<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FINANCIAL
STATEMENTS AS REPORTED ON FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               SEP-30-1996
<CASH>                                      11,233,882
<SECURITIES>                                12,515,900
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                            24,133,498
<PP&E>                                         166,399
<DEPRECIATION>                                  44,944
<TOTAL-ASSETS>                              27,870,626
<CURRENT-LIABILITIES>                        1,525,762
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                      1,353
<COMMON>                                     1,106,708
<OTHER-SE>                                  25,236,803
<TOTAL-LIABILITY-AND-EQUITY>                27,870,626
<SALES>                                        149,454
<TOTAL-REVENUES>                               149,454
<CGS>                                                0
<TOTAL-COSTS>                                4,355,909
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             437,892
<INCOME-PRETAX>                             (3,768,563)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                         (3,768,563)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                (3,768,563)
<EPS-PRIMARY>                                     (.04)
<EPS-DILUTED>                                     (.04)