<ARTICLE> 5 <PERIOD-TYPE> 12-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-START> JAN-01-1998 <PERIOD-END> DEC-31-1998 <CASH> 23,615,225 <SECURITIES> 19,829,253 <RECEIVABLES> 100,000 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 43,700,728 <PP&E> 9,210,855 <DEPRECIATION> 4,804,228 <TOTAL-ASSETS> 48,110,622 <CURRENT-LIABILITIES> 2,933,321 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 12,586 <OTHER-SE> 45,133,198 <TOTAL-LIABILITY-AND-EQUITY> 48,110,622 <SALES> 0 <TOTAL-REVENUES> 6,296,967 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 23,402,593 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 16,481 <INCOME-PRETAX> (17,162,107) <INCOME-TAX> 0 <INCOME-CONTINUING> (17,162,107) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (17,162,107) <EPS-PRIMARY> (1.39) <EPS-DILUTED> (1.39)