<ARTICLE> 5 <PERIOD-TYPE> 12-MOS <FISCAL-YEAR-END> JUN-30-1997 <PERIOD-START> JUL-01-1996 <PERIOD-END> JUN-30-1997 <CASH> 7,811,634 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 8,170,743 <PP&E> 92,609 <DEPRECIATION> 139,241 <TOTAL-ASSETS> 8,297,774 <CURRENT-LIABILITIES> 1,324,168 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 17,625,646 <OTHER-SE> 0 <TOTAL-LIABILITY-AND-EQUITY> 8,297,774 <SALES> 0 <TOTAL-REVENUES> 62,500 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> (3,345,871) <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> (3,094,210) <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (3,094,210) <EPS-PRIMARY> (1.05) <EPS-DILUTED> 0