<ARTICLE> 5 <PERIOD-TYPE> YEAR <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> DEC-31-1996 <CASH> 19,954,827 <SECURITIES> 7,588,693 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 27,669,869 <PP&E> 1,731,312 <DEPRECIATION> (603,281) <TOTAL-ASSETS> 29,254,938 <CURRENT-LIABILITIES> 821,121 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 82,580 <OTHER-SE> 28,351,237 <TOTAL-LIABILITY-AND-EQUITY> 29,254,938 <SALES> 0 <TOTAL-REVENUES> 0 <CGS> 0 <TOTAL-COSTS> (6,802,541) <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 863,460 <INCOME-PRETAX> (5,939,081) <INCOME-TAX> 0 <INCOME-CONTINUING> (5,939,081) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (5,939,081) <EPS-PRIMARY> (0.88) <EPS-DILUTED> (0.88)