<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from financial
statements as reported on Form 10Q and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               MAR-31-1998
<CASH>                                       1,504,096
<SECURITIES>                                10,533,383
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                            12,674,418
<PP&E>                                         264,024
<DEPRECIATION>                               (187,898)
<TOTAL-ASSETS>                              16,523,773
<CURRENT-LIABILITIES>                        1,528,859
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                        271
<COMMON>                                       130,269
<OTHER-SE>                                  16,393,233
<TOTAL-LIABILITY-AND-EQUITY>                16,523,773
<SALES>                                              0
<TOTAL-REVENUES>                                     0
<CGS>                                                0
<TOTAL-COSTS>                                1,898,955
<OTHER-EXPENSES>                             (251,050)
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                            (1,647,905)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                        (1,647,905)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                               (1,647,905)
<EPS-PRIMARY>                                   (0.13)
<EPS-DILUTED>                                   (0.13)