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  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  <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 July&nbsp;18, 2005
  
  
  
  <DIV align="right" style="font-size: 10pt">Registration No.&nbsp;333-<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
  </DIV>
  
  
  <DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
  <DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>
  
  
  
  
  <P align="center" style="font-size: 12pt"><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>
  <TR style="font-size: 10pt" valign="bottom">
      <TD nowrap align="center"><B>Delaware</B></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center"><B>04-3072298</B></TD>
  </TR>
  
  <!-- End Table Head -->
  <!-- Begin Table Body -->
  <TR valign="bottom">
      <TD align="center" valign="top">(State or Other Jurisdiction of Incorporation<BR>
  or Organization)
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">(I.R.S. Employer<BR>
  Identification No.)</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
      <TD align="center" valign="top"><B>345 Vassar Street<BR>
  Cambridge, Massachusetts</B>
  </TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="bottom"><B>02139</B></TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <TD align="center" valign="top">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align="center" valign="top">&nbsp;</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>2005 Stock Incentive Plan</B><BR>
  (Full Title of the Plan)
  
  
  
  <P align="center" style="font-size: 10pt"><B>Sudhir Agrawal, D. Phil.<BR>
  President and Chief Executive Officer<BR>
  Hybridon, Inc.<BR>
  345 Vassar Street<BR>
  Cambridge, Massachusetts 02139</B><BR>
  (Name and Address of Agent For Service)
  
  
  
  <P align="center" style="font-size: 10pt"><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="100%">
  <!-- Begin Table Head -->
  <TR valign="bottom">
      <TD width="60%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">
      <TD style="border-top: 3px double #000000; border-left: 3px double #000000">&nbsp;</TD>
      <TD style="border-top: 3px double #000000; border-left: 1px solid #000000">&nbsp;</TD>
      <TD style="border-top: 3px double #000000">&nbsp;</TD>
      <TD style="border-top: 3px double #000000">&nbsp;</TD>
      <TD style="border-top: 3px double #000000">&nbsp;</TD>
      <TD style="border-top: 3px double #000000; border-right: 1px solid #000000">&nbsp;</TD>
      <TD nowrap align="center" colspan="3" style="border-top: 3px double #000000">Proposed</TD>
      <TD style="border-top: 3px double #000000; border-right: 1px solid #000000">&nbsp;</TD>
      <TD nowrap align="center" colspan="3" style="border-top: 3px double #000000">Proposed Maximum</TD>
      <TD style="border-top: 3px double #000000; border-right: 1px solid #000000">&nbsp;</TD>
  
  <TD nowrap align="center" colspan="3" style="border-top: 3px double #000000; border-right: 3px double #000000">&nbsp;</TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">
      <TD nowrap align="center" style="border-left: 3px double #000000">Title of Securities to be</TD>
      <TD style="border-left: 1px solid #000000">&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Amount to be</TD>
      <TD style="border-right: 1px solid #000000">&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Maximum Offering</TD>
      <TD  style="border-right: 1px solid #000000">&nbsp;</TD>
      <TD nowrap align="center" colspan="3">Aggregate Offering</TD>
      <TD  style="border-right: 1px solid #000000">&nbsp;</TD>
      <TD nowrap align="center" colspan="3" style="border-right: 3px double #000000">Amount of</TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">
  
  <TD nowrap align="center" style="border-bottom: 1px solid #000000; border-left: 3px double #000000">Registered</TD>
      <TD style="border-left: 1px solid #000000; border-bottom: 1px solid #000000">&nbsp;</TD>
      <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Registered (1)</TD>
      <TD style="border-right: 1px solid #000000; border-bottom: 1px solid #000000">&nbsp;</TD>
      <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Price Per Share (2)</TD>
      <TD style="border-right: 1px solid #000000; border-bottom: 1px solid #000000">&nbsp;</TD>
      <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Price (2)</TD>
      <TD style="border-right: 1px solid #000000; border-bottom: 1px solid #000000">&nbsp;</TD>
  
  <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000; border-right: 3px double #000000">Registration Fee</TD>
  </TR>
  
  <!-- End Table Head -->
  <!-- Begin Table Body -->
  <TR valign="bottom">
      <TD style="border-left: 3px double #000000; border-bottom: 3px double #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Stock,
  $0.001 par value
  per share
  (including the
  associated
  Preferred Stock
  Purchase Rights)</DIV></TD>
      <TD style="border-bottom: 3px double #000000; border-left: 1px solid #000000">&nbsp;</TD>
      <TD colspan="3" align="center" style="border-bottom: 3px double #000000">5,000,000 shares</TD>
      <TD style="border-bottom: 3px double #000000; border-right: 1px solid #000000">&nbsp;</TD>
      <TD align="right" style="border-bottom: 3px double #000000">$</TD>
      <TD align="right" style="border-bottom: 3px double #000000">0.55</TD>
      <TD style="border-bottom: 3px double #000000">&nbsp;</TD>
      <TD style="border-bottom: 3px double #000000; border-right: 1px solid #000000">&nbsp;</TD>
      <TD align="right" style="border-bottom: 3px double #000000">$</TD>
      <TD align="right" style="border-bottom: 3px double #000000">2,750,000</TD>
      <TD style="border-bottom: 3px double #000000">&nbsp;</TD>
      <TD style="border-bottom: 3px double #000000; border-right: 1px solid #000000">&nbsp;</TD>
      <TD align="right" style="border-bottom: 3px double #000000">$</TD>
      <TD align="right" style="border-bottom: 3px double #000000">324</TD>
      <TD style="border-bottom: 3px double #000000; border-right: 3px double #000000">&nbsp;</TD>
  </TR>
  <!-- End Table Body -->
  </TABLE>
  </DIV>
  
