<TABLE> <S> <C>


<ARTICLE>                     5
<LEGEND>
     This schedule  contains summary  financial  information  extracted from the
audited  consolidated  financial  statements at December 31, 1997, 1996 and 1995
and for the  twelve  month  periods  ended  December  31,  1997,  1996 and 1995,
respectively,  and is qualified  in its entirety by reference to such  financial
statements.
</LEGEND>
<CIK>                         0001012270
<NAME>                        CollaGenex Pharmaceuticals, Inc.
<MULTIPLIER>                                   1,000
<CURRENCY>                                     U.S. Dollars

<S>                             <C>                           <C>                           <C>
<PERIOD-TYPE>                   12-Mos                        12-Mos                        12-Mos
<FISCAL-YEAR-END>                          DEC-31-1997                   DEC-31-1996                   DEC-31-1995
<PERIOD-START>                             JAN-01-1997                   JAN-01-1996                   JAN-01-1995
<PERIOD-END>                               DEC-31-1997                   DEC-31-1996                   DEC-31-1995
<EXCHANGE-RATE>                            1                             1                             1
<CASH>                                     16,379                        9,848                         5,806
<SECURITIES>                               6,392                         8,367                         0
<RECEIVABLES>                              88                            66                            7
<ALLOWANCES>                               0                             0                             0
<INVENTORY>                                0                             0                             0
<CURRENT-ASSETS>                           23,048                        18,369                        5,814
<PP&E>                                     153                           75                            18
<DEPRECIATION>                             50                            19                            3
<TOTAL-ASSETS>                             23,165                        18,437                        5,840
<CURRENT-LIABILITIES>                      2,457                         844                           513
<BONDS>                                    0                             0                             0
<PREFERRED-MANDATORY>                      0                             0                             18,908
<PREFERRED>                                0                             0                             0
<COMMON>                                   86                            75                            3
<OTHER-SE>                                 20,622                        17,517                        (13,584)
<TOTAL-LIABILITY-AND-EQUITY>               23,165                        18,437                        5,840
<SALES>                                    0                             0                             0
<TOTAL-REVENUES>                           334                           400                           0
<CGS>                                      0                             0                             0
<TOTAL-COSTS>                              10,295                        6,963                         5,183
<OTHER-EXPENSES>                           0                             0                             0
<LOSS-PROVISION>                           0                             0                             0
<INTEREST-EXPENSE>                         0                             0                             144
<INCOME-PRETAX>                            (8,624)                       (5,918)                       (5,269)
<INCOME-TAX>                               0                             0                             0
<INCOME-CONTINUING>                        (8,624)                       (5,918)                       (5,269)
<DISCONTINUED>                             0                             0                             0
<EXTRAORDINARY>                            0                             0                             0
<CHANGES>                                  0                             0                             0
<NET-INCOME>                               (8,624)                       (5,918)                       (5,269)
<EPS-PRIMARY>                              (1.04)                        (0.90)                        (1.57)
<EPS-DILUTED>                              (1.04)                        (0.89)                        (1.52)


</TABLE>