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  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  
  <P align="center" style="font-size: 10pt">As filed with the
  Securities and Exchange Commission on May 28, 2004
  
  
  
  <P align="right" style="font-size: 10pt">Registration No.&nbsp;333-_____
  
  
  <P align="center" style="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
  
  <DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
  </DIV>
  
  <P align="center" style="font-size: 18pt"><B>FORM S-8</B>
  
  
  <P align="center" style="font-size: 12pt"><B>REGISTRATION STATEMENT UNDER<BR>
  THE SECURITIES ACT OF 1933</B>
  
  
  <P align="center" style="font-size: 24pt"><B>Hybridon, Inc.</B>
  
  <DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in Its Charter)</DIV>
  
  
  <DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
  <!-- Begin Table Head -->
  <TR valign="bottom">
      <TD width="47%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="47%">&nbsp;</TD>
  </TR>
  <!-- End Table Head -->
  <!-- Begin Table Body -->
  <TR valign="bottom">
      <TD align="center" valign="top"><B>Delaware</B>
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top"><B>04-3072298</B></TD>
  </TR>
  
  <TR valign="bottom">
      <TD align="center" valign="top">(State or Other Jurisdiction of
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">(I.R.S. Employer</TD>
  </TR>
  
  <TR valign="bottom">
      <TD align="center" valign="top">Incorporation or Organization)
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">Identification No.)</TD>
  </TR>
  
  <!-- End Table Body -->
  </TABLE>
  </DIV>
  
  
  <DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
  <!-- Begin Table Head -->
  <TR valign="bottom">
      <TD width="47%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="47%">&nbsp;</TD>
  </TR>
  <!-- End Table Head -->
  <!-- Begin Table Body -->
  <TR valign="bottom">
      <TD align="center" valign="top"><B>345 Vassar Street</B></TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  
  <TR valign="bottom">
      <TD align="center" valign="top"><B>Cambridge, Massachusetts</B>
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top"><B>02139</B></TD>
  </TR>
  
  <TR valign="bottom">
      <TD align="center" valign="top">(Address of Principal Executive Offices)
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">(Zip Code)</TD>
  </TR>
  
  <!-- End Table Body -->
  </TABLE>
  </DIV>
  
  
  
  <P align="center" style="font-size: 10pt"><B>1995 Director Stock Option Plan</B><BR>
  (Full Title of the Plan)
  
  
  
  <P align="center" style="font-size: 10pt"><B>Stephen R. Seiler<BR>
  Chief Executive Officer<BR>
  Hybridon, Inc.<BR>
  345 Vassar Street<BR>
  Cambridge, Massachusetts 02139</B><BR>
  (Name and Address of Agent For Service)<BR>
  <B>(617)&nbsp;679-5500</B><BR>
  (Telephone Number, Including Area Code, of Agent For Service)
  
  
  
  <P align="center" style="font-size: 10pt"><B>CALCULATION OF REGISTRATION FEE</B>
  
  
  <DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="65%">
  <!-- Begin Table Head -->
  <TR valign="bottom">
      <TD width="34%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="12%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="12%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3"><B>Proposed</B></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3"><B>Proposed</B></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3"><B>Maximum</B></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3"><B>Maximum</B></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3"><B>Amount of</B></TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">
      <TD nowrap align="center"><B>Title of Securities to be</B></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3"><B>Amount to be</B></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3"><B>Offering Price</B></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3"><B>Aggregate</B></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3"><B>Registration</B></TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">
      <TD nowrap align="center"><B>Registered</B><HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3"><B>Registered(1)</B><HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3"><B>Per Share</B><HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3"><B>Offering Price</B><HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3"><B>Fee</B><HR size="1" noshade></TD>
  </TR>
  