  
  <P>
  <DIV style="width:18%; margin-top: 16px; font-size: 3pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
  <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="3%" nowrap align="left">(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="3%" nowrap align="left">(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
  July&nbsp;13, 2005.</TD>
  </TR>
  
  </TABLE>
  
  
  <DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
  <DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
  
  
  
  
  
  <P align="center" style="font-size: 10pt">&nbsp;
  </DIV>
  
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  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  
  
  
  
  
  
  
  <!-- TOC -->
  <A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>
  
  <P><CENTER>
  <TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
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  	<TD width="3%"></TD>
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  	<TD width="76%"></TD>
  </TR>
  <TR><TD colspan="9"><A HREF="#000"> PART I</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;1. Plan Information</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;2. Registrant Information and Employee Plan Annual Information</A></TD></TR>
  <TR><TD colspan="9"><A HREF="#003"> PART II</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;3. Incorporation of Documents by Reference</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#005"> Item&nbsp;4. Description of Securities</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#006"> Item&nbsp;5. Interests of Named Experts and Counsel</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;6. Indemnification of Directors and Officers</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#008">Item&nbsp;7. Exemption from Registration Claimed</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#009">Item&nbsp;8. Exhibits</A></TD></TR>
  <TR><TD></TD><TD colspan="8"><A HREF="#010">Item&nbsp;9. Undertakings</A></TD></TR>
  <TR><TD colspan="9"><A HREF="#011"> SIGNATURES</A></TD></TR>
  <TR><TD colspan="9"><A HREF="#012"> INDEX TO EXHIBITS</A></TD></TR>
  <TR><TD colspan="9"><A HREF="b55928s8exv5.htm">Ex-5 Opinion of Wilmer Cutler Pickering Hale and Dorr LLP</A></TD></TR>
  <TR><TD colspan="9"><A HREF="b55928s8exv23w2.htm">Ex-23.2 Consent of Ernst & Young LLP</A></TD></TR>
  </TABLE>
  </CENTER>
  <!-- /TOC -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  
  
  
  
  <!-- link1 " PART I" -->
  <DIV align="left"><A NAME="000"></A></DIV>
  
  <P align="center" style="font-size: 10pt"><B>PART I<BR>
  INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>
  
  
  <!-- link2 "Item&nbsp;1. Plan Information" -->
  <DIV align="left"><A NAME="001"></A></DIV>
  
  <P align="left" style="font-size: 10pt"><B>Item&nbsp;1. Plan Information.</B>
  
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information required by Item&nbsp;1 is included in documents sent or given to participants in
  the plan covered by this registration statement pursuant to Rule&nbsp;428(b)(1) of the Securities Act of
  1933, as amended (the &#147;Securities Act&#148;).
  
  <!-- link2 "Item&nbsp;2. Registrant Information and Employee Plan Annual Information" -->
  <DIV align="left"><A NAME="002"></A></DIV>
  
  <P align="left" style="font-size: 10pt"><B>Item&nbsp;2. Registrant Information and Employee Plan Annual Information.</B>
  
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The written statement required by Item&nbsp;2 is included in documents sent or given to
  participants in the plan covered by this registration statement pursuant to Rule&nbsp;428(b)(1) of the
  Securities Act.
  
  <!-- link1 " PART II" -->
  <DIV align="left"><A NAME="003"></A></DIV>
  
  <P align="center" style="font-size: 10pt"><B>PART II<BR>
  INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
  
  
  <!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference" -->
  <DIV align="left"><A NAME="004"></A></DIV>
  
  <P align="left" style="font-size: 10pt"><B>Item&nbsp;3. Incorporation of Documents by Reference.</B>
  
