<ARTICLE> 5 <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> JUN-30-1996 <CASH> 48,850,085 <SECURITIES> 47,482,506 <RECEIVABLES> 6,404,189 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 81,677,628 <PP&E> 50,114,320 <DEPRECIATION> 16,777,650 <TOTAL-ASSETS> 139,272,190 <CURRENT-LIABILITIES> 9,602,342 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 25,614 <OTHER-SE> 112,775,034 <TOTAL-LIABILITY-AND-EQUITY> 139,272,190 <SALES> 0 <TOTAL-REVENUES> 11,346,831 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 26,260,904 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 478,058 <INCOME-PRETAX> (15,392,131) <INCOME-TAX> 0 <INCOME-CONTINUING> (15,392,131) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (15,392,131) <EPS-PRIMARY> (0.66) <EPS-DILUTED> 0