<ARTICLE> 5 
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION DERIVED FROM THE COMPANY'S
CONDENSED BALANCE SHEET AS OF JUNE 30, 1998 (UNAUDITED) AND CONDENSED
STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 1998 (UNAUDITED) AND 
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000  
       
                             
<PERIOD-TYPE>                   6-MOS 
<FISCAL-YEAR-END>                          DEC-31-1997 
<PERIOD-START>                             JAN-01-1998 
<PERIOD-END>                               JUN-30-1998 
<CASH>                                          38,852 
<SECURITIES>                                    45,515 
<RECEIVABLES>                                        0 
<ALLOWANCES>                                         0 
<INVENTORY>                                          0 
<CURRENT-ASSETS>                                87,182 
<PP&E>                                          19,787 
<DEPRECIATION>                                       0 
<TOTAL-ASSETS>                                 117,635
<CURRENT-LIABILITIES>                           33,018
<BONDS>                                         71,919 
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0 
<COMMON>                                            27 
<OTHER-SE>                                      12,698  
<TOTAL-LIABILITY-AND-EQUITY>                   117,635 
<SALES>                                              0 
<TOTAL-REVENUES>                                13,943 
<CGS>                                                0 
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                35,510  
<LOSS-PROVISION>                                     0 
<INTEREST-EXPENSE>                               3,806 
<INCOME-PRETAX>                                (25,373) 
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                            (25,373) 
<DISCONTINUED>                                       0 
<EXTRAORDINARY>                                      0 
<CHANGES>                                            0 
<NET-INCOME>                                   (25,373) 
<EPS-PRIMARY>                                     (.95)
<EPS-DILUTED>                                     (.95)