<ARTICLE> 5 <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> Dec-31-1998 <PERIOD-START> Jan-01-1998 <PERIOD-END> Jun-30-1998 <CASH> 32,842,206 <SECURITIES> 7,247,546 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 40,336,161 <PP&E> 2,841,529 <DEPRECIATION> 1,036,722 <TOTAL-ASSETS> 42,573,096 <CURRENT-LIABILITIES> 2,442,631 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 105,716 <OTHER-SE> 40,024,749 <TOTAL-LIABILITY-AND-EQUITY> 42,573,096 <SALES> 0 <TOTAL-REVENUES> 0 <CGS> 0 <TOTAL-COSTS> 9,836,929 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 1,213,088 <INCOME-PRETAX> (8,623,841) <INCOME-TAX> 0 <INCOME-CONTINUING> (8,623,841) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (8,623,841) <EPS-PRIMARY> (.83) <EPS-DILUTED> (.83)