<ARTICLE> 5
       
                             
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               DEC-31-1998
<CASH>                                      14,590,634
<SECURITIES>                                72,159,522
<RECEIVABLES>                                4,006,672
<ALLOWANCES>                                   597,000
<INVENTORY>                                      3,772
<CURRENT-ASSETS>                            93,790,304
<PP&E>                                       1,540,775
<DEPRECIATION>                                 378,839
<TOTAL-ASSETS>                             102,258,254
<CURRENT-LIABILITIES>                        8,010,417
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                         2,114
<OTHER-SE>                                  94,245,723
<TOTAL-LIABILITY-AND-EQUITY>               102,258,254
<SALES>                                              0
<TOTAL-REVENUES>                             9,414,450
<CGS>                                                0
<TOTAL-COSTS>                                1,854,449
<OTHER-EXPENSES>                            16,902,848
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                            (9,056,458)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                        (9,056,458)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                               (9,056,458)
<EPS-PRIMARY>                                   (0.67)<F1>
<EPS-DILUTED>                                   (0.67)
<FN>
<F1>Reflects basic EPS according to SFAS 128
</FN>