<ARTICLE> 5 <PERIOD-TYPE> YEAR <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-END> DEC-31-1996 <CASH> 18,553,831 <SECURITIES> 9,979,776 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 25,982,382 <PP&E> 2,164,351 <DEPRECIATION> (711,383) <TOTAL-ASSETS> 30,733,191 <CURRENT-LIABILITIES> 2,496,849 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 49,821,157 <OTHER-SE> (791,044) <TOTAL-LIABILITY-AND-EQUITY> 30,733,191 <SALES> 0 <TOTAL-REVENUES> 730,000 <CGS> 0 <TOTAL-COSTS> 10,938,886 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 52,075 <INCOME-PRETAX> (9,082,161) <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (9,082,161) <EPS-PRIMARY> (1.22) <EPS-DILUTED> (1.23)