<ARTICLE> 5
<LEGEND>
This Schedule contains summary financial information extracted from the
Emisphere Technologies, Inc. July 31, 1997 10-K and is qualified in its
entirety by reference to such 10-k filing.
</LEGEND>
       
                             
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          JUL-31-1997
<PERIOD-END>                               JUL-31-1997
<CASH>                                      22,398,967
<SECURITIES>                                11,291,255
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                            34,787,122
<PP&E>                                       5,078,226
<DEPRECIATION>                               3,032,139
<TOTAL-ASSETS>                              36,897,452
<CURRENT-LIABILITIES>                        3,464,531
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                       107,339
<OTHER-SE>                                  33,291,040
<TOTAL-LIABILITY-AND-EQUITY>                36,897,452
<SALES>                                              0
<TOTAL-REVENUES>                             6,368,707
<CGS>                                                0
<TOTAL-COSTS>                               13,690,012
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                            (7,321,305)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                        (7,321,305)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                               (7,321,305)
<EPS-PRIMARY>                                   (0.77)
<EPS-DILUTED>                                   (0.63)