<ARTICLE>                              5
       
                                    
<PERIOD-TYPE>                          9-MOS
<FISCAL-YEAR-END>                      DEC-31-1995
<PERIOD-END>                           SEP-30-1996
<CASH>                                   3,106,470
<SECURITIES>                            20,602,589
<RECEIVABLES>                              250,271
<ALLOWANCES>                                     0
<INVENTORY>                                      0
<CURRENT-ASSETS>                        24,680,911
<PP&E>                                   9,637,629
<DEPRECIATION>                           7,748,229
<TOTAL-ASSETS>                          26,792,384
<CURRENT-LIABILITIES>                    2,429,251
<BONDS>                                  2,026,043
<COMMON>                                    96,746
<PREFERRED-MANDATORY>                            0
<PREFERRED>                             21,990,511
<OTHER-SE>                                  94,320
<TOTAL-LIABILITY-AND-EQUITY>            26,792,384
<SALES>                                  1,096,605
<TOTAL-REVENUES>                         2,798,022
<CGS>                                      683,005
<TOTAL-COSTS>                              683,005
<OTHER-EXPENSES>                        14,104,876
<LOSS-PROVISION>                                 0
<INTEREST-EXPENSE>                         360,535
<INCOME-PRETAX>                                  0
<INCOME-TAX>                                     0
<INCOME-CONTINUING>                    (12,648,997)
<DISCONTINUED>                                   0
<EXTRAORDINARY>                                  0
<CHANGES>                                        0
<NET-INCOME>                           (12,648,997)
<EPS-PRIMARY>                                (1.37)
<EPS-DILUTED>                                    0