<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND CONDENSED CONSOLIDATED BALANCE SHEETS
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          JUN-30-1998
<PERIOD-START>                             JUL-01-1997
<PERIOD-END>                               MAR-31-1998
<CASH>                                      13,376,776
<SECURITIES>                                42,634,725
<RECEIVABLES>                                1,036,042
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                            31,447,675
<PP&E>                                      17,281,415
<DEPRECIATION>                               5,189,181
<TOTAL-ASSETS>                              69,543,889
<CURRENT-LIABILITIES>                        9,283,640
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                        93,246
<OTHER-SE>                                  60,167,003
<TOTAL-LIABILITY-AND-EQUITY>                69,543,889
<SALES>                                      1,501,151
<TOTAL-REVENUES>                            16,702,487
<CGS>                                          892,739
<TOTAL-COSTS>                               25,871,565
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              27,942
<INCOME-PRETAX>                            (6,708,645)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                        (6,708,645)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                               (6,708,645)
<EPS-PRIMARY>                                    (.72)
<EPS-DILUTED>                                    (.72)