
<TABLE> <S> <C>

<ARTICLE>       5
<LEGEND>
This schedule contains summary financial information derived from
the Company's Condensed Balance Sheet as of September 30, 1997 (Unaudited)
and Condensed Statements of Operations for the Nine Months Ended
September 30, 1997 (Unaudited) and is qualified in its entirety by the
reference to such financial statements.
</LEGEND>
<MULTIPLIER>    1,000
       
<S>                          <C>
<PERIOD-TYPE>                9-MOS
<FISCAL-YEAR-END>                      DEC-31-1996
<PERIOD-START>                         JAN-01-1997
<PERIOD-END>                           SEP-30-1997
<CASH>                                  28,860
<SECURITIES>                            39,657
<RECEIVABLES>                                0
<ALLOWANCES>                                 0
<INVENTORY>                                  0
<CURRENT-ASSETS>                        70,209
<PP&E>                                  18,493
<DEPRECIATION>                               0
<TOTAL-ASSETS>                          97,268
<CURRENT-LIABILITIES>                   21,839
<BONDS>                                 34,056
<PREFERRED-MANDATORY>                        0
<PREFERRED>                                  0
<COMMON>                                    27
<OTHER-SE>                              41,346
<TOTAL-LIABILITY-AND-EQUITY>            97,268
<SALES>                                      0
<TOTAL-REVENUES>                        25,906
<CGS>                                        0
<TOTAL-COSTS>                                0
<OTHER-EXPENSES>                        44,094
<LOSS-PROVISION>                             0
<INTEREST-EXPENSE>                       1,982
<INCOME-PRETAX>                        (20,170)
<INCOME-TAX>                                 0
<INCOME-CONTINUING>                    (20,170)
<DISCONTINUED>                               0
<EXTRAORDINARY>                              0
<CHANGES>                                    0
<NET-INCOME>                           (20,170)
<EPS-PRIMARY>                             (.76)
<EPS-DILUTED>                             (.76)
        

</TABLE>
