<ARTICLE> 5 <MULTIPLIER> 1,000 <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> SEP-30-1997 <CASH> 31,092 <SECURITIES> 17,498 <RECEIVABLES> 456 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 50,183 <PP&E> 15,966 <DEPRECIATION> 0 <TOTAL-ASSETS> 66,772 <CURRENT-LIABILITIES> 5,232 <BONDS> 8,189 <COMMON> 300 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <OTHER-SE> 52,893 <TOTAL-LIABILITY-AND-EQUITY> 66,772 <SALES> 0 <TOTAL-REVENUES> 3,433 <CGS> 0 <TOTAL-COSTS> (8,080) <OTHER-EXPENSES> 555 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> (4,092) <INCOME-TAX> 129 <INCOME-CONTINUING> (3,963) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (3,963) <EPS-PRIMARY> (0.24) <EPS-DILUTED> 0