<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> MAR-31-1997 <CASH> 892,618 <SECURITIES> 14,661,159 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 15,792,327 <PP&E> 9,908,943 <DEPRECIATION> 5,057,205 <TOTAL-ASSETS> 21,231,983 <CURRENT-LIABILITIES> 2,968,407 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 73,397,577 <OTHER-SE> 0 <TOTAL-LIABILITY-AND-EQUITY> 21,231,983 <SALES> 0 <TOTAL-REVENUES> 405,973 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 3,794,108 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 86,893 <INCOME-PRETAX> 0 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (3,475,028) <EPS-PRIMARY> (.17) <EPS-DILUTED> 0