<ARTICLE> 5 <MULTIPLIER> 1,000 <PERIOD-TYPE> Year <FISCAL-YEAR-END> Dec-31-1997 <PERIOD-START> Jan-01-1997 <PERIOD-END> Dec-31-1997 <CASH> 17,098 <SECURITIES> 26,205 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 44,267 <PP&E> 17,056 <DEPRECIATION> 2,440 <TOTAL-ASSETS> 58,886 <CURRENT-LIABILITIES> 3,015 <BONDS> 8,917 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 95 <OTHER-SE> 46,859 <TOTAL-LIABILITY-AND-EQUITY> 58,886 <SALES> 0 <TOTAL-REVENUES> 725 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 11,897 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 555 <INCOME-PRETAX> (9,064) <INCOME-TAX> 0 <INCOME-CONTINUING> (9,064) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (9,064) <EPS-PRIMARY> (.96) <EPS-DILUTED> (.96)