<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FINANCIAL
STATEMENTS AS REPORTED ON FORM 10-K AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
                             
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               DEC-31-1996
<CASH>                                       8,580,206
<SECURITIES>                                12,995,022
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                            22,436,459
<PP&E>                                         188,948
<DEPRECIATION>                                  87,951
<TOTAL-ASSETS>                              26,153,130
<CURRENT-LIABILITIES>                        2,052,724
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                      1,336
<COMMON>                                     1,110,485
<OTHER-SE>                                  22,988,585
<TOTAL-LIABILITY-AND-EQUITY>                24,100,406
<SALES>                                        200,000
<TOTAL-REVENUES>                               200,000
<CGS>                                                0
<TOTAL-COSTS>                                7,047,399
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             300,558
<INCOME-PRETAX>                            (5,996,147)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                        (5,996,147)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                               (5,996,147)
<EPS-PRIMARY>                                   (0.06)
<EPS-DILUTED>                                   (0.06)