<ARTICLE> 5 <PERIOD-TYPE> YEAR <FISCAL-YEAR-END> JUN-30-1997 <PERIOD-START> JUL-01-1996 <PERIOD-END> JUN-30-1997 <CASH> 17,080,260 <SECURITIES> 0 <RECEIVABLES> 560,621 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 17,640,881 <PP&E> 4,815,625 <DEPRECIATION> (111,259) <TOTAL-ASSETS> 22,345,247 <CURRENT-LIABILITIES> 337,050 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 51,160 <OTHER-SE> 21,957,037 <TOTAL-LIABILITY-AND-EQUITY> 22,345,247 <SALES> 0 <TOTAL-REVENUES> 1,368,753 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 10,120,986 <LOSS-PROVISION> (8,752,233) <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 0 <INCOME-TAX> (596,533) <INCOME-CONTINUING> (8,155,700) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (8,155,700) <EPS-PRIMARY> (.32) <EPS-DILUTED> (.32)