<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND CONDENSED CONSOLIDATED BALANCE SHEETS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          JUN-30-1996
<PERIOD-START>                             JUL-01-1996
<PERIOD-END>                               SEP-30-1996
<CASH>                                      14,844,580
<SECURITIES>                                51,984,468
<RECEIVABLES>                                   16,987
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                            52,160,516
<PP&E>                                      12,386,095
<DEPRECIATION>                               1,739,501
<TOTAL-ASSETS>                              77,630,775
<CURRENT-LIABILITIES>                        9,664,370
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                        87,265
<OTHER-SE>                                  67,489,888
<TOTAL-LIABILITY-AND-EQUITY>                77,630,775
<SALES>                                              0
<TOTAL-REVENUES>                             2,195,781
<CGS>                                                0
<TOTAL-COSTS>                                5,854,702
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              19,652
<INCOME-PRETAX>                            (2,830,079)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                        (2,830,079)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                               (2,830,079)
<EPS-PRIMARY>                                        0
<EPS-DILUTED>                                        0