<ARTICLE> 5
<LEGEND>
This schedule contains summery financial information extracted from Emisphere
Technologies, Inc. 1996 Third Quarter 10-Q and is qualified in its entirety by
reference to such 10-Q filing.
</LEGEND>
       
                                       
<PERIOD-TYPE>                                 9-MOS
<FISCAL-YEAR-END>                          JUL-31-1996
<PERIOD-END>                               APR-30-1996
<CASH>                                      12,674,312
<SECURITIES>                                 7,538,560
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                               314,299
<PP&E>                                       1,550,911
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                              22,154,325
<CURRENT-LIABILITIES>                          622,513
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                        93,892
<OTHER-SE>                                           0
<TOTAL-LIABILITY-AND-EQUITY>                22,154,325
<SALES>                                              0
<TOTAL-REVENUES>                             3,033,333
<CGS>                                                0
<TOTAL-COSTS>                                6,584,269
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                            (3,109,175)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                               (3,109,175)
<EPS-PRIMARY>                                   (0.38)
<EPS-DILUTED>                                   (0.32)