<ARTICLE> 5
       
                             
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               DEC-31-1996
<CASH>                                      19,921,584
<SECURITIES>                                22,685,855
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                            43,752,211
<PP&E>                                      17,680,503
<DEPRECIATION>                               6,948,401
<TOTAL-ASSETS>                              58,396,743
<CURRENT-LIABILITIES>                        7,267,988
<BONDS>                                      8,222,602
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                       156,144      
<OTHER-SE>                                  34,591,211
<TOTAL-LIABILITY-AND-EQUITY>                58,396,743
<SALES>                                              0
<TOTAL-REVENUES>                             7,104,284
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                            22,809,175
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             618,213
<INCOME-PRETAX>                           (13,759,138)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                       (13,759,138)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                              (13,759,138)
<EPS-PRIMARY>                                    (.89)
<EPS-DILUTED>                                    (.89)