<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>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-START>                             JAN-01-1999
<PERIOD-END>                               SEP-30-1999
<CASH>                                       8,014,920
<SECURITIES>                                10,322,846
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                            18,596,226
<PP&E>                                         279,646
<DEPRECIATION>                                 267,181
<TOTAL-ASSETS>                              22,565,093
<CURRENT-LIABILITIES>                        1,697,072
<BONDS>                                      4,339,063
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                  3,853,610
<COMMON>                                       152,472
<OTHER-SE>                                   8,219,266
<TOTAL-LIABILITY-AND-EQUITY>                22,565,093
<SALES>                                              0
<TOTAL-REVENUES>                               200,000
<CGS>                                                0
<TOTAL-COSTS>                                8,332,569
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                           (214,063)
<INCOME-PRETAX>                            (7,791,462)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                        (7,791,462)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                            (4,240,000)<F1>
<CHANGES>                                            0
<NET-INCOME>                              (12,031,462)
<EPS-BASIC>                                     (0.84)
<EPS-DILUTED>                                   (1.14)<F2>
<FN>
<F1>REPRESENTS PREFERRED STOCK PREFERENCES.
<F2>INCLUDES EFFECT OF PREFERRED STOCK PREFERENCES.
</FN>