<ARTICLE> 5
<LEGEND>
This Schedule contains summary financial information extracted from the
Financial Statements of Emisphere Technologies, Inc. at October 31, 1998
and is qualified in its entirety by reference to such Financial
Statements.
</LEGEND>
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          JUL-31-1999
<PERIOD-START>                             AUG-01-1998
<PERIOD-END>                               OCT-31-1998
<CASH>                                      18,079,989
<SECURITIES>                                13,406,832
<RECEIVABLES>                                5,043,935
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                            37,228,867
<PP&E>                                      15,434,076
<DEPRECIATION>                               4,574,311
<TOTAL-ASSETS>                              48,823,602
<CURRENT-LIABILITIES>                        6,770,743
<BONDS>                                     10,000,000
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                       110,643
<OTHER-SE>                                  28,446,566
<TOTAL-LIABILITY-AND-EQUITY>                48,823,602
<SALES>                                              0
<TOTAL-REVENUES>                             3,579,061
<CGS>                                                0
<TOTAL-COSTS>                                6,820,314
<OTHER-EXPENSES>                              (260,907)
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             236,250
<INCOME-PRETAX>                             (2,980,346)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                         (2,980,346)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                (2,980,346)
<EPS-PRIMARY>                                    (.27)
<EPS-DILUTED>                                    (.27)