
<TABLE> <S> <C>

<PAGE>
<ARTICLE> 5
       
<S>                             <C>
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               MAR-31-1998
<CASH>                                      14,384,717
<SECURITIES>                                 9,771,672
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                            25,513,217
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                              39,686,764
<CURRENT-LIABILITIES>                        4,053,510
<BONDS>                                      3,938,945
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                       176,749
<OTHER-SE>                                  26,220,575
<TOTAL-LIABILITY-AND-EQUITY>                39,686,764
<SALES>                                              0
<TOTAL-REVENUES>                             1,842,975
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                             5,646,668
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             108,818
<INCOME-PRETAX>                            (3,518,537)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                        (3,518,537)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                               (3,518,537)
<EPS-PRIMARY>                                    (.19)
<EPS-DILUTED>                                    (.19)
        

</TABLE>
