<DOCUMENT>
<TYPE>EX-11
<SEQUENCE>3
<FILENAME>exhibit11.txt
<DESCRIPTION>STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
<TEXT>
EXHIBIT 11

<TABLE>
<CAPTION>

CELSION CORPORATION
COMPUTATION OF EARNINGS PER SHARE

    ----------------------------------------------------- ------------------------------------------------
                                                                    Six Months Ended March 31,
    ----------------------------------------------------- ------------------------- ----------------------
                                                                    2002                    2001
<S>                                                             <C>                     <C>
    Net (loss) income                                           $(5,394,665)            $(2,953,008)
    ----------------------------------------------------- ------------------------- ----------------------

    Net (loss) income per common share*                         $     (0.06)            $     (0.04)
    ----------------------------------------------------- ------------------------- ----------------------

    Weighted average shares outstanding                          84,008,495              67,775,376
    ----------------------------------------------------- ------------------------- ----------------------
</TABLE>


* Common stock  equivalents  have been excluded from the calculation of net loss
per share as their inclusion would be anti-dilutive.

                                       16

</TEXT>
</DOCUMENT>