<ARTICLE> 5 <LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE JUNE 30, 1996 FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. </LEGEND> <MULTIPLIER> 1,000 <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 <CASH> 18,672 14,772 <SECURITIES> 151 0 <RECEIVABLES> 1,191 2,152 <ALLOWANCES> 0 0 <INVENTORY> 0 0 <CURRENT-ASSETS> 20,638 18,854 <PP&E> 2,035 2,657 <DEPRECIATION> 659 998 <TOTAL-ASSETS> 46,540 52,185 <CURRENT-LIABILITIES> 6,096 5,283 <BONDS> 24,900 25,403 <PREFERRED-MANDATORY> 0 0 <PREFERRED> 40,231 53,241 <COMMON> 124 356 <OTHER-SE> (270) (634) <TOTAL-LIABILITY-AND-EQUITY> 46,540 52,185 <SALES> 8,689 7,923 <TOTAL-REVENUES> 8,689 7,923 <CGS> 0 0 <TOTAL-COSTS> 0 0 <OTHER-EXPENSES> 11,768 8,956 <LOSS-PROVISION> 0 0 <INTEREST-EXPENSE> 1,297 1,855 <INCOME-PRETAX> (12,490) (7,067) <INCOME-TAX> 554 383 <INCOME-CONTINUING> (12,796) (7,326) <DISCONTINUED> 0 0 <EXTRAORDINARY> 0 0 <CHANGES> 0 0 <NET-INCOME> (12,796) (7,326) <EPS-PRIMARY> (2.77) (1.58) <EPS-DILUTED> (2.77) (1.58)