<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 
MARCH 31, 1997 FINANCIAL STATEMENTS AS REPORTED ON FORM 10-Q AND IS QUALIFIED 
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               MAR-31-1997
<CASH>                                       6,643,311
<SECURITIES>                                13,603,700
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                            20,416,207
<PP&E>                                         203,694
<DEPRECIATION>                                 107,951
<TOTAL-ASSETS>                              24,127,624
<CURRENT-LIABILITIES>                        1,695,802
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                        611
<COMMON>                                     1,239,324
<OTHER-SE>                                  21,191,887
<TOTAL-LIABILITY-AND-EQUITY>                24,127,624
<SALES>                                         50,000
<TOTAL-REVENUES>                                50,000
<CGS>                                                0
<TOTAL-COSTS>                                2,042,037
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                               2,114
<INCOME-PRETAX>                            (1,664,888)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                        (1,664,888)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                               (1,664,888)
<EPS-PRIMARY>                                   (0.01)
<EPS-DILUTED>                                   (0.01)