<ARTICLE> 5
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               SEP-30-1996
<CASH>                                     11,934,788
<SECURITIES>                               0
<RECEIVABLES>                              0
<ALLOWANCES>                               0
<INVENTORY>                                0
<CURRENT-ASSETS>                           12,159,302
<PP&E>                                     863,075
<DEPRECIATION>                             0
<TOTAL-ASSETS>                             14,354,145
<CURRENT-LIABILITIES>                      643,488
<BONDS>                                    8,250,682
<PREFERRED-MANDATORY>                      0
<PREFERRED>                                0
<COMMON>                                   9,061
<OTHER-SE>                                 5,450,914
<TOTAL-LIABILITY-AND-EQUITY>               14,354,145
<SALES>                                    0
<TOTAL-REVENUES>                           0
<CGS>                                      0
<TOTAL-COSTS>                              0
<OTHER-EXPENSES>                           1,365,862
<LOSS-PROVISION>                           0
<INTEREST-EXPENSE>                         171,995
<INCOME-PRETAX>                            (1,537,857)
<INCOME-TAX>                               0
<INCOME-CONTINUING>                        (1,537,857)
<DISCONTINUED>                             0
<EXTRAORDINARY>                            0
<CHANGES>                                  0
<NET-INCOME>                               (1,537,857)
<EPS-PRIMARY>                              (.22)
<EPS-DILUTED>                              (.22)