<ARTICLE> 5 <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> SEP-30-1996 <CASH> 2,209,936 <SECURITIES> 19,666,084 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 22,186,513 <PP&E> 9,208,719 <DEPRECIATION> (4,209,895) <TOTAL-ASSETS> 27,766,642 <CURRENT-LIABILITIES> 2,902,551 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 73,114,702 <OTHER-SE> 0 <TOTAL-LIABILITY-AND-EQUITY> 27,766,642 <SALES> 0 <TOTAL-REVENUES> 1,466,480 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> (24,254,743) <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 299,192 <INCOME-PRETAX> (22,788,263) <INCOME-TAX> 0 <INCOME-CONTINUING> (22,788,263) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (22,788,263) <EPS-PRIMARY> (1.50) <EPS-DILUTED> (1.50)