<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BALANCE
SHEET, THE STATEMENT OF OPERATIONS AND STATEMENT OF CASHFLOWS AND IS QUALIFIED 
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          JUL-31-1998
<PERIOD-START>                             AUG-01-1997
<PERIOD-END>                               JUL-31-1998
<CASH>                                           31509
<SECURITIES>                                      5985
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                 37840
<PP&E>                                            5357
<DEPRECIATION>                                  (3000)
<TOTAL-ASSETS>                                   42085
<CURRENT-LIABILITIES>                             2063
<BONDS>                                              1
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                             1
<OTHER-SE>                                       39189
<TOTAL-LIABILITY-AND-EQUITY>                     42085
<SALES>                                              0
<TOTAL-REVENUES>                                  5037
<CGS>                                                0
<TOTAL-COSTS>                                    14989
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              (2087)
<INCOME-PRETAX>                                 (7865)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                             (7865)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    (7865)
<EPS-PRIMARY>                                   (0.87)<F1>
<EPS-DILUTED>                                   (0.87)
<FN>
<F1> JULY-31-1998 NET EARNINGS (LOSS) PER COMMON SHARE ARE STATED IN ACCORDANCE 
WITH SFAS NO. 128 AND SAB NO. 98.
</FN>