<ARTICLE> 5 <MULTIPLIER> 1,000 <CURRENCY> U.S. DOLLARS <PERIOD-TYPE> YEAR <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> DEC-31-1996 <EXCHANGE-RATE> 1 <CASH> 14,555 <SECURITIES> 9,999 <RECEIVABLES> 428 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 25,106 <PP&E> 2,541 <DEPRECIATION> (1,057) <TOTAL-ASSETS> 47,922 <CURRENT-LIABILITIES> 10,202 <BONDS> 0 <PREFERRED-MANDATORY> 2,000 <PREFERRED> 0 <COMMON> 9 <OTHER-SE> 59,605 <TOTAL-LIABILITY-AND-EQUITY> 47,922 <SALES> 0 <TOTAL-REVENUES> 428 <CGS> 0 <TOTAL-COSTS> 594 <OTHER-EXPENSES> 18,595 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 943 <INCOME-PRETAX> (18,514) <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (18,514) <EPS-PRIMARY> (2.71) <EPS-DILUTED> (2.71)