<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> APR-01-1996 <PERIOD-END> JUN-30-1996 <CASH> 7,590,208 <SECURITIES> 4,896,983 <RECEIVABLES> 10,683 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 12,635,270 <PP&E> 1,592,092 <DEPRECIATION> 193,916 <TOTAL-ASSETS> 14,261,942 <CURRENT-LIABILITIES> 1,124,497 <BONDS> 2,800,000 <PREFERRED-MANDATORY> 0 <PREFERRED> 3,867 <COMMON> 1,389 <OTHER-SE> 10,337,445 <TOTAL-LIABILITY-AND-EQUITY> 14,261,942 <SALES> 0 <TOTAL-REVENUES> 0 <CGS> 0 <TOTAL-COSTS> 1,358,549 <OTHER-EXPENSES> 40,049 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 138,359 <INCOME-PRETAX> (1,409,875) <INCOME-TAX> 0 <INCOME-CONTINUING> (1,409,875) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (1,409,875) <EPS-PRIMARY> (0.14) <EPS-DILUTED> (0.14)