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant is subject to the informational and reporting requirements of Sections&nbsp;13(a),
  14, and 15(d) of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), and in
  accordance therewith files reports, proxy statements and other information with the Securities and
  Exchange Commission (the &#147;Commission&#148;). The following documents, which are on file with the
  Commission, are incorporated in this registration statement by reference:
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The registrant&#146;s latest annual report filed pursuant to Section 13(a) or 15(d) of the
  Exchange Act or the latest prospectus filed pursuant to Rule 424(b) under the Securities Act that
  contains audited financial statements for the registrant&#146;s latest fiscal year for which such
  statements have been filed.
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;All other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act since the
  end of the fiscal year covered by the document referred to in (a)&nbsp;above.
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The description of the securities contained in the registrant&#146;s registration statement on
  Form 8-A filed under the Exchange Act, including any amendment or report filed for the purpose of
  updating such description.
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by the registrant pursuant to Sections&nbsp;13(a), 13(c), 14 and
  15(d) of the Exchange Act, prior to the filing of a post-effective amendment that indicates that
  all securities offered hereby have been sold or which deregisters all securities then remaining
  unsold, shall be deemed to be incorporated by reference in this registration statement and to be
  part hereof from the date of the filing of such documents. Any statement contained in a document
  incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or
  superseded for the purposes of this registration statement to the extent that a statement contained
  herein or in any other subsequently filed document that also is or is deemed to be incorporated by
  reference herein modifies or supersedes such statement. Any statement so modified or superseded
  shall not be deemed, except as so modified or superseded, to constitute a part of this registration
  statement.
  
  <!-- link2 " Item&nbsp;4. Description of Securities" -->
  <DIV align="left"><A NAME="005"></A></DIV>
  
  <P align="left" style="font-size: 10pt"><B>Item&nbsp;4. Description of Securities.</B>
  
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
  
  
  <P align="center" style="font-size: 10pt">-1-
  </DIV>
  
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  <DIV style="font-family: 'Times New Roman',Times,serif">
  <!-- link2 " Item&nbsp;5. Interests of Named Experts and Counsel" -->
  <DIV align="left"><A NAME="006"></A></DIV>
  
  <P align="left" style="font-size: 10pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>
  
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilmer Cutler Pickering Hale and Dorr LLP has opined as to the legality of the securities
  being offered by this registration statement.
  
  <!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers" -->
  <DIV align="left"><A NAME="007"></A></DIV>
  
  <P align="left" style="font-size: 10pt"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>
  
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;EIGHTH of the Registrant&#146;s Restated Certificate of Incorporation provides that no
  director of the Registrant shall be personally liable for any monetary damages for any breach of
  fiduciary duty as a director, except to the extent that the Delaware General Corporation Law
  prohibits the elimination or limitation of liability of directors for breach of fiduciary duty.
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;NINTH of the Registrant&#146;s Restated Certificate of Incorporation provides that a
  director or officer of the Registrant (a)&nbsp;shall be indemnified by the Registrant against all
  expenses (including attorneys&#146; fees), judgments, fines and amounts paid in settlement incurred in
  connection with any litigation or other legal proceeding (other than an action by or in the right
  of the Registrant) brought against him by virtue of his position as a director or officer of the
  Registrant if he acted in good faith and in a manner he reasonably believed to be in, or not
  opposed to, the best interests of the Registrant, and, with respect to any criminal action or
  proceeding, had no reasonable cause to believe his conduct was unlawful and (b)&nbsp;shall be
  indemnified by the Registrant against all expense (including attorneys&#146; fees) and amounts paid in
  settlement incurred in connection with any action by or in the right of the Registrant brought
  against him by virtue of his position as a director or officer of the Registrant if he acted in
  good faith and in a manner he reasonably believed to be in, or not opposed to, the best interests
  of the Registrant, except that no indemnification shall be made with respect to any matter as to
  which such person shall have been adjudged to be liable to the Registrant, unless a court
  determines that, despite such adjudication but in view of all of the circumstances, he is entitled
  to indemnification of such expenses. Notwithstanding the foregoing, to the extent that a director
  or officer has been successful, on the merits or otherwise, including, without limitation, the
  dismissal of an action without prejudice, he is required to be indemnified by the Registrant
  against all expenses (including attorneys&#146; fees) incurred in connection therewith. Expenses shall
  be advanced to a director or officer at his request, provided that he undertakes to repay the
  amount advanced if it is ultimately determined that he is not entitled to indemnification for such
  expenses.
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indemnification is required to be made unless the Registrant determines that the applicable
  standard of conduct required for indemnification has not been met. In the event of a determination
  by the Registrant that the director or officer did not meet the applicable standard of conduct
  required for indemnification, or if the Registrant fails to make an indemnification payment within
  60&nbsp;days after such payment is claimed by such person, such person is permitted to petition the
  court to make an independent determination as to whether such person is entitled to
  indemnification. As a condition precedent to the right of indemnification, the director or officer
  must give the Registrant notice of the action for which indemnity is sought and the Registrant has
  the right to participate in such action or assume the defense thereof.
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;NINTH of the Registrant&#146;s Restated Certificate of Incorporation further provides that
  the indemnification provided therein is not exclusive, and provides that in the event that the
  Delaware General Corporation Law is amended to expand the indemnification permitted to directors or
  officers the Registrant must indemnify those persons to the full extent permitted by such law as so
  amended.
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;145 of the Delaware General Corporation law provides that a corporation has the power
  to indemnify a director, officer, employee or agent of the corporation and certain other persons
  serving at the request of the corporation in related capacities against amounts paid and expense
  incurred in
  
