | $ | (1.07 | ) | $ | (1.07 | ) |
| Net loss from  continuing operations per common share - diluted     |       | $                                | (0.43      | )                               | $          | (0.34 | ) | $ | (1.07 | ) | $ | (1.07 | ) |
| Net income from  discontinued operations per common share - basic   |       | $                                | —     |                            | $          | 0.00 |   | $ | — |   | $ | 4.62 |   |
| Net income from  discontinued operations per common share - diluted |       | $                                | —     |                            | $          | 0.00 |   | $ | — |   | $ | 4.32 |   |
| Net (loss) /  income per common share - basic                       |       | $                                | (0.43      | )                               | $          | (0.34 | ) | $ | (1.07 | ) | $ | 3.55 |   |
| Net (loss) /  income per common share - diluted                     |       | $                                | (0.43      | )                               | $          | (0.34 | ) | $ | (1.07 | ) | $ | 3.32 |   |

 

·                  For the threeand nine month periods ended September 30, 2008 outstanding warrants andoptions that can be converted into Common Stock are not included as theireffect was anti-dilutive.

 

 

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