<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FORM 10-Q FOR
THE QUARTERLY PERIOD ENDED JUNE 30, 1997 AND IS QUALIFIED IN IT'S ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               JUN-30-1997
<CASH>                                      50,111,941
<SECURITIES>                                24,335,822
<RECEIVABLES>                                1,254,262
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                            76,080,109
<PP&E>                                       1,208,833
<DEPRECIATION>                                 210,381
<TOTAL-ASSETS>                              77,176,460
<CURRENT-LIABILITIES>                        3,780,315
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                        19,585
<OTHER-SE>                                  73,022,744
<TOTAL-LIABILITY-AND-EQUITY>                77,176,460
<SALES>                                              0
<TOTAL-REVENUES>                                     0
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                            10,658,089
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                            (9,160,899)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                        (9,160,899)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                               (9,160,899)
<EPS-PRIMARY>                                        0
<EPS-DILUTED>                                        0