<ARTICLE> 5 <MULTIPLIER> 1,000 <CURRENCY> U.S. DOLLARS <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-START> JAN-01-1998 <PERIOD-END> SEP-30-1998 <EXCHANGE-RATE> 1 <CASH> 7,315 <SECURITIES> 92,131 <RECEIVABLES> 1,275 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 103,037 <PP&E> 11,080 <DEPRECIATION> 2,896 <TOTAL-ASSETS> 116,722 <CURRENT-LIABILITIES> 4,272 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 167 <OTHER-SE> 105,489 <TOTAL-LIABILITY-AND-EQUITY> 116,722 <SALES> 0 <TOTAL-REVENUES> 6,223 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 29,490 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 717 <INCOME-PRETAX> (24,755) <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (24,755) <EPS-PRIMARY> (1.54) <EPS-DILUTED> (1.54)