<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)