<ARTICLE> 5 <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-END> JUN-30-1999 <CASH> 11,802,504 <SECURITIES> 27,497,041 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 40,718,465 <PP&E> 905,143 <DEPRECIATION> 67,456 <TOTAL-ASSETS> 41,587,152 <CURRENT-LIABILITIES> 1,085,186 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 13,826 <OTHER-SE> 38,243,059 <TOTAL-LIABILITY-AND-EQUITY> 38,256,885 <SALES> 8,443 <TOTAL-REVENUES> 8,443 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 13,340,427 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 133,122 <INCOME-PRETAX> (13,446,107) <INCOME-TAX> 0 <INCOME-CONTINUING> (13,446,107) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (9,762,888) <EPS-BASIC> (1.42) <EPS-DILUTED> (1.42)