<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> Dec-31-1998 <PERIOD-START> Jan-01-1998 <PERIOD-END> Mar-31-1998 <CASH> 39,958,080 <SECURITIES> 4,549,096 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 44,669,900 <PP&E> 2,357,264 <DEPRECIATION> 980,560 <TOTAL-ASSETS> 46,443,900 <CURRENT-LIABILITIES> 2,569,122 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 104,266 <OTHER-SE> 43,794,352 <TOTAL-LIABILITY-AND-EQUITY> 46,443,900 <SALES> 0 <TOTAL-REVENUES> 0 <CGS> 0 <TOTAL-COSTS> 4,805,811 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 627,880 <INCOME-PRETAX> (4,177,931) <INCOME-TAX> 0 <INCOME-CONTINUING> (4,177,931) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (4,177,931) <EPS-PRIMARY> (.40) <EPS-DILUTED> (.40)