<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE CONSOLIDATED BALANCE SHEETS AND CONSOLIDATED STATEMENTS OF OPERATIONS
FOUND ON PAGES 3 AND 4 OF THE COMPANY'S FORM 10-Q FOR THE PERIOD ENDED
JUNE 30, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               JUN-30-1998
<CASH>                                          37,021
<SECURITIES>                                   275,620
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                               321,792<F1>
<PP&E>                                          10,052<F2>
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                                 333,305
<CURRENT-LIABILITIES>                           31,917
<BONDS>                                            935
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          1
<COMMON>                                            30
<OTHER-SE>                                     300,422
<TOTAL-LIABILITY-AND-EQUITY>                   333,305
<SALES>                                          3,393
<TOTAL-REVENUES>                                20,596
<CGS>                                              344
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                52,446
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                               (22,229)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                           (22,229)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                  (22,229)
<EPS-PRIMARY>                                    (.74)
<EPS-DILUTED>                                    (.74)
<FN>
<F1>CURRENT ASSETS INCLUDES RECEIVABLES, ALLOWANCES, INVENTORY, AND OTHER
CURRENT ASSETS.
<F2>PP&E IS NET OF ACCUMULATED DEPRECIATION.
</FN>