<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM STATEMENT OF
OPERATIONS AND BALANCE SHEET AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH 10-Q.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               MAR-31-1997
<CASH>                                          69,836
<SECURITIES>                                    94,058
<RECEIVABLES>                                    3,062
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                               166,957
<PP&E>                                          18,602
<DEPRECIATION>                                 (9,921)
<TOTAL-ASSETS>                                 175,637
<CURRENT-LIABILITIES>                            5,422
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                           181
<OTHER-SE>                                     170,034
<TOTAL-LIABILITY-AND-EQUITY>                   175,637
<SALES>                                              0
<TOTAL-REVENUES>                                 3,885
<CGS>                                                0
<TOTAL-COSTS>                                    7,974
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                                (4,089)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                            (4,089)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   (4,089)
<EPS-PRIMARY>                                    (.26)
<EPS-DILUTED>                                    (.26)