<ARTICLE> 5 <MULTIPLIER> 1,000 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> MAR-31-1997 <CASH> 9,651 <SECURITIES> 34,367 <RECEIVABLES> 2,158 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 46,176 <PP&E> 6,298 <DEPRECIATION> (3,817) <TOTAL-ASSETS> 49,891 <CURRENT-LIABILITIES> 1,926 <BONDS> 1,605 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 154 <OTHER-SE> 46,206 <TOTAL-LIABILITY-AND-EQUITY> 49,891 <SALES> 0 <TOTAL-REVENUES> 1,737 <CGS> 0 <TOTAL-COSTS> 2,794 <OTHER-EXPENSES> 897 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 48 <INCOME-PRETAX> (2,002) <INCOME-TAX> 0 <INCOME-CONTINUING> (2,002) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (2,002) <EPS-PRIMARY> (.13) <EPS-DILUTED> (.13)