<ARTICLE> 5
<LEGEND>
This schedule contains summary financial infomration extracted from the
financial statements included in part I, item 1 of form 10-Q dated March 31,
1998 and is qualified in its entirety by reference to such financial statments.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-END>                               MAR-31-1998
<CASH>                                          68,530
<SECURITIES>                                    70,073
<RECEIVABLES>                                    1,945
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                               140,882
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                                 267,510
<CURRENT-LIABILITIES>                           13,830
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                            51
<OTHER-SE>                                     253,629
<TOTAL-LIABILITY-AND-EQUITY>                   267,510
<SALES>                                              0
<TOTAL-REVENUES>                                 3,838
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                21,425
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                               (17,882)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                           (17,882)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                  (17,882)
<EPS-PRIMARY>                                   (3.60)
<EPS-DILUTED>                                   (3.60)