<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information derived from
the Company's Condensed Balance Sheet as of March 31, 1997 (Unaudited)
and Condensed Statements of Operations for the Three Months Ended
March 31, 1997(Unaudited) and is qualified in its entirety by the
reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1000
       
                          
<PERIOD-TYPE>                3-MOS
<FISCAL-YEAR-END>                      DEC-31-1996
<PERIOD-START>                         JAN-01-1997
<PERIOD-END>                           MAR-31-1997
<CASH>                                  26,249
<SECURITIES>                            45,146
<RECEIVABLES>                                0
<ALLOWANCES>                                 0
<INVENTORY>                                  0
<CURRENT-ASSETS>                        73,186
<PP&E>                                  17,791
<DEPRECIATION>                               0
<TOTAL-ASSETS>                          97,838
<CURRENT-LIABILITIES>                   27,034
<BONDS>                                 19,817
<PREFERRED-MANDATORY>                        0
<PREFERRED>                                  0
<COMMON>                                    26
<OTHER-SE>                              50,961
<TOTAL-LIABILITY-AND-EQUITY>            97,838
<SALES>                                      0
<TOTAL-REVENUES>                         5,573
<CGS>                                        0
<TOTAL-COSTS>                                0
<OTHER-EXPENSES>                        13,493
<LOSS-PROVISION>                             0
<INTEREST-EXPENSE>                         634
<INCOME-PRETAX>                         (8,554)
<INCOME-TAX>                                 0
<INCOME-CONTINUING>                     (8,554)
<DISCONTINUED>                               0
<EXTRAORDINARY>                              0
<CHANGES>                                    0
<NET-INCOME>                            (8,554)
<EPS-PRIMARY>                             (.33)
<EPS-DILUTED>                             (.33)