<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND CONDENSED CONSOLIDATED 
BALANCE SHEETS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          JUN-30-1997
<PERIOD-START>                             JUL-01-1996
<PERIOD-END>                               DEC-31-1996
<CASH>                                      15,259,726
<SECURITIES>                                47,032,482
<RECEIVABLES>                                  123,896
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                            40,447,537
<PP&E>                                      13,297,007
<DEPRECIATION>                               2,200,089
<TOTAL-ASSETS>                              73,890,186
<CURRENT-LIABILITIES>                        9,317,097
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                        87,734
<OTHER-SE>                                  64,180,621
<TOTAL-LIABILITY-AND-EQUITY>                73,890,186
<SALES>                                         34,060
<TOTAL-REVENUES>                             4,947,581
<CGS>                                           24,283
<TOTAL-COSTS>                               12,921,247
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              37,391
<INCOME-PRETAX>                             (6,283,772)        
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                         (6,283,772)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                (6,283,772)
<EPS-PRIMARY>                                    (0.72)
<EPS-DILUTED>                                    (0.72)