<ARTICLE> 5 <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> JUN-30-1997 <CASH> 16,430,314 <SECURITIES> 5,552,358 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 22,167,759 <PP&E> 1,727,847 <DEPRECIATION> 713,273 <TOTAL-ASSETS> 23,566,382 <CURRENT-LIABILITIES> 723,874 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 84,718 <OTHER-SE> 22,757,790 <TOTAL-LIABILITY-AND-EQUITY> 23,566,382 <SALES> 29,313 <TOTAL-REVENUES> 29,313 <CGS> 0 <TOTAL-COSTS> 6,732,065 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 655,024 <INCOME-PRETAX> (6,047,728) <INCOME-TAX> 0 <INCOME-CONTINUING> (6,047,728) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (6,047,728) <EPS-PRIMARY> (0.72) <EPS-DILUTED> (0.72)