<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JUL-01-1996 <PERIOD-END> SEP-30-1996 <CASH> 4,101,183 <SECURITIES> 4,959,470 <RECEIVABLES> 10,683 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 9,126,695 <PP&E> 1,592,092 <DEPRECIATION> 220,991 <TOTAL-ASSETS> 13,182,989 <CURRENT-LIABILITIES> 1,229,678 <BONDS> 2,300,000 <PREFERRED-MANDATORY> 0 <PREFERRED> 3,859 <COMMON> 1,407 <OTHER-SE> 9,648,037 <TOTAL-LIABILITY-AND-EQUITY> 13,182,989 <SALES> 150,000 <TOTAL-REVENUES> 150,000 <CGS> 0 <TOTAL-COSTS> 1,190,487 <OTHER-EXPENSES> (152,687) <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 46,334 <INCOME-PRETAX> (934,134) <INCOME-TAX> 0 <INCOME-CONTINUING> (934,134) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (934,134) <EPS-PRIMARY> (0.07) <EPS-DILUTED> (0.07)