<ARTICLE> 5 <MULTIPLIER> 1 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-END> MAR-31-1996 <CASH> 38,921,417 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 39,429,270 <PP&E> 3,912,392 <DEPRECIATION> 1,116,771 <TOTAL-ASSETS> 42,276,473 <CURRENT-LIABILITIES> 1,849,344 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 81,731 <OTHER-SE> 39,241,412 <TOTAL-LIABILITY-AND-EQUITY> 42,276,473 <SALES> 0 <TOTAL-REVENUES> 337,500 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 2,210,163 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 72,358 <INCOME-PRETAX> (1,646,545) <INCOME-TAX> 0 <INCOME-CONTINUING> (1,646,545) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (1,646,545) <EPS-PRIMARY> (.24) <EPS-DILUTED> (.24)