<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, 1998 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>                   6-mos
<FISCAL-YEAR-END>                              Dec-31-1998
<PERIOD-START>                                 Jan-01-1998
<PERIOD-END>                                   Jun-30-1998
<EXCHANGE-RATE>                                1
<CASH>                                         14,620
<SECURITIES>                                   3,496
<RECEIVABLES>                                  66
<ALLOWANCES>                                   0
<INVENTORY>                                    0
<CURRENT-ASSETS>                               18,635
<PP&E>                                         166
<DEPRECIATION>                                 68
<TOTAL-ASSETS>                                 18,746
<CURRENT-LIABILITIES>                          2,587
<BONDS>                                        0
<PREFERRED-MANDATORY>                          0
<PREFERRED>                                    0
<COMMON>                                       86
<OTHER-SE>                                     16,073
<TOTAL-LIABILITY-AND-EQUITY>                   16,159
<SALES>                                        0
<TOTAL-REVENUES>                               4
<CGS>                                          0
<TOTAL-COSTS>                                  5,207
<OTHER-EXPENSES>                               0
<LOSS-PROVISION>                               0
<INTEREST-EXPENSE>                             0
<INCOME-PRETAX>                                (4,626)
<INCOME-TAX>                                   0
<INCOME-CONTINUING>                            (4,626)
<DISCONTINUED>                                 0
<EXTRAORDINARY>                                0
<CHANGES>                                      0
<NET-INCOME>                                   (4,626)
<EPS-PRIMARY>                                  (0.54)
<EPS-DILUTED>                                  (0.54)