<ARTICLE>                     5
<LEGEND>
The schedule contains summary consolidated financial information extracted from
its Annual Report on Form 10-K for the year ended December 31, 1997 and is
qualified in it's entirety by reference to such consolidated financial
statements.
</LEGEND>
       
                             
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                               Dec-31-1997
<PERIOD-START>                                  Jan-01-1997
<PERIOD-END>                                    Dec-31-1997
<CASH>                                           34,698,000
<SECURITIES>                                     23,098,000
<RECEIVABLES>                                             0
<ALLOWANCES>                                              0
<INVENTORY>                                               0
<CURRENT-ASSETS>                                 58,930,000
<PP&E>                                            3,286,000
<DEPRECIATION>                                    (414,000)
<TOTAL-ASSETS>                                   61,878,000
<CURRENT-LIABILITIES>                             8,683,000
<BONDS>                                             478,000
<PREFERRED-MANDATORY>                                     0
<PREFERRED>                                               0
<COMMON>                                             20,000
<OTHER-SE>                                       52,697,000
<TOTAL-LIABILITY-AND-EQUITY>                     61,878,000
<SALES>                                                   0
<TOTAL-REVENUES>                                          0
<CGS>                                                     0
<TOTAL-COSTS>                                             0
<OTHER-EXPENSES>                                 41,182,000
<LOSS-PROVISION>                                          0
<INTEREST-EXPENSE>                                        0
<INCOME-PRETAX>                                (37,668,000)
<INCOME-TAX>                                              0
<INCOME-CONTINUING>                            (37,668,000)
<DISCONTINUED>                                            0
<EXTRAORDINARY>                                           0
<CHANGES>                                                 0
<NET-INCOME>                                   (37,668,000)
<EPS-PRIMARY>                                        (2.00)
<EPS-DILUTED>                                        (2.00)