<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY INFORMATION EXTRACTED FROM FINANCIAL STATEMENTS
AS REPORTED ON FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-START>                             JAN-01-1999
<PERIOD-END>                               MAR-01-1999
<CASH>                                       5,577,430
<SECURITIES>                                 9,099,268
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                            14,882,248
<PP&E>                                         267,413
<DEPRECIATION>                                 258,496
<TOTAL-ASSETS>                              18,667,371
<CURRENT-LIABILITIES>                        1,656,269
<BONDS>                                              0
<PREFERRED-MANDATORY>                          143,020
<PREFERRED>                                  6,150,000
<COMMON>                                           137
<OTHER-SE>                                  10,717,945
<TOTAL-LIABILITY-AND-EQUITY>                18,667,371
<SALES>                                              0
<TOTAL-REVENUES>                                     0
<CGS>                                                0
<TOTAL-COSTS>                                2,208,115
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                           (128,830)
<INCOME-PRETAX>                            (2,079,285)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                        (2,079,285)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                            (4,240,000)<F1>
<CHANGES>                                            0
<NET-INCOME>                               (6,319,285)<F1>
<EPS-PRIMARY>                                   (0.15)
<EPS-DILUTED>                                   (0.46)<F1>
        
<FN>
<F1> Reflects preferred stock preference amounts equal to $4,240,000, and (0.31)
per share.
</FN>