<ARTICLE> 5 <MULTIPLIER> 1 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> MAR-31-1996 <CASH> 6,534,129 <SECURITIES> 4,850,672 <RECEIVABLES> 10,683 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 11,607,370 <PP&E> 381,647 <DEPRECIATION> 171,269 <TOTAL-ASSETS> 12,419,373 <CURRENT-LIABILITIES> 528,178 <BONDS> 10,000,000 <PREFERRED-MANDATORY> 0 <PREFERRED> 1,241 <COMMON> 3,859 <OTHER-SE> 1,886,295 <TOTAL-LIABILITY-AND-EQUITY> 12,419,373 <SALES> 0 <TOTAL-REVENUES> 80,378 <CGS> 0 <TOTAL-COSTS> 1,718,432 <OTHER-EXPENSES> 18,100 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 135,356 <INCOME-PRETAX> (1,791,510) <INCOME-TAX> 0 <INCOME-CONTINUING> (1,791,510) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (1,791,510) <EPS-PRIMARY> (0.14) <EPS-DILUTED> (0.14)