<ARTICLE> 5 <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> JUN-30-1997 <CASH> 13,354,613 <SECURITIES> 18,312,717 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 31,854,219 <PP&E> 160,786 <DEPRECIATION> 0 <TOTAL-ASSETS> 45,030,755 <CURRENT-LIABILITIES> 1,745,260 <BONDS> 0 <COMMON> 158,497 <PREFERRED-MANDATORY> 0 <PREFERRED> 1,000 <OTHER-SE> 43,125,998 <TOTAL-LIABILITY-AND-EQUITY> 45,030,755 <SALES> 0 <TOTAL-REVENUES> 0 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 6,368,374 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> (5,155,512) <INCOME-TAX> 0 <INCOME-CONTINUING> (5,155,512) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (5,155,512) <EPS-PRIMARY> (.33) <EPS-DILUTED> 0