<ARTICLE> 5 <MULTIPLIER> 1 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-END> JUN-30-1997 <CASH> 28,121,460 <SECURITIES> 19,013,761 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 49,796,929 <PP&E> 14,837,021 <DEPRECIATION> 1,879,959 <TOTAL-ASSETS> 62,757,391 <CURRENT-LIABILITIES> 1,745,491 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 94,953 <OTHER-SE> 51,701,754 <TOTAL-LIABILITY-AND-EQUITY> 62,757,391 <SALES> 0 <TOTAL-REVENUES> 625,000 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 5,437,867 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 229,075 <INCOME-PRETAX> (3,870,462) <INCOME-TAX> 0 <INCOME-CONTINUING> (3,870,462) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (3,870,462) <EPS-PRIMARY> (.42) <EPS-DILUTED> (.42)