  
  <P align="center" style="font-size: 10pt">-2-
  </DIV>
  
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  <DIV style="font-family: 'Times New Roman',Times,serif">
  <P align="left" style="font-size: 10pt">connection with an action or proceeding to which he is or is threatened to be made a party by
  reason of such position, if such person shall have acted in good faith and in a manner he
  reasonably believed to be in or not opposed to the best interests of the corporation, and, in any
  criminal proceeding, if such person had no reasonable cause to believe his conduct was unlawful;
  provided that, in the case of actions brought by or in the right of the corporation, no
  indemnification shall be made with respect to any matter as to which such person shall have been
  adjudged to be liable to the corporation unless and only to the extent that the adjudicating court
  determines that such indemnification is proper under the circumstances.
  
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hybridon has obtained directors and officers insurance for the benefit of its directors and
  its officers.
  
  <!-- link2 "Item&nbsp;7. Exemption from Registration Claimed" -->
  <DIV align="left"><A NAME="008"></A></DIV>
  
  <P align="left" style="font-size: 10pt"><B>Item&nbsp;7. Exemption from Registration Claimed.</B>
  
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
  
  <!-- link2 "Item&nbsp;8. Exhibits" -->
  <DIV align="left"><A NAME="009"></A></DIV>
  
  <P align="left" style="font-size: 10pt"><B>Item&nbsp;8. Exhibits.</B>
  
  
  
  <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.
  
  <!-- link2 "Item&nbsp;9. Undertakings" -->
  <DIV align="left"><A NAME="010"></A></DIV>
  
  <P align="left" style="font-size: 10pt"><B>Item&nbsp;9. Undertakings.</B>
  
  
  
  <P align="left" style="font-size: 10pt">1. <U><I>Item&nbsp;512(a) of Regulation&nbsp;S-K</I></U>. The undersigned registrant hereby undertakes:
  
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To file, during any period in which offers or sales are being made, a post-effective
  amendment to this registration statement:
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act;
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;To reflect in the prospectus any facts or events arising after the effective date of the
  registration statement (or the most recent post-effective amendment thereof) which, individually or
  in the aggregate, represent a fundamental change in the information set forth in the registration
  statement; and
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;To include any material information with respect to the plan of distribution not
  previously disclosed in the registration statement or any material change to such information in
  the registration statement;
  
  <P align="left" style="font-size: 10pt"><I>provided, however, </I>that paragraphs (i)&nbsp;and (ii)&nbsp;do not apply if the information required to be
  included in a post-effective amendment by those paragraphs is contained in periodic reports filed
  with or furnished to the Commission by the registrant pursuant to Section&nbsp;13 or Section 15(d) of
  the Exchange Act that are incorporated by reference in the registration statement.
  
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That, for the purpose of determining any liability under the Securities Act, each such
  post-effective amendment shall be deemed to be a new registration statement relating to the
  securities offered therein, and the offering of such securities at that time shall be deemed to be
  the initial <I>bona fide </I>offering thereof.
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;To remove from registration by means of a post-effective amendment any of the securities
  being registered which remain unsold at the termination of the offering.
  
  
  <P align="center" style="font-size: 10pt">-3-
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  <P align="left" style="font-size: 10pt">2. <U><I>Item&nbsp;512(b) of Regulation&nbsp;S-K</I></U>. The undersigned registrant hereby undertakes that, for
  purposes of determining any liability under the Securities Act, each filing of the registrant&#146;s
  annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act that is incorporated
  by reference in the registration statement shall be deemed to be a new registration statement
  relating to the securities offered therein, and the offering of such securities at that time shall
  be deemed to be the initial <I>bona fide </I>offering thereof.
  
  
  <P align="left" style="font-size: 10pt">3. <U><I>Item&nbsp;512(h) of Regulation&nbsp;S-K</I></U>. Insofar as indemnification for liabilities arising under
  the Securities Act may be permitted to directors, officers and controlling persons of the
  registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that
  in the opinion of the Securities and Exchange Commission such indemnification is against public
  policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a
  claim for indemnification against such liabilities (other than the payment by the registrant of
  expenses incurred or paid by a director, officer or controlling person of the registrant in the
  successful defense of any action, suit or proceeding) is asserted by such director, officer or
  controlling person in connection with the securities being registered, the registrant will, unless
  in the opinion of its counsel the matter has been settled by controlling precedent, submit to a
  court of appropriate jurisdiction the question whether such indemnification by it is against public
  policy as expressed in the Securities Act and will be governed by the final adjudication of such
  issue.
  
  
  
  <P align="center" style="font-size: 10pt">-4-
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  
  
  <!-- link1 " SIGNATURES" -->
  <DIV align="left"><A NAME="011"></A></DIV>
  
  <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 the City of Cambridge, Commonwealth of Massachusetts, on July&nbsp;15,
  2005.
  
