<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FINANCIAL
STATEMENTS INCLUDED IN THE REGISTRANT'S QUARTERLY REPORT ON FORM 10-QSB FOR THE
QUARTER ENDED MARCH 31, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO 
SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               MAR-31-1997
<CASH>                                       6,677,133
<SECURITIES>                                 1,197,343
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                             7,993,125
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                               8,103,490
<CURRENT-LIABILITIES>                        1,441,470
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                           554
<OTHER-SE>                                   6,661,466
<TOTAL-LIABILITY-AND-EQUITY>                 8,103,490
<SALES>                                              0
<TOTAL-REVENUES>                             3,144,799
<CGS>                                                0
<TOTAL-COSTS>                               15,661,971
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             165,851
<INCOME-PRETAX>                           (12,517,172)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                              (12,517,172)
<EPS-PRIMARY>                                    (.24)
<EPS-DILUTED>                                    (.24)