<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> MAR-31-1997 <CASH> 66,378,881 <SECURITIES> 0 <RECEIVABLES> 104,456 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 66,483,337 <PP&E> 5,789,526 <DEPRECIATION> (2,702,665) <TOTAL-ASSETS> 69,575,659 <CURRENT-LIABILITIES> 1,900,373 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 11,881 <OTHER-SE> 67,424,977 <TOTAL-LIABILITY-AND-EQUITY> 69,575,659 <SALES> 0 <TOTAL-REVENUES> 1,929,285 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> (4,619,770) <LOSS-PROVISION> 0 <INTEREST-EXPENSE> (21,870) <INCOME-PRETAX> (2,712,355) <INCOME-TAX> 0 <INCOME-CONTINUING> (2,712,355) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (2,712,355) <EPS-PRIMARY> (0.23) <EPS-DILUTED> 0