  
  <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" align="left">&nbsp;</TD>
      <TD colspan="3" align="left"><B>HYBRIDON, INC.</B><BR>
  &nbsp;</TD>
      <TD>&nbsp;</TD>
  </TR><TR>
      <TD align="left">&nbsp;</TD>
      <TD valign="top">By:&nbsp;&nbsp;</TD>
      <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Sudhir Agrawal
  &nbsp;</TD>
      <TD>&nbsp;</TD>
  </TR><TR>
      <TD align="left">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="2" align="left">Sudhir Agrawal, D. Phil.&nbsp;</TD>
      <TD>&nbsp;</TD>
  </TR><TR>
      <TD align="left">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD colspan="2" align="left">President and 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 Sudhir Agrawal 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="30%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="36%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="30%">&nbsp;</TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">
  
  <TD nowrap align="left" style="border-bottom: 1px solid #000000"><DIV style="margin-left: 60px; text-indent: 0px">Signature</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" style="border-bottom: 1px solid #000000">Title</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" style="border-bottom: 1px solid #000000">Date</TD>
  </TR>
  
  <!-- End Table Head -->
  <!-- Begin Table Body -->
  <TR valign="bottom">
      <TD align="left" valign="top">/s/ James B. Wyngaarden
  </TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">
  Chairman of the Board of Directors
  </TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">July 15, 2005</TD>
  </TR>
  
  <TR style="font-size: 1px" valign="bottom">
  <TD nowrap align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
  </TR>
  
  <TR valign="bottom">
      <TD align="left" valign="top">
  James B. Wyngaarden, M.D.</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
  </TR>
  
  
  
  <TR valign="bottom" style="padding-top: 1em">
      <TD align="left" valign="top">/s/ Sudhir Agrawal
  </TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">
  President, Chief Executive Officer, Chief Scientific
  </TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">July 15, 2005</TD>
  </TR>
  
  
  <TR style="font-size: 1px" valign="bottom">
  <TD nowrap align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
  </TR>
  
  <TR valign="bottom">
      <TD align="left" valign="top">
  Sudhir Agrawal, D. Phil</TD>
      <TD>&nbsp;</TD>
  
      <TD>Officer and
  Director (Principal Executive Officer)</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
  </TR>
  
  
  
  
  
  
  
  
  <TR valign="bottom" style="padding-top: 1em">
      <TD align="left" valign="top">/s/ Robert G. Andersen
  </TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">
  Chief Financial Officer, Vice President of
  
  </TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">July 15, 2005</TD>
  </TR>
  
  <TR style="font-size: 1px" valign="bottom">
  <TD nowrap align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
  </TR>
  
  
  <TR valign="bottom">
      <TD align="left" valign="top">
  Robert G. Andersen</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">
  Operations, Treasurer and Secretary (Principal
  Financial and Accounting Officer)
  </TD>
  
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
  </TR>
  
  <TR valign="bottom">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
  </TR>
  
  
  
  <TR style="font-size: 1px" valign="bottom">
  <TD nowrap align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
  </TR>
  
  
  <TR valign="bottom">
      <TD align="left" valign="top">
  Youssef El-Zein</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">
  Director
  </TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">July &#95;&#95;&#95;, 2005</TD>
  </TR>
  
  <TR valign="bottom" style="padding-top: 1em">
      <TD align="left" valign="top">/s/ C. Keith Hartley
  </TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">
  Director
  </TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">July 15, 2005</TD>
  </TR>
  <TR style="font-size: 1px; padding-top: 1em" valign="bottom">
  <TD nowrap align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
  </TR>
  
  
  <TR valign="bottom">
      <TD align="left" valign="top">
  C. Keith Hartley</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
  </TR>
  
  <!-- End Table Body -->
  </TABLE>
  </DIV>
  
  
  <P align="center" style="font-size: 10pt">-5-
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></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="30%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="36%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="30%">&nbsp;</TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">
  
  <TD nowrap align="left" style="border-bottom: 1px solid #000000"><DIV style="margin-left: 60px; text-indent: 0px">Signature</DIV></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" style="border-bottom: 1px solid #000000">Title</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" style="border-bottom: 1px solid #000000">Date</TD>
  </TR>
  
  <!-- End Table Head -->
  <!-- Begin Table Body -->
  <TR valign="bottom">
      <TD align="left" valign="top" style="border-bottom: 1px solid #000000">/s/ Robert W. Karr</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Director</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">July 15, 2005</TD>
  </TR>
  
  
  <TR valign="bottom">
      <TD align="left" valign="top">Robert W. Karr, M.D.</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
  </TR>
  
  
  <TR valign="bottom" style="padding-top: 1em">
      <TD align="left" valign="top"  style="border-bottom: 1px solid #000000">/s/ William S. Reardon</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Director
  </TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">July 15, 2005</TD>
  </TR>
  
  
  <TR valign="bottom">
      <TD align="left" valign="top"> William S. Reardon</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
  </TR>
  
  <TR valign="bottom" style="padding-top: 1em">
      <TD align="left" valign="top" style="border-bottom: 1px solid #000000">/s/ Alison Taunton-Rigby</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">
  Director
  </TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">July 15, 2005</TD>
  </TR>
  
