<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> MAR-31-1997 <CASH> 31,358,089 <SECURITIES> 6,873,705 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 38,446,260 <PP&E> 76,634 <DEPRECIATION> 0 <TOTAL-ASSETS> 46,579,714 <CURRENT-LIABILITIES> 1,475,654 <BONDS> 0 <COMMON> 158,144 <PREFERRED-MANDATORY> 0 <PREFERRED> 1,000 <OTHER-SE> 44,944,916 <TOTAL-LIABILITY-AND-EQUITY> 46,579,714 <SALES> 0 <TOTAL-REVENUES> 0 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 3,782,096 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> (3,224,778) <INCOME-TAX> 0 <INCOME-CONTINUING> (3,224,778) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (3,224,778) <EPS-PRIMARY> (.20) <EPS-DILUTED> 0