<ARTICLE> 5 <MULTIPLIER> 1,000 <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-START> JAN-01-1998 <PERIOD-END> JUN-30-1998 <CASH> 11,882 <SECURITIES> 43,827 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 56,133 <PP&E> 4,436 <DEPRECIATION> 533 <TOTAL-ASSETS> 60,759 <CURRENT-LIABILITIES> 10,757 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 14 <OTHER-SE> 48,075 <TOTAL-LIABILITY-AND-EQUITY> 60,759 <SALES> 0 <TOTAL-REVENUES> 0 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 20,312 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 165 <INCOME-PRETAX> (18,613) <INCOME-TAX> 0 <INCOME-CONTINUING> (18,613) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (18,613) <EPS-PRIMARY> (1.39) <EPS-DILUTED> 0