<ARTICLE> 5 <PERIOD-TYPE> 12-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-END> DEC-31-1996 <CASH> 6,412,000 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 6,615,000 <PP&E> 2,589,000 <DEPRECIATION> 150,000 <TOTAL-ASSETS> 11,074,000 <CURRENT-LIABILITIES> 1,827,000 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 538,000 <COMMON> 233,000 <OTHER-SE> 7,786,000 <TOTAL-LIABILITY-AND-EQUITY> 11,074,000 <SALES> 0 <TOTAL-REVENUES> 164,000 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 19,826,000 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 4,000 <INCOME-PRETAX> (19,666,000) <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (19,666,000) <EPS-PRIMARY> (2.03) <EPS-DILUTED> (1.00)