<ARTICLE> 5 <MULTIPLIER> 1 <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-END> SEP-30-1996 <CASH> 35,717,379 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 36,080,905 <PP&E> 4,338,315 <DEPRECIATION> 1,402,538 <TOTAL-ASSETS> 39,031,731 <CURRENT-LIABILITIES> 1,757,752 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 82,036 <OTHER-SE> 36,430,084 <TOTAL-LIABILITY-AND-EQUITY> 39,031,731 <SALES> 0 <TOTAL-REVENUES> 1,006,100 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 6,688,077 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 196,148 <INCOME-PRETAX> (4,599,880) <INCOME-TAX> 0 <INCOME-CONTINUING> (4,599,880) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (4,599,880) <EPS-PRIMARY> (.60) <EPS-DILUTED> (.60)