<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> SEP-30-1997 <CASH> 29,385,798 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 29,952,045 <PP&E> 384,489 <DEPRECIATION> 232,700 <TOTAL-ASSETS> 148,430,190 <CURRENT-LIABILITIES> 80,630 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 116,083,011 <COMMON> 12,578 <OTHER-SE> 104,252,459 <TOTAL-LIABILITY-AND-EQUITY> 148,430,190 <SALES> 0 <TOTAL-REVENUES> 0 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 2,229,514 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> (654,078) <INCOME-TAX> 0 <INCOME-CONTINUING> (654,078) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (654,078) <EPS-PRIMARY> (.80) <EPS-DILUTED> (.80)