<ARTICLE> 5 <MULTIPLIER> 1 <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-END> JUN-30-1996 <CASH> 36,853,113 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 37,274,068 <PP&E> 4,116,883 <DEPRECIATION> 1,257,339 <TOTAL-ASSETS> 40,148,661 <CURRENT-LIABILITIES> 1,464,315 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 81,830 <OTHER-SE> 37,693,191 <TOTAL-LIABILITY-AND-EQUITY> 40,148,661 <SALES> 0 <TOTAL-REVENUES> 693,600 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 4,581,051 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 137,830 <INCOME-PRETAX> (3,230,298) <INCOME-TAX> 0 <INCOME-CONTINUING> (3,230,298) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (3,230,298) <EPS-PRIMARY> (.43) <EPS-DILUTED> (.43)