<ARTICLE> 5 <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> Dec-31-1997 <PERIOD-START> Jan-01-1997 <PERIOD-END> Sep-30-1997 <CASH> 15,737,474 <SECURITIES> 3,961,633 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 19,847,321 <PP&E> 1,866,684 <DEPRECIATION> 798,487 <TOTAL-ASSETS> 21,274,350 <CURRENT-LIABILITIES> 1,781,053 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 85,029 <OTHER-SE> 19,408,268 <TOTAL-LIABILITY-AND-EQUITY> 21,274,350 <SALES> 29,313 <TOTAL-REVENUES> 29,313 <CGS> 0 <TOTAL-COSTS> 10,536,573 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 939,810 <INCOME-PRETAX> (9,567,450) <INCOME-TAX> 0 <INCOME-CONTINUING> (9,567,450) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (9,567,450) <EPS-PRIMARY> (1.14) <EPS-DILUTED> (1.14)