<TABLE> <S> <C>

<PAGE>

<ARTICLE> 5
<LEGEND>
This Schedule contains summary financial information extracted from the
Financial Statements of Emisphere Technologies, Inc. at October 31, 2000 and is
qualified in its entirety by reference to such Financial Statements.
</LEGEND>

<S>                             <C>
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          JUL-31-2001
<PERIOD-START>                             AUG-01-2000
<PERIOD-END>                               OCT-31-2000
<CASH>                                      24,031,582
<SECURITIES>                               179,096,632
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                           111,257,186
<PP&E>                                      21,069,827
<DEPRECIATION>                               8,210,742
<TOTAL-ASSETS>                             228,058,114
<CURRENT-LIABILITIES>                        3,521,497
<BONDS>                                              0
                                0
                                          0
<COMMON>                                       176,932
<OTHER-SE>                                 196,191,942
<TOTAL-LIABILITY-AND-EQUITY>               228,058,114
<SALES>                                              0
<TOTAL-REVENUES>                             1,145,527
<CGS>                                                0
<TOTAL-COSTS>                                7,780,356
<OTHER-EXPENSES>                             3,685,510
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             808,253
<INCOME-PRETAX>                             (3,757,572)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                         (3,757,572)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                (3,757,572)
<EPS-BASIC>                                      (0.21)
<EPS-DILUTED>                                    (0.21)


</TABLE>



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