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EXHIBIT 11 CELSION CORPORATION COMPUTATION OF EARNINGS PER SHARE Nine Months Ended June 30, 2000 1999 ------------- ------------- Net (loss) income ($ 2,879,498) ($ 1,588,465) Net (loss) income per common share* ($ 0.05) ($ 0.04) Weighted average shares outstanding 57,790,252 43,787,113 * Common stock equivalents have been excluded from the calculation of net loss per share as their inclusion would be anti-dilutive. 15
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