<ARTICLE>                     5
<LEGEND>
THIS  SCHEDULE  CONTAINS  SUMMARY  FINANCIAL   INFORMATION  EXTRACTED  FROM  THE
UNAUDITED   CONDENSED   CONSOLIDATED   FINANCIAL   STATEMENTS  INCLUDED  IN  THE
REGISTRANT'S  FORM 10-Q FOR THE PERIOD  ENDED JUNE 30, 1997 AND IS  QUALIFIED IN
ITS ENTIRETY BY REFERENCE TO SUCH FORM 10-Q.
</LEGEND>
<CIK>                         0001012270
<NAME>                        COLLAGENEX PHARMACEUTICALS, INC.
<MULTIPLIER>                                   1,000
<CURRENCY>                                     U.S. Dollars
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                              DEC-31-1997
<PERIOD-START>                                 APR-1-1997
<PERIOD-END>                                   JUN-30-1997
<EXCHANGE-RATE>                                1
<CASH>                                         14,673
<SECURITIES>                                   12,603
<RECEIVABLES>                                  163
<ALLOWANCES>                                   0
<INVENTORY>                                    0
<CURRENT-ASSETS>                               27,551
<PP&E>                                         118
<DEPRECIATION>                                 34
<TOTAL-ASSETS>                                 27,646
<CURRENT-LIABILITIES>                          1,902
<BONDS>                                        0
<PREFERRED-MANDATORY>                          0
<PREFERRED>                                    0
<COMMON>                                       85
<OTHER-SE>                                     25,659
<TOTAL-LIABILITY-AND-EQUITY>                   27,646
<SALES>                                        0
<TOTAL-REVENUES>                               300
<CGS>                                          0
<TOTAL-COSTS>                                  2,764
<OTHER-EXPENSES>                               0
<LOSS-PROVISION>                               0
<INTEREST-EXPENSE>                             0
<INCOME-PRETAX>                                (2,082)
<INCOME-TAX>                                   0
<INCOME-CONTINUING>                            (2,082)
<DISCONTINUED>                                 0
<EXTRAORDINARY>                                0
<CHANGES>                                      0
<NET-INCOME>                                   (2,082)
<EPS-PRIMARY>                                  (0.24)
<EPS-DILUTED>                                  (0.24)