<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)