<ARTICLE> 5 <LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE COMPANY'S FIRST QUARTER 10-Q FOR THE PERIOD ENDING MARCH 31, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. </LEGEND> <MULTIPLIER> 1,000 <CURRENCY> US DOLLARS <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> MAR-31-1997 <EXCHANGE-RATE> 1. <CASH> 84,927 <SECURITIES> 190,157 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 276,771 <PP&E> 30,960 <DEPRECIATION> 20,851 <TOTAL-ASSETS> 289,641 <CURRENT-LIABILITIES> 9,101 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 247 <OTHER-SE> 274,960 <TOTAL-LIABILITY-AND-EQUITY> 289,641 <SALES> 0 <TOTAL-REVENUES> 6,918 <CGS> 0 <TOTAL-COSTS> 12,532 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 152 <INCOME-PRETAX> (5,766) <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (5,766) <EPS-PRIMARY> (0.26) <EPS-DILUTED> (0.26)