  
  <TR valign="bottom">
      <TD align="left" valign="top">Alison Taunton-Rigby</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
  </TR>
  
  
  <TR valign="bottom" style="padding-top: 1em">
      <TD align="left" valign="top" style="border-bottom: 1px solid #000000">/s/ Paul C. Zamecnik</TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">
  Director
  </TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">July 15, 2005</TD>
  </TR>
  
  <TR valign="bottom">
      <TD align="left" valign="top">Paul C. Zamecnik, M.D.</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
  </TR>
  
  
  <!-- End Table Body -->
  </TABLE>
  </DIV>
  
  
  <P align="center" style="font-size: 10pt">-6-
  </DIV>
  
  <!-- PAGEBREAK -->
  <P><HR noshade><P>
  <H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  <!-- link1 " INDEX TO EXHIBITS " -->
  <DIV align="left"><A NAME="012"></A></DIV>
  
  <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="4%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="40%">&nbsp;</TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">
      <TD nowrap align="left" style="border-bottom: 1px solid #000000">Number</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</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"><!-- Blank Space -->
      <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"><!-- Blank Space -->
      <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"><!-- Blank Space -->
      <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
  </DIV></TD>
      <TD>&nbsp;</TD>
      <TD align="left" valign="top">Opinion of Wilmer Cutler Pickering Hale and Dorr LLP, counsel to
  the Registrant</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <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 Wilmer Cutler Pickering Hale and Dorr LLP
  (included in Exhibit&nbsp;5)</TD>
  </TR>
  <TR valign="bottom"><!-- Blank Space -->
      <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"><!-- Blank Space -->
      <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
  </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>
  
  
  
  <DIV align="left">
  <DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
  </DIV>
  
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  <TR valign="top">
      <TD width="3%" nowrap align="left">(1)</TD>
      <TD width="1%">&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-3, dated July&nbsp;15, 2005, as amended (File No.
  333-126634) and incorporated herein by reference.</TD>
  </TR>
  
  <TR><TD>&nbsp;</TD></TR>
  
  <TR valign="top">
      <TD width="3%" nowrap align="left">(2)</TD>
      <TD width="1%">&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.
  33-99024) and incorporated herein by reference.</TD>
  </TR>
  
  <TR><TD>&nbsp;</TD></TR>
  
  <TR valign="top">
      <TD width="3%" nowrap align="left">(3)</TD>
      <TD width="1%">&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>
  
