<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> MAR-31-1997 <CASH> 15,567 <SECURITIES> 52,597 <RECEIVABLES> 172 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 69,506 <PP&E> 3,900 <DEPRECIATION> 1,908 <TOTAL-ASSETS> 72,034 <CURRENT-LIABILITIES> 2,632 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 135 <OTHER-SE> 68,947 <TOTAL-LIABILITY-AND-EQUITY> 72,034 <SALES> 0 <TOTAL-REVENUES> 140 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 7,053 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 11 <INCOME-PRETAX> (5,958) <INCOME-TAX> 0 <INCOME-CONTINUING> (5,958) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (5,958) <EPS-PRIMARY> (.44) <EPS-DILUTED> (.44)