EXHIBIT 12
 
               COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 


                                                   1994   1995    1996    1997
                                                   ----  ------  ------  ------
                                                             
Losses before tax................................. (228) (1,941) (7,576) (7,965)
Interest expense..................................  --      107     378   1,152
                                                   ----  ------  ------  ------
Adjusted earnings................................. (228) (1,834) (7,198) (6,813)
Ratio.............................................  --      --      --      --
Deficiency........................................ (228) (1,941) (7,576) (7,965)
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