  
  <P align="center" style="font-size: 10pt">&nbsp;
  </DIV>
  
  </BODY>
  </HTML>
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text: sv8
  Table of Contents
  As filed with the Securities and Exchange Commission on July 18, 2005
  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 Incorporation
  or Organization)
  (I.R.S. Employer
  Identification No.)
  345 Vassar Street
  Cambridge, Massachusetts
  02139
  (Address of Principal Executive Offices)
  (Zip Code)
  2005 Stock Incentive Plan
  (Full Title of the Plan)
  Sudhir Agrawal, D. Phil.
  President and 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
  Title of Securities to be
  Amount to be
  Maximum Offering
  Aggregate Offering
  Amount of
  Registered
  Registered (1)
  Price Per Share (2)
  Price (2)
  Registration Fee
  Common Stock,
  $0.001 par value
  per share
  (including the
  associated
  Preferred Stock
  Purchase Rights)
  5,000,000 shares
  $
  0.55
  $
  2,750,000
  $
  324
  (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
  July 13, 2005.
  TABLE OF CONTENTS
  PART I
  Item 1. Plan Information
  Item 2. Registrant Information and Employee Plan Annual Information
  PART II
  Item 3. Incorporation of Documents by Reference
  Item 4. Description of Securities
  Item 5. Interests of Named Experts and Counsel
  Item 6. Indemnification of Directors and Officers
  Item 7. Exemption from Registration Claimed
  Item 8. Exhibits
  Item 9. Undertakings
  SIGNATURES
  INDEX TO EXHIBITS
  Ex-5 Opinion of Wilmer Cutler Pickering Hale and Dorr LLP
  Ex-23.2 Consent of Ernst & Young LLP
  Table of Contents
  PART I
  INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
  Item 1. Plan Information.
  The information required by Item 1 is included in documents sent or given to participants in
  the plan covered by this registration statement pursuant to Rule 428(b)(1) of the Securities Act of
  1933, as amended (the "Securities Act").
  Item 2. Registrant Information and Employee Plan Annual Information.
  The written statement required by Item 2 is included in documents sent or given to
  participants in the plan covered by this registration statement pursuant to Rule 428(b)(1) of the
  Securities Act.
  PART II
  INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
  Item 3. Incorporation of Documents by Reference.
  The registrant is subject to the informational and reporting requirements of Sections 13(a),
  14, and 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and in
  accordance therewith files reports, proxy statements and other information with the Securities and
  Exchange Commission (the "Commission"). The following documents, which are on file with the
  Commission, are incorporated in this registration statement by reference:
  (a) The registrant's latest annual report filed pursuant to Section 13(a) or 15(d) of the
  Exchange Act or the latest prospectus filed pursuant to Rule 424(b) under the Securities Act that
  contains audited financial statements for the registrant's latest fiscal year for which such
  statements have been filed.
  (b) All other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act since the
  end of the fiscal year covered by the document referred to in (a) above.
  (c) The description of the securities contained in the registrant's registration statement on
  Form 8-A filed under the Exchange Act, including any amendment or report filed for the purpose of
  updating such description.
  All documents subsequently filed by the registrant pursuant to Sections 13(a), 13(c), 14 and
  15(d) of the Exchange Act, prior to the filing of a post-effective amendment that indicates that
  all securities offered hereby have been sold or which deregisters all securities then remaining
  unsold, shall be deemed to be incorporated by reference in this registration statement and to be
  part hereof from the date of the filing of such documents. Any statement contained in a document
  incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or
  superseded for the purposes of this registration statement to the extent that a statement contained
  herein or in any other subsequently filed document that also is or is deemed to be incorporated by
  reference herein modifies or supersedes such statement. Any statement so modified or superseded
  shall not be deemed, except as so modified or superseded, to constitute a part of this registration
  statement.
  Item 4. Description of Securities.
  Not applicable.
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  Table of Contents
  Item 5. Interests of Named Experts and Counsel.
  Wilmer Cutler Pickering Hale and Dorr LLP has opined as to the legality of the securities
  being offered by this registration statement.
  Item 6. Indemnification of Directors and Officers.
  Article EIGHTH of the Registrant's Restated Certificate of Incorporation provides that no
  director of the Registrant shall be personally liable for any monetary damages for any breach of
  fiduciary duty as a director, except to the extent that the Delaware General Corporation Law
  prohibits the elimination or limitation of liability of directors for breach of fiduciary duty.
  Article NINTH of the Registrant's Restated Certificate of Incorporation provides that a
  director or officer of the Registrant (a) shall be indemnified by the Registrant against all
  expenses (including attorneys' fees), judgments, fines and amounts paid in settlement incurred in
  connection with any litigation or other legal proceeding (other than an action by or in the right
  of the Registrant) brought against him by virtue of his position as a director or officer of the
  Registrant if he acted in good faith and in a manner he reasonably believed to be in, or not
  opposed to, the best interests of the Registrant, and, with respect to any criminal action or
  proceeding, had no reasonable cause to believe his conduct was unlawful and (b) shall be
  indemnified by the Registrant against all expense (including attorneys' fees) and amounts paid in
  settlement incurred in connection with any action by or in the right of the Registrant brought
  against him by virtue of his position as a director or officer of the Registrant if he acted in
  good faith and in a manner he reasonably believed to be in, or not opposed to, the best interests
  of the Registrant, except that no indemnification shall be made with respect to any matter as to
  which such person shall have been adjudged to be liable to the Registrant, unless a court
  determines that, despite such adjudication but in view of all of the circumstances, he is entitled
  to indemnification of such expenses. Notwithstanding the foregoing, to the extent that a director
  or officer has been successful, on the merits or otherwise, including, without limitation, the
  dismissal of an action without prejudice, he is required to be indemnified by the Registrant
  against all expenses (including attorneys' fees) incurred in connection therewith. Expenses shall
  be advanced to a director or officer at his request, provided that he undertakes to repay the
  amount advanced if it is ultimately determined that he is not entitled to indemnification for such
  expenses.
  Indemnification is required to be made unless the Registrant determines that the applicable
  standard of conduct required for indemnification has not been met. In the event of a determination
  by the Registrant that the director or officer did not meet the applicable standard of conduct
