<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>