<ARTICLE> 5 <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-1-1997 <PERIOD-END> SEP-30-1997 <CASH> 7,202,361 <SECURITIES> 19,324,376 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 26,726,141 <PP&E> 304,865 <DEPRECIATION> 144,222 <TOTAL-ASSETS> 43,116,891 <CURRENT-LIABILITIES> 2,129,265 <BONDS> 0 <COMMON> 159,510 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <OTHER-SE> 40,828,116 <TOTAL-LIABILITY-AND-EQUITY> 43,116,891 <SALES> 0 <TOTAL-REVENUES> 0 <CGS> 0 <TOTAL-COSTS> 9,361,577 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> (7,523,548) <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (7,523,548) <EPS-PRIMARY> (0.48) <EPS-DILUTED> 0