<ARTICLE> 5 <PERIOD-TYPE> YEAR <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> DEC-31-1997 <CASH> 14,323,573 <SECURITIES> 29,383,791 <RECEIVABLES> 1,175,280 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 45,446,629 <PP&E> 8,366,946 <DEPRECIATION> 5,074,884 <TOTAL-ASSETS> 48,798,282 <CURRENT-LIABILITIES> 2,631,216 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 2 <COMMON> 167,929 <OTHER-SE> 45,999,135 <TOTAL-LIABILITY-AND-EQUITY> 48,798,282 <SALES> 0 <TOTAL-REVENUES> 16,907,780 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 23,668,118 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> (6,788,467) <INCOME-TAX> 0 <INCOME-CONTINUING> (6,788,467) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (6,788,467) <EPS-PRIMARY> (.24) <EPS-DILUTED> (.24)