<TABLE> <S> <C>

<PAGE>
 
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM BALANCE
SHEET AND INCOME STATEMENTS DATED 6/30/98 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED> 
       
<S>                             <C>                     <C>                     <C>
<PERIOD-TYPE>                   12-MOS                   12-MOS                   12-MOS
<FISCAL-YEAR-END>                          JUN-30-1998             JUN-30-1997             JUN-30-1996
<PERIOD-START>                             JUL-01-1997             JUL-01-1996             JUL-01-1995
<PERIOD-END>                               JUN-30-1998             JUN-30-1997             JUN-30-1996
<CASH>                                       2,020,886               1,278,402               4,602,815
<SECURITIES>                                         0                       0                       0
<RECEIVABLES>                                        0                       0                       0
<ALLOWANCES>                                         0                       0                       0
<INVENTORY>                                          0                       0                       0
<CURRENT-ASSETS>                             2,079,902               4,009,749               9,582,390
<PP&E>                                         300,041                 382,305                 356,660
<DEPRECIATION>                                 246,594                 184,950                 127,393
<TOTAL-ASSETS>                               2,133,349               4,207,104              11,392,363
<CURRENT-LIABILITIES>                          497,578                 996,556                 893,152
<BONDS>                                              0                       0                       0
<PREFERRED-MANDATORY>                                0                       0                       0
<PREFERRED>                                          0                       0                       0
<COMMON>                                    29,980,898              29,382,471              29,302,546
<OTHER-SE>                                (28,345,127)            (26,171,923)            (18,803,335)
<TOTAL-LIABILITY-AND-EQUITY>                 2,133,349               4,207,104              11,392,363
<SALES>                                              0                       0                       0
<TOTAL-REVENUES>                             2,100,000                       0                       0
<CGS>                                                0                       0                       0
<TOTAL-COSTS>                                        0                       0                       0
<OTHER-EXPENSES>                             4,372,539               7,775,895               5,717,685
<LOSS-PROVISION>                                     0                       0                       0
<INTEREST-EXPENSE>                            (99,335)               (407,307)               (506,242)
<INCOME-PRETAX>                            (2,173,204)             (7,368,588)             (5,211,443)
<INCOME-TAX>                                         0                       0                       0
<INCOME-CONTINUING>                        (2,173,204)             (7,368,588)             (5,211,443)
<DISCONTINUED>                                       0                       0                       0
<EXTRAORDINARY>                                      0                       0                       0
<CHANGES>                                            0                       0                       0
<NET-INCOME>                               (2,173,204)             (7,368,588)             (5,211,443)
<EPS-PRIMARY>                                   (0.32)                  (1.13)                  (1.05)
<EPS-DILUTED>                                   (0.32)                  (1.13)                  (1.05)
        

</TABLE>