<ARTICLE> 5
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JUL-01-1997
<PERIOD-END>                               SEP-30-1997
<CASH>                                       7,254,351
<SECURITIES>                                18,605,097
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                               325,718
<PP&E>                                       3,178,723
<DEPRECIATION>                               1,568,001
<TOTAL-ASSETS>                              27,836,555
<CURRENT-LIABILITIES>                        9,786,853
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                    34,665,004
<OTHER-SE>                                (16,725,748)
<TOTAL-LIABILITY-AND-EQUITY>                27,836,555
<SALES>                                              0
<TOTAL-REVENUES>                             4,700,000
<CGS>                                                0
<TOTAL-COSTS>                                6,084,014
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                            (32,712)
<INCOME-PRETAX>                            (1,122,176)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                        (1,122,176)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                               (1,122,176)
<EPS-PRIMARY>                                   (0.13)
<EPS-DILUTED>                                   (0.13)