Subject: Biotechnology Firm Raises $20 Million in 2 Placements
Date: Published: 4/9/93 (30 lines)
Source: Wall Street Journal. Copyright Dow Jones & Co. Inc.

    Business Brief -- Hybridon Inc.:
    Biotechnology Firm Raises
    $20 Million in 2 Placements

    Hybridon Inc. said it raised $20 million in the first quarter
 from two private placements of convertible preferred stock.
    The closely held biotechnology concern said it has raised a total
 of $30 million in equity financing since it was founded in 1989.  The
 company added that the aggregate value of its equity offerings and
 of contracts for research collaborations is now $65 million.
    Hybridon, of Worcester, Mass., is developing so-called
 "antisense" drugs, aimed at genetically blocking the production of
 proteins associated with diseases.
    Hybridon said both new and existing institutional and private
 investors from the U. S. and overseas participated in its latest
 offerings.  The company added that Hoffmann-La Roche Inc., the U. S. 
 unit of Switzerland's Roche Holding Ltd., took a $4 million equity
 position in Hybridon as part of a strategic alliance.
    Hybridon said proceeds of the offerings will be used mainly to
 fund clinical trials of its GEM 91 compound for treating AIDS and
 the virus that causes AIDS.  

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