<ARTICLE> 5
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               MAR-31-1997
<CASH>                                          47,320
<SECURITIES>                                     6,944
<RECEIVABLES>                                      228
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                55,426
<PP&E>                                          10,367
<DEPRECIATION>                                     927
<TOTAL-ASSETS>                                  65,481
<CURRENT-LIABILITIES>                            3,606
<BONDS>                                          5,524
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                           305
<OTHER-SE>                                      55,958
<TOTAL-LIABILITY-AND-EQUITY>                    65,481
<SALES>                                              0
<TOTAL-REVENUES>                                   795
<CGS>                                                0
<TOTAL-COSTS>                                    1,794
<OTHER-EXPENSES>                                    75
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                 111
<INCOME-PRETAX>                                  (941)
<INCOME-TAX>                                     (126)
<INCOME-CONTINUING>                              (815)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     (815)
<EPS-PRIMARY>                                    (.05)
<EPS-DILUTED>                                        0