<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
condensed balance sheets, condensed statements of operations and condensed
statement of stockholders' equity and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          JUL-31-1998
<PERIOD-END>                               JAN-31-1998
<CASH>                                      17,683,667
<SECURITIES>                                10,061,899
<RECEIVABLES>                                3,523,010
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                            31,903,924
<PP&E>                                       7,525,738
<DEPRECIATION>                               3,268,025
<TOTAL-ASSETS>                              36,225,880
<CURRENT-LIABILITIES>                        6,913,833
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                       107,583
<OTHER-SE>                                  28,914,221
<TOTAL-LIABILITY-AND-EQUITY>                36,225,880
<SALES>                                              0
<TOTAL-REVENUES>                             5,124,223
<CGS>                                                0
<TOTAL-COSTS>                               11,044,985
<OTHER-EXPENSES>                             (942,479)
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                            (4,978,283)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                               (4,978,283)
<EPS-PRIMARY>                                   (0.47)
<EPS-DILUTED>                                   (0.47)