<ARTICLE> 5 <MULTIPLIER> 1,000 <CURRENCY> U.S. DOLLARS <PERIOD-TYPE> YEAR 6-MOS <FISCAL-YEAR-END> DEC-31-1995 DEC-31-1996 <PERIOD-START> JAN-01-1995 JAN-01-1996 <PERIOD-END> DEC-31-1995 JUN-30-1996 <EXCHANGE-RATE> 1 1 <CASH> 5,884 5,258 <SECURITIES> 32,778 24,148 <RECEIVABLES> 400 696 <ALLOWANCES> 0 0 <INVENTORY> 0 0 <CURRENT-ASSETS> 39,628 31,008 <PP&E> 10,114 15,788 <DEPRECIATION> 1,503 2,196 <TOTAL-ASSETS> 48,978 45,357 <CURRENT-LIABILITIES> 4,253 3,543 <BONDS> 0 0 <PREFERRED-MANDATORY> 0 0 <PREFERRED> 0 0 <COMMON> 67,134 67,483 <OTHER-SE> 25,620 31,667 <TOTAL-LIABILITY-AND-EQUITY> 48,978 45,357 <SALES> 0 0 <TOTAL-REVENUES> 6,826 2,665 <CGS> 0 0 <TOTAL-COSTS> 12,699 7,720 <OTHER-EXPENSES> 0 0 <LOSS-PROVISION> 0 0 <INTEREST-EXPENSE> 405 322 <INCOME-PRETAX> (8,021) (6,047) <INCOME-TAX> 0 0 <INCOME-CONTINUING> (8,021) (6,047) <DISCONTINUED> 0 0 <EXTRAORDINARY> 0 0 <CHANGES> 0 0 <NET-INCOME> (8,021) (6,047) <EPS-PRIMARY> (.92) (0.53) <EPS-DILUTED> 0 0