<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ITEM 1 OF
FORM 10-Q FOR THE PERIOD ENDED MARCH 31, 1996 AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH 10-Q.
</LEGEND>
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               MAR-31-1996
<EXCHANGE-RATE>                                      1
<CASH>                                          12,531
<SECURITIES>                                    36,475
<RECEIVABLES>                                       67
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                50,275
<PP&E>                                          11,426
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                                  62,131
<CURRENT-LIABILITIES>                           16,671
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                            10
<OTHER-SE>                                      44,901
<TOTAL-LIABILITY-AND-EQUITY>                    62,131
<SALES>                                              0
<TOTAL-REVENUES>                                 5,583
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                 7,371
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                                (2,058)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                            (2,058)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   (2,058)
<EPS-PRIMARY>                                   (0.21)
<EPS-DILUTED>                                   (0.21)