<ARTICLE>  5
<LEGEND>
This schedule contains summary financial information extracted from the balance
sheet and statement of operations and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
       
                                    
<PERIOD-TYPE>                               12-MOS
<FISCAL-YEAR-END>                      SEP-30-1997
<PERIOD-END>                           SEP-30-1997
<CASH>                                  17,623,728
<SECURITIES>                            19,394,551
<RECEIVABLES>                            1,127,088
<ALLOWANCES>                                     0
<INVENTORY>                                      0
<CURRENT-ASSETS>                        36,181,216
<PP&E>                                     531,760
<DEPRECIATION>                           (245,207)
<TOTAL-ASSETS>                          38,527,311
<CURRENT-LIABILITIES>                   11,818,423
<BONDS>                                    160,938
<PREFERRED-MANDATORY>                            0
<PREFERRED>                                      0
<COMMON>                                     6,765
<OTHER-SE>                              26,541,185
<TOTAL-LIABILITY-AND-EQUITY>            38,527,311
<SALES>                                          0
<TOTAL-REVENUES>                         6,153,085
<CGS>                                            0
<TOTAL-COSTS>                                    0
<OTHER-EXPENSES>                                 0
<LOSS-PROVISION>                                 0
<INTEREST-EXPENSE>                               0
<INCOME-PRETAX>                       (10,078,741)
<INCOME-TAX>                                     0
<INCOME-CONTINUING>                   (10,078,741)
<DISCONTINUED>                                   0
<EXTRAORDINARY>                                  0
<CHANGES>                                        0
<NET-INCOME>                          (10,078,741)
<EPS-PRIMARY>                               (1.45)
<EPS-DILUTED>                               (1.45)