<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information derived from the Company's
Condensed Balance Sheet as of September 30, 1986 (Unaudited) and Condensed
Statements of Operations for the Nine Months Ended September 30, 1996
(Unaudited) and is qualified in its entirety by the reference to such financial
statements.
</LEGEND>
<MULTIPLIER> 1000
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               SEP-30-1996
<CASH>                                          25,784
<SECURITIES>                                    35,749
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                62,703
<PP&E>                                          15,698
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                                  84,861
<CURRENT-LIABILITIES>                           19,906
<BONDS>                                          4,951
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                            26
<OTHER-SE>                                      59,978
<TOTAL-LIABILITY-AND-EQUITY>                    84,861
<SALES>                                              0
<TOTAL-REVENUES>                                18,225
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                35,818
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                 766
<INCOME-PRETAX>                               (18,359)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                           (18,359)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                  (18,359)
<EPS-PRIMARY>                                    (.72)
<EPS-DILUTED>                                    (.72)