<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
SEPTEMBER 30, 1996 FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
       
                                                  
<PERIOD-TYPE>                   YEAR                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1995             DEC-31-1996
<PERIOD-START>                             JAN-01-1995             JAN-01-1996
<PERIOD-END>                               DEC-31-1995             SEP-30-1996
<CASH>                                          18,672                   7,251
<SECURITIES>                                       151                       0
<RECEIVABLES>                                    1,191                   2,081
<ALLOWANCES>                                         0                       0
<INVENTORY>                                          0                       0
<CURRENT-ASSETS>                                20,638                  11,011
<PP&E>                                           2,035                   2,906
<DEPRECIATION>                                     659                   1,161
<TOTAL-ASSETS>                                  46,540                  49,484
<CURRENT-LIABILITIES>                            6,096                   6,154
<BONDS>                                         24,900                  25,829
<PREFERRED-MANDATORY>                                0                       0
<PREFERRED>                                     40,231                  53,241
<COMMON>                                           124                     605
<OTHER-SE>                                    (25,744)                (37,877)
<TOTAL-LIABILITY-AND-EQUITY>                    46,540                  49,484
<SALES>                                          8,689                  12,048
<TOTAL-REVENUES>                                 8,689                  12,048
<CGS>                                                0                       0
<TOTAL-COSTS>                                        0                       0
<OTHER-EXPENSES>                                11,768                  14,092
<LOSS-PROVISION>                                     0                       0
<INTEREST-EXPENSE>                               1,297                   2,710
<INCOME-PRETAX>                               (12,490)                (11,068)
<INCOME-TAX>                                       554                     681
<INCOME-CONTINUING>                           (12,796)                (11,534)
<DISCONTINUED>                                       0                       0
<EXTRAORDINARY>                                      0                       0
<CHANGES>                                            0                       0
<NET-INCOME>                                  (12,796)                (11,534)
<EPS-PRIMARY>                                   (2.77)                  (2.49)
<EPS-DILUTED>                                   (2.77)                  (2.49)