  <!-- End Table Head -->
  <!-- Begin Table Body -->
  <TR valign="bottom">
      <TD><DIV style="margin-left:10px; text-indent:-10px">Common Stock,
  $0.001 par value
  per share
  (including the
  associated
  Preferred Stock
  Purchase Rights)</DIV></TD>
      <TD>&nbsp;</TD>
      <TD colspan="3" align="center">400,000 shares</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">$0.565(2)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">$226,000(2)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">$28.64</TD>
  </TR>
  
  <!-- End Table Body -->
  </TABLE>
  </DIV>
  
  
  
  <P>
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="4%" nowrap align="right">(1)</TD>
      <TD width="1%">&nbsp;</TD>
      <TD>In accordance with Rule&nbsp;416 under the Securities Act of 1933, as amended,
  this registration statement shall be deemed to cover any additional
  securities that may from time to time be offered or issued to prevent
  dilution resulting from stock splits, stock dividends or similar
  transactions.</TD>
  </TR>
  
  </TABLE>
  
  
  <P>
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="4%" nowrap align="right">(2)</TD>
      <TD width="1%">&nbsp;</TD>
      <TD>Estimated solely for the purpose of calculating the registration fee
  pursuant to Rules 457(c) and 457(h) of the Securities Act of 1933, as
  amended, and based upon the average of the high and low prices of the
  Registrant&#146;s Common Stock as reported on the American Stock
  Exchange on May&nbsp;26, 2004.</TD>
  </TR>
  
  </TABLE>
  
  <P align="center" style="font-size: 10pt">&nbsp;
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  
  <P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  
  
  </TABLE>
  
  
  <P align="center" style="font-size: 10pt"><B>STATEMENT OF INCORPORATION BY REFERENCE</B>
  
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Registration Statement on Form S-8 is filed to register the offer and
  sale of an additional 400,000 shares of the Registrant&#146;s common stock, $0.001
  par value per share, to be issued under the Registrant&#146;s 1995 Director Stock
  Option Plan. This Registration Statement incorporates by reference the
  contents of the registration statement on form S-8, File No.&nbsp;333-03902, filed
  by the Registrant on April&nbsp;23, 1996, relating to the Registrant&#146;s 1995 Director
  Stock Option Plan.
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;1. Interests of Named Experts and Counsel.</B>
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hale and Dorr LLP has opined as to the legality of the securities being
  offered by this registration statement.
  
  
  <P>
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
      <TD width="1%" nowrap align="right">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD><B>Item&nbsp;2. Exhibits.</B></TD>
  </TR>
  
  </TABLE>
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Exhibit&nbsp;Index immediately preceding the exhibits is incorporated
  herein by reference.
  
  
  <P align="center" style="font-size: 10pt">- 1 -
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  
  <P align="center" style="font-size: 10pt"><B>SIGNATURES</B>
  
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant
  certifies that it has reasonable grounds to believe that it meets all of the
  requirements for filing on Form S-8 and has duly caused this registration
  statement to be signed on its behalf by the undersigned, thereunto duly
  authorized, in Cambridge, Massachusetts, on this 28th day of
  May 2004.
  
  
  <TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
  <TR>
      <TD width="48%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="35%">&nbsp;</TD>
      <TD width="15%">&nbsp;</TD>
  </TR>
  <TR>
      <TD valign="top">&nbsp;</TD>
      <TD colspan="3">Hybridon, Inc.<BR>
  &nbsp;</TD>
      <TD>&nbsp;</TD>
  </TR><TR>
      <TD>&nbsp;</TD>
      <TD valign="top">By:&nbsp;&nbsp;</TD>
      <TD colspan="2" style="border-bottom: 1px solid #000000">/s/ Stephen R. Seiler
  &nbsp;</TD>
      <TD>&nbsp;</TD>
  </TR><TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="2">Stephen R. Seiler&nbsp;</TD>
      <TD>&nbsp;</TD>
  </TR><TR>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="2">Chief Executive Officer&nbsp;</TD>
      <TD>&nbsp;</TD>
  </TR>
  <TR>
      <TD colspan="5">&nbsp;</TD>
  </TR>
  </TABLE>
  
