<ARTICLE> 5

                                                  
<PERIOD-TYPE>                   3-MOS                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1999             DEC-31-1999
<PERIOD-START>                             JUL-01-1999             JAN-01-1999
<PERIOD-END>                               SEP-30-1999             SEP-30-1999
<CASH>                                      60,089,969              60,089,969
<SECURITIES>                                98,863,091              98,863,091
<RECEIVABLES>                               13,427,773              13,427,773
<ALLOWANCES>                                   507,000                 507,000
<INVENTORY>                                          0                       0
<CURRENT-ASSETS>                           179,936,990             179,936,990
<PP&E>                                       2,999,414               2,999,414
<DEPRECIATION>                                 918,551                 918,551
<TOTAL-ASSETS>                             283,882,439             283,882,439
<CURRENT-LIABILITIES>                        7,030,716               7,030,716
<BONDS>                                              0                       0
<PREFERRED-MANDATORY>                                0                       0
<PREFERRED>                                          0                       0
<COMMON>                                         4,756                   4,756
<OTHER-SE>                                 276,846,967             276,846,967
<TOTAL-LIABILITY-AND-EQUITY>               283,882,439             283,882,439
<SALES>                                              0                       0
<TOTAL-REVENUES>                            10,130,195              22,004,983
<CGS>                                                0                       0
<TOTAL-COSTS>                                1,473,773               3,433,913
<OTHER-EXPENSES>                            10,497,403              30,345,063
<LOSS-PROVISION>                                     0                       0
<INTEREST-EXPENSE>                                   0                       0
<INCOME-PRETAX>                              1,343,184             (4,378,710)
<INCOME-TAX>                                         0                       0
<INCOME-CONTINUING>                          1,343,184             (4,378,710)
<DISCONTINUED>                                       0                       0
<EXTRAORDINARY>                                      0                       0
<CHANGES>                                            0                       0
<NET-INCOME>                                 1,343,184             (4,378,710)
<EPS-BASIC>                                        .03                     .10
<EPS-DILUTED>                                      .02                     .10