**EXHIBIT      11.1**

|  | **                 CODE OF ETHICS**** EDAP                TMS 03-04 B** |
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**EDAP      TMS**

**CODE      OF ETHICS**

|  | · | Act                with honesty and integrity, avoiding actual or apparent conflicts                of                interest involving personal and professional relationships; |
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|  | · | Provide                other officials and constituents of the Company with information                that is                full, fair, accurate, complete, objective, timely and                understandable; |
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|  | · | Comply,                to the best of my knowledge, with rules and regulations of governmental                entities as well as other private or public regulatory agencies to                which                the Company is subject; |
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|  | · | Act                at all times in good faith, responsibly, with due care, competence                and                diligence, and without any misrepresentation of material                facts; |
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|  | · | Act                objectively, without allowing my independent judgment to be                subordinated; |
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|  | · | Respect                the confidentiality of Company information, except when authorized                or                otherwise required to make any disclosure, and avoid the use of any                Company information for personal                advantage; |
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|  | · | Share                my knowledge and skills with others to improve the Company’s communication                to its constituents; |
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|  | · | Promote                ethical behavior among employees under my supervision at the Company;                and |
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|  | · | Achieve                responsible use of and control over all assets and resources of the                Company entrusted to me. |
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|  | · | Report                violations of the Code to the Chief Executive Officer promptly if                there                are reasonable and objective reasons to believe this Code has been                violated. |
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| Date: | _______________________________________ |
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