<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEETS, STATEMENTS OF OPERATIONS AND STATEMENTS OF CASH
FLOWS INCLUDED IN THE COMPANY'S FORM 10-Q FOR THE PERIOD ENDED SEPTEMBER 30,
1996, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS
AND NOTES THERETO.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               SEP-30-1996
<CASH>                                           4,407
<SECURITIES>                                    61,984
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                47,993
<PP&E>                                          16,789
<DEPRECIATION>                                 (8,572)
<TOTAL-ASSETS>                                  77,897
<CURRENT-LIABILITIES>                           15,743
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                        14,268
<OTHER-SE>                                      47,316
<TOTAL-LIABILITY-AND-EQUITY>                    77,897
<SALES>                                              0
<TOTAL-REVENUES>                                16,195
<CGS>                                                0
<TOTAL-COSTS>                                   18,126
<OTHER-EXPENSES>                                 4,109
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                 486
<INCOME-PRETAX>                                (4,328)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                            (4,328)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   (4,328)
<EPS-PRIMARY>                                    (.34)
<EPS-DILUTED>                                    (.34)