<ARTICLE> 5 <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> SEP-30-1996 <CASH> 26,056,739 <SECURITIES> 2,977,365 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 29,236,468 <PP&E> 1,593,042 <DEPRECIATION> (533,518) <TOTAL-ASSETS> 30,638,758 <CURRENT-LIABILITIES> 527,007 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 81,283 <OTHER-SE> 30,030,468 <TOTAL-LIABILITY-AND-EQUITY> 30,638,758 <SALES> 0 <TOTAL-REVENUES> 0 <CGS> 0 <TOTAL-COSTS> (4,232,111) <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 472,311 <INCOME-PRETAX> (3,759,800) <INCOME-TAX> 0 <INCOME-CONTINUING> (3,759,800) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (3,759,800) <EPS-PRIMARY> (0.60) <EPS-DILUTED> (0.60)