<ARTICLE>                      5
       
                                           
<PERIOD-TYPE>                                       6-MOS  
<FISCAL-YEAR-END>                             DEC-31-1998  
<PERIOD-START>                                JAN-01-1998  
<PERIOD-END>                                  JUN-30-1998  
<CASH>                                            308,127  
<SECURITIES>                                   29,989,167  
<RECEIVABLES>                                           0  
<ALLOWANCES>                                            0   
<INVENTORY>                                             0   
<CURRENT-ASSETS>                               31,202,750  
<PP&E>                                          1,227,011  
<DEPRECIATION>                                    205,892  
<TOTAL-ASSETS>                                 36,404,451  
<CURRENT-LIABILITIES>                           4,098,344  
<BONDS>                                                 0   
<COMMON>                                          159,996  
<PREFERRED-MANDATORY>                                   0   
<PREFERRED>                                             0   
<OTHER-SE>                                     32,146,111  
<TOTAL-LIABILITY-AND-EQUITY>                   36,404,451  
<SALES>                                                 0   
<TOTAL-REVENUES>                                        0   
<CGS>                                                   0   
<TOTAL-COSTS>                                   8,859,857  
<OTHER-EXPENSES>                                        0   
<LOSS-PROVISION>                                        0
<INTEREST-EXPENSE>                                      0   
<INCOME-PRETAX>                                (7,780,053)  
<INCOME-TAX>                                            0   
<INCOME-CONTINUING>                                     0   
<DISCONTINUED>                                          0   
<EXTRAORDINARY>                                         0   
<CHANGES>                                               0   
<NET-INCOME>                                   (7,780,053) 
<EPS-PRIMARY>                                        (.49) 
<EPS-DILUTED>                                        (.49)