<ARTICLE> 5 <RESTATED> <CURRENCY> U. S. DOLLARS <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> MAR-31-1997 <EXCHANGE-RATE> 1 <CASH> 8,299,854 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 8,509,808 <PP&E> 417,640 <DEPRECIATION> 123,324 <TOTAL-ASSETS> 9,671,987 <CURRENT-LIABILITIES> 2,078,666 <BONDS> 2,019,916 <PREFERRED-MANDATORY> 25,009,829 <PREFERRED> 2,855,103 <COMMON> 8 <OTHER-SE> (22,219,535) <TOTAL-LIABILITY-AND-EQUITY> 9,671,987 <SALES> 0 <TOTAL-REVENUES> 0 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 2,500,940 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 19,916 <INCOME-PRETAX> (2,685,495) <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (2,685,495) <EPS-PRIMARY> (13.55) <EPS-DILUTED> (13.55)