<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM 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>                   9-MOS
<FISCAL-YEAR-END>                          JUN-30-1997
<PERIOD-START>                             JUL-01-1996
<PERIOD-END>                               MAR-31-1997
<CASH>                                      16,718,418
<SECURITIES>                                40,712,482
<RECEIVABLES>                                  367,410
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                            37,423,610
<PP&E>                                      14,622,201
<DEPRECIATION>                               2,704,025
<TOTAL-ASSETS>                              70,247,668
<CURRENT-LIABILITIES>                        8,498,783
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                        90,597
<OTHER-SE>                                  61,440,345
<TOTAL-LIABILITY-AND-EQUITY>                70,247,668
<SALES>                                        191,738
<TOTAL-REVENUES>                             7,689,266
<CGS>                                          132,979
<TOTAL-COSTS>                               19,638,922
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              53,081
<INCOME-PRETAX>                            (9,509,316)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                        (9,509,316)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                               (9,509,316)
<EPS-PRIMARY>                                   (1.08)
<EPS-DILUTED>                                   (1.08)