<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-START> JAN-01-1998 <PERIOD-END> MAR-31-1998 <CASH> 28,906,075 <SECURITIES> 25,006,857 <RECEIVABLES> 95,366 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 54,283,298 <PP&E> 8,228,549 <DEPRECIATION> 3,937,915 <TOTAL-ASSETS> 58,577,199 <CURRENT-LIABILITIES> 2,082,625 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 12,267 <OTHER-SE> 56,395,193 <TOTAL-LIABILITY-AND-EQUITY> 58,577,199 <SALES> 0 <TOTAL-REVENUES> 1,639,558 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 5,786,984 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 8,918 <INCOME-PRETAX> (4,156,344) <INCOME-TAX> 0 <INCOME-CONTINUING> (4,156,344) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (4,156,344) <EPS-PRIMARY> (0.34) <EPS-DILUTED> (0.34)