<ARTICLE> 5
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               MAR-31-1997
<CASH>                                         104,742
<SECURITIES>                                   192,652
<RECEIVABLES>                                    3,340 <F2>
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                               300,734
<PP&E>                                          10,301 <F1>
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                                 312,400
<CURRENT-LIABILITIES>                           24,871
<BONDS>                                          2,215
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                            29
<OTHER-SE>                                     285,285
<TOTAL-LIABILITY-AND-EQUITY>                   312,400
<SALES>                                          3,034
<TOTAL-REVENUES>                                 5,466
<CGS>                                              487
<TOTAL-COSTS>                                      487
<OTHER-EXPENSES>                                10,826
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                 160
<INCOME-PRETAX>                                (7,948)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                            (7,948)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   (7,948)
<EPS-PRIMARY>                                   (0.27)
<EPS-DILUTED>                                        0
<FN>
<F1> AMOUNT IS NET OF ACCUMULATED DEPRECIATION
<F2> INCLUDES ALL OTHER CURRENT ASSETS
</FN>