  <P align="center" style="font-size: 10pt"><B>POWER OF ATTORNEY AND SIGNATURES</B>
  
  
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We, the undersigned officers and directors of Hybridon, Inc. hereby
  severally constitute and appoint Stephen R. Seiler and Robert G. Andersen, and
  each of them singly, our true and lawful attorneys with full power to them, and
  each of them singly, to sign for us and in our names in the capacities
  indicated below, the registration statement on Form S-8 filed herewith and any
  and all subsequent amendments to said registration statement, and generally to
  do all such things in our names and on our behalf in our capacities as officers
  and directors to enable Hybridon, Inc. to comply with the provisions of the
  Securities Act of 1933, as amended, and all requirements of the Securities and
  Exchange Commission, hereby ratifying and confirming our signatures as they may
  be signed by our said attorneys, or any of them, to said registration statement
  and any and all amendments thereto.
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this
  registration statement has been signed by the following persons in the
  capacities and on the dates indicated.
  
  <DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
  <!-- Begin Table Head -->
  <TR valign="bottom">
      <TD width="38%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="38%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="20%">&nbsp;</TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">
      <TD nowrap align="center"><B>Signature</B><HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center"><B>Title</B><HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center"><B>Date</B><HR size="1" noshade></TD>
  </TR>
  
  <!-- End Table Head -->
  <!-- Begin Table Body -->
  <TR valign="bottom">
      <TD align="center" nowrap valign="top"><DIV style="margin-left:10px; text-indent:-10px">/s/ James B. Wyngaarden<BR>
  <HR size="1" noshade>
  James B. Wyngaarden, M.D.</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">
  Chairman of the Board<BR>
  of Directors
  </TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">May&nbsp;28, 2004</TD>
  </TR>
  
  <TR valign="bottom" style="padding-top: 1em">
      <TD align="center" nowrap valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  
  <TR valign="bottom" style="padding-top: 1em">
      <TD align="center" nowrap valign="top">/s/ Stephen R. Seiler<BR>
  <HR size="1" noshade>
  Stephen R. Seiler</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">
  Chief Executive Officer and<BR>
  Director (Principal Executive<BR>
  Officer)
  </TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">May 21, 2004</TD>
  </TR>
  
  <TR valign="bottom" style="padding-top: 1em">
      <TD align="center" nowrap valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  
  <TR valign="bottom" style="padding-top: 1em">
      <TD align="center" nowrap valign="top">/s/  Sudhir Agrawal<BR>
  <HR size="1" noshade>
  Sudhir Agrawal, D. Phil</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">
  President, Chief Scientific<BR>
  Officer and Director
  </TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">May 28, 2004</TD>
  </TR>
  
  <TR valign="bottom" style="padding-top: 1em">
      <TD align="center" nowrap valign="top">&nbsp;<BR>
  /s/ Robert G. Andersen<BR>
  <HR size="1" noshade>
  Robert G. Andersen</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">
  Chief Financial Officer and<BR>
  Vice President of Operations,<BR>
  Treasurer and Secretary<BR>
  (Principal Financial Officer)
  </TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">May&nbsp;28, 2004</TD>
  </TR>
  
  <TR valign="bottom" style="padding-top: 1em">
      <TD align="center" nowrap valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  
  <TR valign="bottom" style="padding-top: 1em">
      <TD align="center" nowrap valign="top">/s/ Youssef El-Zein<BR>
  <HR size="1" noshade>
  Youssef El-Zein</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">
  Director
  </TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">May 28, 2004</TD>
  </TR>
  
  <TR valign="bottom" style="padding-top: 1em">
      <TD align="center" nowrap valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  
  <TR valign="bottom" style="padding-top: 1em">
      <TD align="center" nowrap valign="top">/s/ C. Keith Hartley<BR>
  <HR size="1" noshade>
  C. Keith Hartley</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">
  Director
  </TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">May&nbsp;28, 2004</TD>
  </TR>
  
