<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
COMPANY'S QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD ENDED
DECEMBER 31, 1997, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS
</LEGEND>
       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          JUN-30-1997
<PERIOD-START>                             JUL-01-1997
<PERIOD-END>                               DEC-31-1997
<CASH>                                       1,270,000
<SECURITIES>                                18,511,000
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                            20,078,000
<PP&E>                                       2,852,000
<DEPRECIATION>                               2,018,000
<TOTAL-ASSETS>                              20,912,000
<CURRENT-LIABILITIES>                        2,068,000
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0 
<PREFERRED>                                  9,930,000 
<COMMON>                                    57,992,000 
<OTHER-SE>                                 (49,108,000)
<TOTAL-LIABILITY-AND-EQUITY>                20,912,000
<SALES>                                              0
<TOTAL-REVENUES>                                65,000
<CGS>                                                0
<TOTAL-COSTS>                                8,527,000
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                               7,000
<INCOME-PRETAX>                             (8,033,000)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                         (8,033,000)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                (8,033,000)
<EPS-PRIMARY>                                     (.87)
<EPS-DILUTED>                                     (.87)