<ARTICLE> 5 <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> JUN-30-1996 <CASH> 7,238,531 <SECURITIES> 17,193,038 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 24,961,457 <PP&E> 8,886,819 <DEPRECIATION> 3,743,433 <TOTAL-ASSETS> 30,505,573 <CURRENT-LIABILITIES> 3,822,646 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 71,117,882 <OTHER-SE> (46,863,807) <TOTAL-LIABILITY-AND-EQUITY> 30,505,573 <SALES> 0 <TOTAL-REVENUES> 0 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 4,797,639 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 413,813 <INCOME-PRETAX> (19,268,216) <INCOME-TAX> 0 <INCOME-CONTINUING> (19,268,216) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (19,268,216) <EPS-PRIMARY> (1.52) <EPS-DILUTED> (1.52)