<ARTICLE> 5 <PERIOD-TYPE> YEAR <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> DEC-31-1997 <CASH> 8,736,469 <SECURITIES> 12,129,506 <RECEIVABLES> 90,449 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 21,145,790 <PP&E> 4,588,819 <DEPRECIATION> (2,336,251) <TOTAL-ASSETS> 23,837,796 <CURRENT-LIABILITIES> 5,766,380 <BONDS> 1,548,281 <PREFERRED-MANDATORY> 0 <PREFERRED> 6,051 <COMMON> 664 <OTHER-SE> 15,156,999 <TOTAL-LIABILITY-AND-EQUITY> 23,837,796 <SALES> 0 <TOTAL-REVENUES> 7,579,613 <CGS> 0 <TOTAL-COSTS> 13,128,402 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 516,709 <INCOME-PRETAX> (5,739,969) <INCOME-TAX> 0 <INCOME-CONTINUING> (5,739,969) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (5,739,969) <EPS-PRIMARY> (1.20)<F1> <EPS-DILUTED> (1.20) <FN> <F1>FOR PURPOSES OF THIS EXHIBIT, PRIMARY MEANS BASIC. </FN>