<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF OPERATIONS FOUND ON
PAGES 3 AND 4 OF THE COMPANY'S FORM 10-Q FOR THE PERIOD ENDED SEPTEMBER 30, 1997
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JUL-01-1997
<PERIOD-END>                               SEP-30-1997
<CASH>                                          45,670
<SECURITIES>                                   286,494
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                 4,346
<PP&E>                                          10,225<F1>
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                                 348,154
<CURRENT-LIABILITIES>                           20,780
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          1
<COMMON>                                            30
<OTHER-SE>                                     325,773
<TOTAL-LIABILITY-AND-EQUITY>                   325,804
<SALES>                                          9,316
<TOTAL-REVENUES>                                30,128
<CGS>                                              995
<TOTAL-COSTS>                                      995
<OTHER-EXPENSES>                                39,126
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                 398
<INCOME-PRETAX>                               (15,569)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                           (15,569)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                  (15,569)
<EPS-PRIMARY>                                   (0.53)
<EPS-DILUTED>                                        0
<FN>
<F1>PROPERTY, PLANT AND EQUIPMENT IS NET OF ACCUMULATED DEPRECIATION.
</FN>