  <!-- End Table Body -->
  </TABLE>
  </DIV>
  
  
  
  <P align="center" style="font-size: 10pt">- 2 -
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  <DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
  <!-- Begin Table Head -->
  <TR valign="bottom">
      <TD width="38%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="38%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="20%">&nbsp;</TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">
      <TD nowrap align="center"><B>Signature</B><HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center"><B>Title</B><HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center"><B>Date</B><HR size="1" noshade></TD>
  </TR>
  
  <!-- End Table Head -->
  <!-- Begin Table Body -->
  <TR valign="bottom" style="padding-top: 1em">
      <TD align="center" nowrap valign="top">/s/ William S. Reardon<BR>
  <HR size="1" noshade>
  William S. Reardon</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">
  Director
  </TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">May 21, 2004</TD>
  </TR>
  
  <TR valign="bottom" style="padding-top: 1em">
      <TD align="center" nowrap valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  
  <TR valign="bottom" style="padding-top: 1em">
      <TD align="center" nowrap valign="top">/s/ Paul C. Zamecnik<BR>
  <HR size="1" noshade>
  Paul C. Zamecnik, M.D.</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">
  Director
  </TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">May 21, 2004</TD>
  </TR>
  
  <!-- End Table Body -->
  </TABLE>
  </DIV>
  
  
  
  <P align="center" style="font-size: 10pt">- 3 -
  
  
  
  <P align="center" style="font-size: 10pt">&nbsp;
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  
  
  
  <P align="center" style="font-size: 10pt"><B>INDEX TO EXHIBITS</B>
  
  
  <DIV align="center">
  <TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
  <!-- Begin Table Head -->
  <TR valign="bottom">
      <TD width="9%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="86%">&nbsp;</TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">
      <TD nowrap align="center"><B>Number</B><HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center"><B>Description</B><HR size="1" noshade></TD>
  </TR>
  
  <!-- End Table Head -->
  <!-- Begin Table Body -->
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1(1)
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Restated Certificate of Incorporation of the Registrant</TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2(2)
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Amended and Restated By-Laws of the Registrant</TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3(3)
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Rights Agreement dated December&nbsp;10, 2001 between Hybridon, Inc. and
  Mellon Investor Services LLC, as rights agent</TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Opinion of Hale and Dorr LLP, counsel to the Registrant</TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Consent of Hale and Dorr LLP
  (included in Exhibit&nbsp;5.1)</TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Consent of Ernst &#038; Young LLP</TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">&nbsp;</TD>
  </TR>
  
  <TR valign="bottom">
      <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Power of attorney (included on the signature pages of this
  registration statement)</TD>
  </TR>
  
  <!-- End Table Body -->
  </TABLE>
  </DIV>
  
  
  
  
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  <HR size="1" width="18%" align="left" noshade>
  
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  <TR valign="top">
      <TD width="1%" nowrap align="right">(1)</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="96%">Previously filed with the Securities and Exchange Commission as an
  Exhibit to the Registrant&#146;s Registration Statement on Form 8-A, dated
  December&nbsp;4, 2003 (File No.&nbsp;001-31918) and incorporated herein by
  reference.</TD>
  </TR>
  
  <TR><TD>&nbsp;</TD></TR>
  
  <TR valign="top">
      <TD width="1%" nowrap align="right">(2)</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="96%">Previously filed with the Securities and Exchange Commission as an
  Exhibit to the Registrant&#146;s Registration Statement on Form S-1, dated
  November&nbsp;6, 1995, as amended (File No.&nbsp;33-99024) and incorporated herein
  by reference.</TD>
  </TR>
  
