<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Item 1 of
Form 10-Q for the period ended September 30, 1996 and is qualified in its
entirety by reference to such 10-Q.
</LEGEND>
<MULTIPLIER> 1,000
<CURRENCY> U.S. Dollars
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               SEP-30-1996
<EXCHANGE-RATE>                                      1
<CASH>                                          19,748
<SECURITIES>                                    29,946
<RECEIVABLES>                                    3,028
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                53,907
<PP&E>                                          20,016
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                                  74,384
<CURRENT-LIABILITIES>                           29,340
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                            10
<OTHER-SE>                                      32,151
<TOTAL-LIABILITY-AND-EQUITY>                    74,384
<SALES>                                              0
<TOTAL-REVENUES>                                27,604
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                36,414
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                                (6,987)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                            (6,987)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   (6,987)
<EPS-PRIMARY>                                   (0.69)
<EPS-DILUTED>                                   (0.69)