<ARTICLE> 5 <LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMA FROM THE ACCOMPANYING FINANCIAL STATEMENTS AND I ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STAT </LEGEND> <MULTIPLIER> 1,000 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-START> JAN-01-1998 <PERIOD-END> MAR-31-1998 <CASH> 24,597 <SECURITIES> 96,274 <RECEIVABLES> 836 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 121,707 <PP&E> 9,816 <DEPRECIATION> 0 <TOTAL-ASSETS> 174,667 <CURRENT-LIABILITIES> 7,644 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 185 <OTHER-SE> 166,838 <TOTAL-LIABILITY-AND-EQUITY> 174,667 <SALES> 4,235 <TOTAL-REVENUES> 4,235 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 8,248 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> (4,013) <INCOME-TAX> 0 <INCOME-CONTINUING> (4,013) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (4,013) <EPS-PRIMARY> ($0.22) <EPS-DILUTED> ($0.22)