<ARTICLE>                       5
<LEGEND>
      This schedule  contains summary  information  extracted from the financial
      statements  of Part II, Item 8, of the  December 31, 1997 Form 10-K and is
      qualified in its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER>                                   1,000
       
                             
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                             DEC-31-1997
<PERIOD-START>                                JAN-01-1997       
<PERIOD-END>                                  DEC-31-1997    
<CASH>                                              2,558    
<SECURITIES>                                       57,052    
<RECEIVABLES>                                           0    
<ALLOWANCES>                                            0    
<INVENTORY>                                             0    
<CURRENT-ASSETS>                                   60,795    
<PP&E>                                             23,165    
<DEPRECIATION>                                    (11,294)    
<TOTAL-ASSETS>                                     75,780    
<CURRENT-LIABILITIES>                               4,124    
<BONDS>                                             2,200    
<PREFERRED-MANDATORY>                                   0    
<PREFERRED>                                           400    
<COMMON>                                               24    
<OTHER-SE>                                         67,802    
<TOTAL-LIABILITY-AND-EQUITY>                       75,780    
<SALES>                                                 0    
<TOTAL-REVENUES>                                    5,348    
<CGS>                                                   0    
<TOTAL-COSTS>                                      21,811    
<OTHER-EXPENSES>                                   (1,523)    
<LOSS-PROVISION>                                        0   
<INTEREST-EXPENSE>                                    551    
<INCOME-PRETAX>                                   (15,491)    
<INCOME-TAX>                                            0    
<INCOME-CONTINUING>                               (15,491)    
<DISCONTINUED>                                          0    
<EXTRAORDINARY>                                         0    
<CHANGES>                                               0    
<NET-INCOME>                                      (15,491)    
<EPS-PRIMARY>                                       (0.67)    
<EPS-DILUTED>                                       (0.67)