<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BALANCE
SHEET AND STATEMENT OF OPERATIONS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-END>                               SEP-30-1996
<CASH>                                         479,594
<SECURITIES>                                16,933,986
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                            17,578,011
<PP&E>                                       1,529,028
<DEPRECIATION>                                 778,119
<TOTAL-ASSETS>                              19,685,782
<CURRENT-LIABILITIES>                        1,882,032
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                    49,439,697
<OTHER-SE>                                (34,298,077)
<TOTAL-LIABILITY-AND-EQUITY>                19,685,782
<SALES>                                              0
<TOTAL-REVENUES>                               133,061
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                             6,906,551
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                           1,943,346
<INCOME-PRETAX>                            (8,888,174)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                               (8,888,174)
<EPS-PRIMARY>                                   (1.37)
<EPS-DILUTED>                                   (1.37)