<ARTICLE>                     5
<LEGEND>
      The schedule contains consolidated summary financial information extracted
from this quarterly report on Form 10-Q for the period ended March 31, 1999 and
is qualified in its entirety by reference to such financial statements.
</LEGEND>
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                         DEC-31-1999
<PERIOD-START>                            JAN-01-1999
<PERIOD-END>                              MAR-31-1999
<CASH>                                     43,752,000
<SECURITIES>                               38,149,000
<RECEIVABLES>                                       0
<ALLOWANCES>                                        0
<INVENTORY>                                         0
<CURRENT-ASSETS>                           83,833,000
<PP&E>                                      5,536,000
<DEPRECIATION>                             (1,539,000)
<TOTAL-ASSETS>                            106,355,000
<CURRENT-LIABILITIES>                      22,536,000
<BONDS>                                       117,000
<PREFERRED-MANDATORY>                               0
<PREFERRED>                                       170
<COMMON>                                       29,000
<OTHER-SE>                                 83,672,830
<TOTAL-LIABILITY-AND-EQUITY>              106,355,000
<SALES>                                             0
<TOTAL-REVENUES>                                    0
<CGS>                                               0
<TOTAL-COSTS>                                       0
<OTHER-EXPENSES>                           19,901,000
<LOSS-PROVISION>                                    0
<INTEREST-EXPENSE>                                  0
<INCOME-PRETAX>                           (18,431,000)
<INCOME-TAX>                                        0
<INCOME-CONTINUING>                       (18,431,000)
<DISCONTINUED>                                      0
<EXTRAORDINARY>                                     0
<CHANGES>                                           0
<NET-INCOME>                              (18,431,000)
<EPS-PRIMARY>                                    (.64)
<EPS-DILUTED>                                    (.64)