<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMERY FINANCIAL INFORMATION EXTRACTED FROM THE
CONDENSED BALANCE SHEETS, CONDENSED STATEMENTS OF OPERATIONS AND CONDENSED
STATEMENTS OF STOCKHOLDER'S EQUITY AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.


                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          JUL-31-1998
<PERIOD-END>                               OCT-31-1997
<CASH>                                      18,554,464
<SECURITIES>                                12,698,933
<RECEIVABLES>                                1,739,447
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                               469,966
<PP&E>                                       5,386,573
<DEPRECIATION>                               3,148,038
<TOTAL-ASSETS>                              35,765,589
<CURRENT-LIABILITIES>                        4,351,429
<BONDS>                                              0
<COMMON>                                       107,501
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<OTHER-SE>                                  31,170,350
<TOTAL-LIABILITY-AND-EQUITY>                35,765,589
<SALES>                                      1,715,660
<TOTAL-REVENUES>                                     0
<CGS>                                                0
<TOTAL-COSTS>                                4,543,798
<OTHER-EXPENSES>                             (485,882)
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                            (2,342,256)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                        (2,342,256)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                               (2,342,256)
<EPS-PRIMARY>                                    (.22)
<EPS-DILUTED>                                    (.17)