<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> MAR-31-1997 <CASH> 17,572,395 <SECURITIES> 7,753,093 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 25,409,296 <PP&E> 1,793,782 <DEPRECIATION> (685,453) <TOTAL-ASSETS> 26,827,496 <CURRENT-LIABILITIES> 823,657 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 84,356 <OTHER-SE> 25,919,483 <TOTAL-LIABILITY-AND-EQUITY> 26,827,496 <SALES> 0 <TOTAL-REVENUES> 0 <CGS> 0 <TOTAL-COSTS> (2,979,466) <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 337,060 <INCOME-PRETAX> (2,642,406) <INCOME-TAX> 0 <INCOME-CONTINUING> (2,642,406) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (2,642,406) <EPS-PRIMARY> (0.32) <EPS-DILUTED> (0.32)