<ARTICLE>                  5
<LEGEND>
     THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
BALANCE SHEET, THE STATEMENT OF OPERATIONS, AND THE STATEMENT OF CASH FLOWS AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>

<MULTIPLIER>                    1,000
<PERIOD-START>                                AUG-01-1996
       
                             
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                             JUL-31-1997
<PERIOD-END>                                  JUL-31-1997
<CASH>                                             16,743
<SECURITIES>                                        6,006
<RECEIVABLES>                                           0
<ALLOWANCES>                                            0
<INVENTORY>                                             0
<CURRENT-ASSETS>                                   22,981
<PP&E>                                              3,300
<DEPRECIATION>                                     (2,514)
<TOTAL-ASSETS>                                     24,261
<CURRENT-LIABILITIES>                               2,414
<BONDS>                                                 0
<PREFERRED-MANDATORY>                                   0
<PREFERRED>                                             0
<COMMON>                                                1
<OTHER-SE>                                         21,846
<TOTAL-LIABILITY-AND-EQUITY>                       24,261
<SALES>                                                 0
<TOTAL-REVENUES>                                    3,811
<CGS>                                                   0
<TOTAL-COSTS>                                      11,906
<OTHER-EXPENSES>                                        0
<LOSS-PROVISION>                                        0
<INTEREST-EXPENSE>                                    844
<INCOME-PRETAX>                                    (7,252)
<INCOME-TAX>                                            0
<INCOME-CONTINUING>                                (7,252)
<DISCONTINUED>                                          0
<EXTRAORDINARY>                                         0
<CHANGES>                                               0
<NET-INCOME>                                       (7,252)
<EPS-PRIMARY>                                       (0.97)
<EPS-DILUTED>                                       (0.97)