<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATMENTS INCLUDED IN PART II, ITEM 8 OF FORM 10-Q DATED SEPTEMBER 30,
1998 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-END>                               SEP-30-1998
<CASH>                                          58,490
<SECURITIES>                                    56,574
<RECEIVABLES>                                    1,895
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                               117,205
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                                 221,354
<CURRENT-LIABILITIES>                           16,392
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                            51
<OTHER-SE>                                     204,877
<TOTAL-LIABILITY-AND-EQUITY>                   221,354
<SALES>                                              0
<TOTAL-REVENUES>                                10,988
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                79,457
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                               (68,469)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                           (68,469)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                  (68,469)
<EPS-PRIMARY>                                  (13.79)
<EPS-DILUTED>                                  (13.79)