<ARTICLE> 5 <PERIOD-TYPE> YEAR <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-31-1997 <PERIOD-END> DEC-31-1997 <CASH> 36,103,533 <SECURITIES> 21,838,568 <RECEIVABLES> 391,667 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 58,615,018 <PP&E> 7,703,953 <DEPRECIATION> 3,687,915 <TOTAL-ASSETS> 62,634,323 <CURRENT-LIABILITIES> 2,249,843 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 12,209 <OTHER-SE> 60,306,927 <TOTAL-LIABILITY-AND-EQUITY> 62,634,323 <SALES> 0 <TOTAL-REVENUES> 9,217,924 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 20,676,583 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 67,917 <INCOME-PRETAX> (11,526,576) <INCOME-TAX> 167,765 <INCOME-CONTINUING> (11,694,341) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (11,694,341) <EPS-PRIMARY> (0.98) <EPS-DILUTED> (0.98)