(in thousands, except share data)	1998			1997
Assets
Current assets:
Cash and cash equivalents	$	8,480		$	24,980
Investments		103,281			123,120
Accounts receivable		1,241			606
Inventories		1,291			1,342
Other current assets		709			494
Total current assets		115,002			150,542
Investments — restricted		16,500			12,119
Property and equipment, net		18,790			17,153
Other assets		736			267
	$	151,028		$	180,081
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	3,265		$	2,743
Current portion of long-term debt		2,159			2,159
Accrued payroll related costs		2,279			2,000
Accrued contracted services		2,095			1,527
Accrued expenses and other current liabilities		960			1,307
Deferred income		1,125			1,125
Total current liabilities		11,883			10,861
Long-term debt, net of current portion		8,766			10,926
Total liabilities		20,649			21,787
Stockholders' equity:
Preferred stock, par value $.01 per share
Authorized 4,700,000 shares, none issued		–			–
Series A junior participating preferred stock, par value
$.01 per share. Authorized 300,000 shares, none issued		–			–
Common stock, par value $.01 per share.
Authorized 75,000,000 shares 19,594,316 and
19,387,946 issued at December 31, 1998
and 1997, respectively		196			194
Additional paid-in capital		187,139			185,205
Accumulated deficit		(56,009	)		(26,311	)
Accumulated other comprehensive income		876			426
Note receivable from officer		(60	)		(60	)
Treasury stock, at cost: 77,224 and 35,547 shares in 1998 and 1997, respectively		(1,399	)		(878	)
Deferred compensation		(364	)		(282	)
Total stockholders' equity		130,379			158,294
	$	151,028		$	180,081
See accompanying notes to consolidated financial statements