<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
Consolidated Balance Sheets and Consolidated Statements of Operations found on
pages 3 and 4 of the Company's Form 10-Q for the year-to-date and is qualified
in its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-END>                               MAR-31-1996
<CASH>                                          49,364
<SECURITIES>                                   254,449
<RECEIVABLES>                                    2,530<F2>
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                               306,343
<PP&E>                                           7,928<F1>
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                                 315,433
<CURRENT-LIABILITIES>                           14,950
<BONDS>                                          2,812
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                            28
<OTHER-SE>                                     297,643
<TOTAL-LIABILITY-AND-EQUITY>                   315,433
<SALES>                                              0
<TOTAL-REVENUES>                                   779
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                 9,309
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                               (10,802)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                           (10,802)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                  (10,802)
<EPS-PRIMARY>                                   (0.42)
<EPS-DILUTED>                                        0
<FN>
<F2>Includes Prepaid expenses and other current assets.
<F1>Property, plant and equipment is net of depreciation.
</FN>