<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>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-END>                               MAR-31-1996
<CASH>                                         304,733
<SECURITIES>                                 8,856,555
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                             9,346,152
<PP&E>                                       1,389,407
<DEPRECIATION>                                 616,020
<TOTAL-ASSETS>                              11,823,637
<CURRENT-LIABILITIES>                        2,351,351
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                    35,271,919
<OTHER-SE>                                (28,879,563)
<TOTAL-LIABILITY-AND-EQUITY>                11,823,637
<SALES>                                              0
<TOTAL-REVENUES>                                49,705
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                             1,747,091
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                           1,623,129
<INCOME-PRETAX>                            (3,424,769)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                               (3,424,769)
<EPS-PRIMARY>                                   (1.00)
<EPS-DILUTED>                                   (0.89)