<ARTICLE> 5 <CURRENCY> U.S. DOLLARS <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> MAR-31-1996 <EXCHANGE-RATE> 1 <CASH> 8,414,000 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 8,534,000 <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 8,570,000 <CURRENT-LIABILITIES> 1,556,000 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 125,000 <OTHER-SE> 6,889,000 <TOTAL-LIABILITY-AND-EQUITY> 8,570,000 <SALES> 0 <TOTAL-REVENUES> 0 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 737,000 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> (636,000) <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (636,000) <EPS-PRIMARY> 0.25 <EPS-DILUTED> 0