<ARTICLE> 5 <MULTIPLIER> 1 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-END> SEP-30-1997 <CASH> 26,990,232 <SECURITIES> 18,802,820 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 46,790,361 <PP&E> 16,016,048 <DEPRECIATION> 2,098,563 <TOTAL-ASSETS> 60,711,246 <CURRENT-LIABILITIES> 1,887,932 <BONDS> 10,082,500 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 95,139 <OTHER-SE> 49,692,206 <TOTAL-LIABILITY-AND-EQUITY> 60,711,246 <SALES> 0 <TOTAL-REVENUES> 708,667 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 8,391,484 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 388,246 <INCOME-PRETAX> (6,051,324) <INCOME-TAX> 0 <INCOME-CONTINUING> (6,051,324) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (6,051,324) <EPS-PRIMARY> (.65) <EPS-DILUTED> (.65)