<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM ITEM 1
FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               SEP-30-1996
<CASH>                                        14438936
<SECURITIES>                                  17533744
<RECEIVABLES>                                   311748
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                              32703494
<PP&E>                                         2150419
<DEPRECIATION>                                  726673
<TOTAL-ASSETS>                                34292356
<CURRENT-LIABILITIES>                          1900024
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                             0
<OTHER-SE>                                    32392332
<TOTAL-LIABILITY-AND-EQUITY>                  34292356
<SALES>                                         934683
<TOTAL-REVENUES>                                934683
<CGS>                                                0
<TOTAL-COSTS>                                 10743359
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                              (9038980)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 (9038980)
<EPS-PRIMARY>                                   (1.13)
<EPS-DILUTED>                                   (1.13)