  <TR><TD>&nbsp;</TD></TR>
  
  <TR valign="top">
      <TD width="1%" nowrap align="right">(3)</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="96%">Previously filed with the Securities and Exchange Commission as an
  Exhibit to the Registrant&#146;s Registration Statement on Form S-2, dated
  October&nbsp;10, 2003 (File No.&nbsp;333-109630) and incorporated herein by
  reference.</TD>
  </TR>
  
  </TABLE>
  
  
  
  
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  </DIV>
  
  
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  </HTML>
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metadata_filer: {"company-data": {"conformed-name": "HYBRIDON INC", "cik": "0000861838", "assigned-sic": "2836", "irs-number": "043072298", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-116012", "film-number": "04838465"}, "business-address": {"street1": "345 VASSAR STREET", "city": "CAMBRIDGE", "state": "MA", "zip": "02139", "phone": "6176795500"}, "mail-address": {"street1": "345 VASSAR STREET", "city": "CAMBRIDGE", "state": "MA", "zip": "02139"}}
text: sv8
  As filed with the
  Securities and Exchange Commission on May 28, 2004
  Registration No. 333-_____
  SECURITIES AND EXCHANGE COMMISSION
  Washington, D.C. 20549
  FORM S-8
  REGISTRATION STATEMENT UNDER
  THE SECURITIES ACT OF 1933
  Hybridon, Inc.
  (Exact Name of Registrant as Specified in Its Charter)
  Delaware
  04-3072298
  (State or Other Jurisdiction of
  (I.R.S. Employer
  Incorporation or Organization)
  Identification No.)
  345 Vassar Street
  Cambridge, Massachusetts
  02139
  (Address of Principal Executive Offices)
  (Zip Code)
  1995 Director Stock Option Plan
  (Full Title of the Plan)
  Stephen R. Seiler
  Chief Executive Officer
  Hybridon, Inc.
  345 Vassar Street
  Cambridge, Massachusetts 02139
  (Name and Address of Agent For Service)
  (617) 679-5500
  (Telephone Number, Including Area Code, of Agent For Service)
  CALCULATION OF REGISTRATION FEE
  Proposed
  Proposed
  Maximum
  Maximum
  Amount of
  Title of Securities to be
  Amount to be
  Offering Price
  Aggregate
  Registration
  Registered
  Registered(1)
  Per Share
  Offering Price
  Fee
  Common Stock,
  $0.001 par value
  per share
  (including the
  associated
  Preferred Stock
  Purchase Rights)
  400,000 shares
  $0.565(2)
  $226,000(2)
  $28.64
  (1)
  In accordance with Rule 416 under the Securities Act of 1933, as amended,
  this registration statement shall be deemed to cover any additional
  securities that may from time to time be offered or issued to prevent
  dilution resulting from stock splits, stock dividends or similar
  transactions.
  (2)
  Estimated solely for the purpose of calculating the registration fee
  pursuant to Rules 457(c) and 457(h) of the Securities Act of 1933, as
  amended, and based upon the average of the high and low prices of the
  Registrant's Common Stock as reported on the American Stock
  Exchange on May 26, 2004.
  STATEMENT OF INCORPORATION BY REFERENCE
  This Registration Statement on Form S-8 is filed to register the offer and
  sale of an additional 400,000 shares of the Registrant's common stock, $0.001
  par value per share, to be issued under the Registrant's 1995 Director Stock
  Option Plan. This Registration Statement incorporates by reference the
  contents of the registration statement on form S-8, File No. 333-03902, filed
  by the Registrant on April 23, 1996, relating to the Registrant's 1995 Director
  Stock Option Plan.
  Item 1. Interests of Named Experts and Counsel.
  Hale and Dorr LLP has opined as to the legality of the securities being
  offered by this registration statement.
  Item 2. Exhibits.
  The Exhibit Index immediately preceding the exhibits is incorporated
  herein by reference.
