<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Form 10-Q
for the quarterly period ended March 31, 1998 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>                                      29,303,000
<SECURITIES>                                12,141,000
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                            42,580,000
<PP&E>                                       3,901,000
<DEPRECIATION>                               (585,000)
<TOTAL-ASSETS>                              45,960,000
<CURRENT-LIABILITIES>                        9,117,000
<BONDS>                                        369,000
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                        20,000
<OTHER-SE>                                  36,454,000
<TOTAL-LIABILITY-AND-EQUITY>                45,960,000
<SALES>                                              0
<TOTAL-REVENUES>                                     0
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                            17,142,000
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                           (16,408,000)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                       (16,408,000)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                              (16,408,000)
<EPS-PRIMARY>                                    (.82)
<EPS-DILUTED>                                    (.82)