<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM GELTEX
PHARMACEUTICALS, INC. FINANCIAL STATEMENTS AND THE NOTES THERETO FOR THE YEAR
ENDED DECEMBER 31, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
       
                             
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               DEC-31-1998
<EXCHANGE-RATE>                                      1
<CASH>                                      30,874,900
<SECURITIES>                                74,077,436
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                           119,040,047
<PP&E>                                      11,319,885
<DEPRECIATION>                             (3,420,415)
<TOTAL-ASSETS>                             133,444,785
<CURRENT-LIABILITIES>                        8,218,742
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                       167,924
<OTHER-SE>                                 119,851,939
<TOTAL-LIABILITY-AND-EQUITY>               133,444,785
<SALES>                                              0
<TOTAL-REVENUES>                            32,658,232
<CGS>                                                0
<TOTAL-COSTS>                               41,145,657
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             613,513
<INCOME-PRETAX>                           (11,567,318)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                              (11,567,318)
<EPS-PRIMARY>                                    (.72)
<EPS-DILUTED>                                    (.72)