  - 1 -
  SIGNATURES
  Pursuant to the requirements of the Securities Act of 1933, the Registrant
  certifies that it has reasonable grounds to believe that it meets all of the
  requirements for filing on Form S-8 and has duly caused this registration
  statement to be signed on its behalf by the undersigned, thereunto duly
  authorized, in Cambridge, Massachusetts, on this 28th day of
  May 2004.
  Hybridon, Inc.
  By:
  /s/ Stephen R. Seiler
  Stephen R. Seiler
  Chief Executive Officer
  POWER OF ATTORNEY AND SIGNATURES
  We, the undersigned officers and directors of Hybridon, Inc. hereby
  severally constitute and appoint Stephen R. Seiler and Robert G. Andersen, and
  each of them singly, our true and lawful attorneys with full power to them, and
  each of them singly, to sign for us and in our names in the capacities
  indicated below, the registration statement on Form S-8 filed herewith and any
  and all subsequent amendments to said registration statement, and generally to
  do all such things in our names and on our behalf in our capacities as officers
  and directors to enable Hybridon, Inc. to comply with the provisions of the
  Securities Act of 1933, as amended, and all requirements of the Securities and
  Exchange Commission, hereby ratifying and confirming our signatures as they may
  be signed by our said attorneys, or any of them, to said registration statement
  and any and all amendments thereto.
  Pursuant to the requirements of the Securities Act of 1933, this
  registration statement has been signed by the following persons in the
  capacities and on the dates indicated.
  Signature
  Title
  Date
  /s/ James B. Wyngaarden
  James B. Wyngaarden, M.D.
  Chairman of the Board
  of Directors
  May 28, 2004
  /s/ Stephen R. Seiler
  Stephen R. Seiler
  Chief Executive Officer and
  Director (Principal Executive
  Officer)
  May 21, 2004
  /s/  Sudhir Agrawal
  Sudhir Agrawal, D. Phil
  President, Chief Scientific
  Officer and Director
  May 28, 2004
  /s/ Robert G. Andersen
  Robert G. Andersen
  Chief Financial Officer and
  Vice President of Operations,
  Treasurer and Secretary
  (Principal Financial Officer)
  May 28, 2004
  /s/ Youssef El-Zein
  Youssef El-Zein
  Director
  May 28, 2004
  /s/ C. Keith Hartley
  C. Keith Hartley
  Director
  May 28, 2004
  - 2 -
  Signature
  Title
  Date
  /s/ William S. Reardon
  William S. Reardon
  Director
  May 21, 2004
  /s/ Paul C. Zamecnik
  Paul C. Zamecnik, M.D.
  Director
  May 21, 2004
  - 3 -
  INDEX TO EXHIBITS
  Number
  Description
  4.1(1)
  Restated Certificate of Incorporation of the Registrant
  4.2(2)
  Amended and Restated By-Laws of the Registrant
  4.3(3)
  Rights Agreement dated December 10, 2001 between Hybridon, Inc. and
  Mellon Investor Services LLC, as rights agent
  5.1
  Opinion of Hale and Dorr LLP, counsel to the Registrant
  23.1
  Consent of Hale and Dorr LLP
  (included in Exhibit 5.1)
  23.2
  Consent of Ernst & Young LLP
  24.1
  Power of attorney (included on the signature pages of this
  registration statement)
  (1)
  Previously filed with the Securities and Exchange Commission as an
  Exhibit to the Registrant's Registration Statement on Form 8-A, dated
  December 4, 2003 (File No. 001-31918) and incorporated herein by
  reference.
  (2)
  Previously filed with the Securities and Exchange Commission as an
  Exhibit to the Registrant's Registration Statement on Form S-1, dated
  November 6, 1995, as amended (File No. 33-99024) and incorporated herein
  by reference.
  (3)
  Previously filed with the Securities and Exchange Commission as an
  Exhibit to the Registrant's Registration Statement on Form S-2, dated
  October 10, 2003 (File No. 333-109630) and incorporated herein by
  reference.