<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>                   3-MOS
<FISCAL-YEAR-END>                          JUN-30-1998
<PERIOD-START>                             JUL-01-1997
<PERIOD-END>                               SEP-30-1997
<CASH>                                      20,447,227
<SECURITIES>                                41,351,980
<RECEIVABLES>                                  516,139
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                            51,571,393
<PP&E>                                      15,924,545
<DEPRECIATION>                               3,824,875
<TOTAL-ASSETS>                              74,623,093
<CURRENT-LIABILITIES>                        9,949,691
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                        92,662
<OTHER-SE>                                  64,543,522
<TOTAL-LIABILITY-AND-EQUITY>                74,623,093
<SALES>                                        409,545
<TOTAL-REVENUES>                             5,924,587
<CGS>                                          235,999
<TOTAL-COSTS>                                8,573,864
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              11,448
<INCOME-PRETAX>                            (1,795,801)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                        (1,795,801)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                               (1,795,801)
<EPS-PRIMARY>                                    (.19)
<EPS-DILUTED>                                    (.19)