  required for indemnification, or if the Registrant fails to make an indemnification payment within
  60 days after such payment is claimed by such person, such person is permitted to petition the
  court to make an independent determination as to whether such person is entitled to
  indemnification. As a condition precedent to the right of indemnification, the director or officer
  must give the Registrant notice of the action for which indemnity is sought and the Registrant has
  the right to participate in such action or assume the defense thereof.
  Article NINTH of the Registrant's Restated Certificate of Incorporation further provides that
  the indemnification provided therein is not exclusive, and provides that in the event that the
  Delaware General Corporation Law is amended to expand the indemnification permitted to directors or
  officers the Registrant must indemnify those persons to the full extent permitted by such law as so
  amended.
  Section 145 of the Delaware General Corporation law provides that a corporation has the power
  to indemnify a director, officer, employee or agent of the corporation and certain other persons
  serving at the request of the corporation in related capacities against amounts paid and expense
  incurred in
  -2-
  Table of Contents
  connection with an action or proceeding to which he is or is threatened to be made a party by
  reason of such position, if such person shall have acted in good faith and in a manner he
  reasonably believed to be in or not opposed to the best interests of the corporation, and, in any
  criminal proceeding, if such person had no reasonable cause to believe his conduct was unlawful;
  provided that, in the case of actions brought by or in the right of the corporation, no
  indemnification shall be made with respect to any matter as to which such person shall have been
  adjudged to be liable to the corporation unless and only to the extent that the adjudicating court
  determines that such indemnification is proper under the circumstances.
  Hybridon has obtained directors and officers insurance for the benefit of its directors and
  its officers.
  Item 7. Exemption from Registration Claimed.
  Not applicable.
  Item 8. Exhibits.
  The Exhibit Index immediately preceding the exhibits is incorporated herein by reference.
  Item 9. Undertakings.
  1.
  Item 512(a) of Regulation S-K
  . The undersigned registrant hereby undertakes:
  (1) To file, during any period in which offers or sales are being made, a post-effective
  amendment to this registration statement:
  (i) To include any prospectus required by Section 10(a)(3) of the Securities Act;
  (ii) To reflect in the prospectus any facts or events arising after the effective date of the
  registration statement (or the most recent post-effective amendment thereof) which, individually or
  in the aggregate, represent a fundamental change in the information set forth in the registration
  statement; and
  (iii) To include any material information with respect to the plan of distribution not
  previously disclosed in the registration statement or any material change to such information in
  the registration statement;
  provided, however,
  that paragraphs (i) and (ii) do not apply if the information required to be
  included in a post-effective amendment by those paragraphs is contained in periodic reports filed
  with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of
  the Exchange Act that are incorporated by reference in the registration statement.
  (2) That, for the purpose of determining any liability under the Securities Act, each such
  post-effective amendment shall be deemed to be a new registration statement relating to the
  securities offered therein, and the offering of such securities at that time shall be deemed to be
  the initial
  bona fide
  offering thereof.
  (3) To remove from registration by means of a post-effective amendment any of the securities
  being registered which remain unsold at the termination of the offering.
  -3-
  Table of Contents
  2.
  Item 512(b) of Regulation S-K
  . The undersigned registrant hereby undertakes that, for
  purposes of determining any liability under the Securities Act, each filing of the registrant's
  annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act that is incorporated
  by reference in the registration statement shall be deemed to be a new registration statement
  relating to the securities offered therein, and the offering of such securities at that time shall
  be deemed to be the initial
  bona fide
  offering thereof.
  3.
  Item 512(h) of Regulation S-K
  . Insofar as indemnification for liabilities arising under
  the Securities Act may be permitted to directors, officers and controlling persons of the
  registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that
  in the opinion of the Securities and Exchange Commission such indemnification is against public
  policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a
  claim for indemnification against such liabilities (other than the payment by the registrant of
  expenses incurred or paid by a director, officer or controlling person of the registrant in the
  successful defense of any action, suit or proceeding) is asserted by such director, officer or
  controlling person in connection with the securities being registered, the registrant will, unless
  in the opinion of its counsel the matter has been settled by controlling precedent, submit to a
  court of appropriate jurisdiction the question whether such indemnification by it is against public
  policy as expressed in the Securities Act and will be governed by the final adjudication of such
  issue.
  -4-
  Table of Contents
  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 the City of Cambridge, Commonwealth of Massachusetts, on July 15,
  2005.
  HYBRIDON, INC.
  By:
  /s/ Sudhir Agrawal
  Sudhir Agrawal, D. Phil.
  President and Chief Executive Officer
  POWER OF ATTORNEY AND SIGNATURES
  We, the undersigned officers and directors of Hybridon, Inc., hereby severally constitute and
  appoint Sudhir Agrawal 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
  Chairman of the Board of Directors
  July 15, 2005
  James B. Wyngaarden, M.D.
  /s/ Sudhir Agrawal
  President, Chief Executive Officer, Chief Scientific
  July 15, 2005
  Sudhir Agrawal, D. Phil
  Officer and
  Director (Principal Executive Officer)
  /s/ Robert G. Andersen
  Chief Financial Officer, Vice President of
  July 15, 2005
  Robert G. Andersen
  Operations, Treasurer and Secretary (Principal
  Financial and Accounting Officer)
  Youssef El-Zein
  Director
  July ___, 2005
  /s/ C. Keith Hartley
  Director
  July 15, 2005
  C. Keith Hartley
  -5-
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  Signature
  Title
  Date
  /s/ Robert W. Karr
  Director
  July 15, 2005
  Robert W. Karr, M.D.
  /s/ William S. Reardon
  Director
  July 15, 2005
  William S. Reardon
  /s/ Alison Taunton-Rigby
  Director
  July 15, 2005
  Alison Taunton-Rigby
  /s/ Paul C. Zamecnik
  Director
  July 15, 2005
  Paul C. Zamecnik, M.D.
  -6-
  Table of Contents
  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
  Opinion of Wilmer Cutler Pickering Hale and Dorr LLP, counsel to
  the Registrant
  23.1
  Consent of Wilmer Cutler Pickering Hale and Dorr LLP
  (included in Exhibit 5)
  23.2
  Consent of Ernst & Young LLP
  24
  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 S-3, dated July 15, 2005, as amended (File No.
  333-126634) 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.