<TABLE> <S> <C>

<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
unaudited Balance Sheets as of March 31, 1998 and March 31, 1997 and the
unaudited Statements of Operations for the three months ended March 31, 1998 and
March 31, 1997 and is qualified in its entirety by reference to such financial
statements included in the Company's quarterly report on Form 10Q for the
period ended March 31, 1998. 
</LEGEND>
<CIK> 0000880431
<NAME> MAGAININ PHARMACEUTICALS, INC.
<MULTIPLIER> 1000
       
<S>                             <C>                     <C>
<PERIOD-TYPE>                   3-MOS                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1998             DEC-31-1997
<PERIOD-START>                             JAN-01-1998             JAN-01-1997
<PERIOD-END>                               MAR-31-1998             MAR-31-1997
<CASH>                                              20                     487
<SECURITIES>                                    33,000                  38,574
<RECEIVABLES>                                        0                       0
<ALLOWANCES>                                         0                       0
<INVENTORY>                                          0                       0
<CURRENT-ASSETS>                                33,590                  39,551
<PP&E>                                           6,435                   5,772
<DEPRECIATION>                                   3,334                   2,948
<TOTAL-ASSETS>                                  36,782                  42,444
<CURRENT-LIABILITIES>                            6,109                   6,478
<BONDS>                                              0                       0
<PREFERRED-MANDATORY>                                0                       0
<PREFERRED>                                          0                       0
<COMMON>                                            45                      44
<OTHER-SE>                                      29,041                  34,826
<TOTAL-LIABILITY-AND-EQUITY>                    36,782                  42,444
<SALES>                                              0                       0
<TOTAL-REVENUES>                                     0                   5,037
<CGS>                                                0                       0
<TOTAL-COSTS>                                        0                       0
<OTHER-EXPENSES>                                 7,130                   5,572
<LOSS-PROVISION>                                     0                       0
<INTEREST-EXPENSE>                                  34                      22
<INCOME-PRETAX>                                (6,650)                   (115)
<INCOME-TAX>                                         0                       0
<INCOME-CONTINUING>                            (6,650)                   (115)
<DISCONTINUED>                                       0                       0
<EXTRAORDINARY>                                      0                       0
<CHANGES>                                            0                       0
<NET-INCOME>                                   (6,650)                   (115)
<EPS-PRIMARY>                                   (0.30)                  (0.01)
<EPS-DILUTED>                                   (0.30)                  (0.01)
        

</TABLE>