<ARTICLE> 5
<LEGEND>
This schedule contains summery financial information extracted from Emisphere
Technologies, Inc. 1997 first Quarter 10-q and is qualified in its entirety by
referance to such 10-q filing
</LEGEND>
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          JUL-31-1997
<PERIOD-END>                               OCT-31-1996
<CASH>                                       8,705,744
<SECURITIES>                                 9,637,393
<RECEIVABLES>                                  494,450
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                            19,025,765
<PP&E>                                       1,460,712
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                              20,547,720
<CURRENT-LIABILITIES>                          670,106
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                        95,137
<OTHER-SE>                                  18,758,289
<TOTAL-LIABILITY-AND-EQUITY>                20,547,720
<SALES>                                              0
<TOTAL-REVENUES>                             1,994,450
<CGS>                                                0
<TOTAL-COSTS>                                3,257,126
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                            (1,006,357)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                        (1,006,357)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                               (1,006,357)
<EPS-PRIMARY>                                    (.11)
<EPS-DILUTED>                                    (.08)