<ARTICLE> 5
       
                             
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               DEC-31-1997
<CASH>                                      15,941,701
<SECURITIES>                                13,108,497
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                            30,179,392
<PP&E>                                      14,268,635
<DEPRECIATION>                               6,345,884
<TOTAL-ASSETS>                              44,301,466
<CURRENT-LIABILITIES>                        5,203,576
<BONDS>                                      5,186,106
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                       175,262
<OTHER-SE>                                  28,900,155
<TOTAL-LIABILITY-AND-EQUITY>                44,301,466
<SALES>                                              0
<TOTAL-REVENUES>                            10,617,443
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                            33,105,617
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             437,991
<INCOME-PRETAX>                           (18,113,580)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                       (18,113,580)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                              (18,113,580)
<EPS-PRIMARY>                                   (1.08)
<EPS-DILUTED>                                   (1.08)