<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>