<ARTICLE>                     5
       
                             
<PERIOD-TYPE>                        3-MOS
<FISCAL-YEAR-END>              DEC-31-1998
<PERIOD-START>                 JAN-01-1998
<PERIOD-END>                   MAR-31-1998
<CASH>                           5,858,000
<SECURITIES>                     3,502,000
<RECEIVABLES>                            0
<ALLOWANCES>                             0
<INVENTORY>                              0
<CURRENT-ASSETS>                 9,464,000
<PP&E>                             199,000
<DEPRECIATION>                      49,000
<TOTAL-ASSETS>                   9,698,000
<CURRENT-LIABILITIES>              816,000
<BONDS>                                  0
<PREFERRED-MANDATORY>            2,039,000
<PREFERRED>                          2,000
<COMMON>                             3,000
<OTHER-SE>                      21,464,000
<TOTAL-LIABILITY-AND-EQUITY>     9,698,000
<SALES>                                  0
<TOTAL-REVENUES>                         0
<CGS>                                    0
<TOTAL-COSTS>                    2,356,000
<OTHER-EXPENSES>                         0
<LOSS-PROVISION>                         0
<INTEREST-EXPENSE>                       0
<INCOME-PRETAX>                  2,208,000
<INCOME-TAX>                             0
<INCOME-CONTINUING>                      0
<DISCONTINUED>                           0
<EXTRAORDINARY>                          0
<CHANGES>                                0
<NET-INCOME>                    (2,208,000)
<EPS-PRIMARY>                        (0.69)<F1>
<EPS-DILUTED>                        (0.69)<F1>
        
<FN>
<F1>EPS Basic and Diluted is (0.69). The Company calculates Earnings Per Share 
pursuant to FASB 128.
</FN>