<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM (A) THE
COMPANY'S FORM 10-Q FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH (B) FINANCIAL STATEMENTS.
</LEGEND>
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-START>                             JAN-01-1995
<PERIOD-END>                               MAR-31-1995
<CASH>                                          64,514
<SECURITIES>                                11,373,938
<RECEIVABLES>                                  243,078
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                            12,233,741
<PP&E>                                       1,721,076
<DEPRECIATION>                                 851,774
<TOTAL-ASSETS>                              20,798,504
<CURRENT-LIABILITIES>                        1,062,031
<BONDS>                                              0
<COMMON>                                         7,872
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<OTHER-SE>                                  19,728,601
<TOTAL-LIABILITY-AND-EQUITY>                20,798,504
<SALES>                                              0
<TOTAL-REVENUES>                               325,058
<CGS>                                                0
<TOTAL-COSTS>                                2,260,002
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                            (1,934,944)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                        (1,934,944)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                               (1,934,944)
<EPS-PRIMARY>                                    (.25)
<EPS-DILUTED>                                    (.25)