<ARTICLE> 5 <MULTIPLIER> 1 <PERIOD-TYPE> YEAR <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-END> DEC-31-1996 <CASH> 32,845,025 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 33,128,975 <PP&E> 5,527,946 <DEPRECIATION> 1,554,327 <TOTAL-ASSETS> 37,117,643 <CURRENT-LIABILITIES> 1,362,642 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 82,146 <OTHER-SE> 35,037,644 <TOTAL-LIABILITY-AND-EQUITY> 37,117,643 <SALES> 0 <TOTAL-REVENUES> 1,383,350 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 9,006,959 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 247,032 <INCOME-PRETAX> (6,140,696) <INCOME-TAX> 0 <INCOME-CONTINUING> (6,140,696) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (6,140,696) <EPS-PRIMARY> (.78) <EPS-DILUTED> (.78)