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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>Nonstatutory Stock Option Agreements, entered into as of April&nbsp;2, 2001 and July&nbsp;25, 2001</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="75%">
  <!-- Begin Table Head -->
  <TR valign="bottom">
      <TD width="31%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="15%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="16%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="1%">&nbsp;</TD>
      <TD width="3%">&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 Maximum</B></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
  </TR>
  <TR style="font-size: 8pt" valign="bottom">
      <TD nowrap align="center"><B>Title of Securities</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 Per</B></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3"><B>Aggregate Offering</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>to be 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>Share</B><HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3"><B>Price</B><HR size="1" noshade></TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3"><B>Registration 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">6,237,293 shares(2)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">$0.83(3)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">$5,176,953.19(3)</TD>
      <TD>&nbsp;</TD>
      <TD nowrap align="center" colspan="3">$655.92</TD>
      <TD>&nbsp;</TD>
  </TR>
  
  <!-- End Table Body -->
  </TABLE>
  </DIV>
  
  
  
  
  <P>
  <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%">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>
  
  <TR><TD>&nbsp;</TD></TR>
  
  <TR valign="top">
      <TD width="1%" nowrap align="right">(2)</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="96%">Consists of (a)&nbsp;3,150,000 shares of common stock issuable upon exercise
  of presently outstanding options under a Nonstatutory Stock Option
  Agreement issued to Stephen R. Seiler, effective as of July&nbsp;25, 2001, (b)
  490,000 shares of common stock issuable upon exercise of presently
  outstanding options under a Nonstatutory Stock Option Agreement issued to
  Stephen R. Seiler, effective as of July&nbsp;25, 2001, (c)&nbsp;287,293 shares of
  common stock issuable upon exercise of</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"><A HREF="#toc">Table of Contents</A></H5><P>
  
  <DIV style="font-family: 'Times New Roman',Times,serif">
  
  
  
  
  
  <TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
  
  <TR valign="top">
      <TD width="1%" nowrap align="right">&nbsp;</TD>
      <TD width="3%">&nbsp;</TD>
      <TD width="96%">presently outstanding options under a Nonstatutory Stock Option Agreement
  issued to Dr.&nbsp;Sudhir Agrawal, effective as of April&nbsp;2, 2001, (d)
  1,260,000 shares of common stock issuable upon exercise of presently
  outstanding options under a Nonstatutory Stock Option Agreement issued to
  Dr.&nbsp;Sudhir Agrawal, effective as of July&nbsp;25, 2001, (e)&nbsp;550,000 shares of
  common stock issuable upon exercise of presently outstanding options
  under a Nonstatutory Stock Option Agreement issued to Dr.&nbsp;Sudhir Agrawal,
  effective as of July&nbsp;25, 2001, and (f)&nbsp;500,000 shares of common stock
  issuable upon exercise of presently outstanding options under a
  Nonstatutory Stock Option Agreement issued to Dr.&nbsp;Sudhir Agrawal,
  effective as of July&nbsp;25, 2001.</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%">Estimated solely for the purpose of calculating the registration fee
  pursuant to Rule 457(h) of the Securities Act of 1933, as
  amended, and based upon the weighted average price at which the
  options granted under the Nonstatutory Stock Option Agreements issued
  to Stephen R. Seiler and Dr. Sudhir Agrawal may be exercised.</TD>
  </TR>
  
  </TABLE>
  
  
  <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">
  <TR>
  	<TD width="3%"></TD>
  	<TD width="3%"></TD>
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  	<TD width="76%"></TD>
  </TR>
  <TR><TD colspan="9"><A HREF="#000"> PART I INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</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 INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</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="b50705aaexv5w1.htm">EX-5.1 OPINION OF HALE AND DORR LLP</A></TD></TR>
  <TR><TD colspan="9"><A HREF="b50705aaexv23w2.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 INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS" -->
  <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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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 Stephen R. Seiler and Dr.&nbsp;Sudhir Agrawal, the two participants in the
  Nonstatutory Stock Option Agreements 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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 Stephen R. Seiler and Dr.&nbsp;Sudhir Agrawal, the two participants in the
  Nonstatutory Stock Option Agreements covered by this registration statement,
  pursuant to Rule&nbsp;428(b)(1) of the Securities Act.
  
  <!-- link1 " PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT" -->
  <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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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 statements on Form 8-A filed under the Exchange Act, dated
  December&nbsp;4, 2003, 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
  13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a
  post-effective amendment which 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 which 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.
  
  
  <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;4. Description of Securities" -->
  <DIV align="left"><A NAME="005"></A></DIV>
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;4. Description of Securities.</B>
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
  
  <!-- 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;5. 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.
  
  <!-- link2 " Item&nbsp;6. Indemnification of Directors and Officers" -->
  <DIV align="left"><A NAME="007"></A></DIV>
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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
  
  
  <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">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
  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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Item&nbsp;9. Undertakings.</B>
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>1.&nbsp;Item&nbsp;</I><I>512(a)</I><I> of Regulation&nbsp;S-K</I>. The undersigned registrant hereby
  undertakes:
  
  
  
  <P align="left" style="margin-left:4%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 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="margin-left:4%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section&nbsp;10(a)(3) of the
  Securities Act;
  
  
  
  <P align="left" style="margin-left:4%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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
  
  
  
  <P align="left" style="margin-left:4%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;
  
  
  
  <P align="left" style="margin-left:4%; 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="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="margin-left:4%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 <I>bona fide </I>offering thereof.
  
  
  
  <P align="left" style="margin-left:4%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.
  
  
  <P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>2.&nbsp;Item&nbsp;</I><I>512(b)</I><I> of Regulation&nbsp;S-K</I>. 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>3.&nbsp;Item&nbsp;</I><I>512(h)</I><I> of Regulation&nbsp;S-K</I>. 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 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;</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/ 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">- 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="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">- 6 -
  
  
  
  <P align="center" style="font-size: 10pt">&nbsp;
  </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="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>
  
  
  
  
  <P>
  <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>
  
  
  
  
  <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 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)
  Nonstatutory Stock Option Agreements, entered into as of April 2, 2001 and July 25, 2001
  (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 Maximum
  Proposed Maximum
  Title of Securities
  Amount to be
  Offering Price Per
  Aggregate Offering
  Amount of
  to be Registered
  Registered(1)
  Share
  Price
  Registration Fee
  Common Stock,
  $0.001 par value
  per share
  (including the
  associated
  Preferred Stock
  Purchase Rights)
  6,237,293 shares(2)
  $0.83(3)
  $5,176,953.19(3)
  $655.92
  (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)
  Consists of (a) 3,150,000 shares of common stock issuable upon exercise
  of presently outstanding options under a Nonstatutory Stock Option
  Agreement issued to Stephen R. Seiler, effective as of July 25, 2001, (b)
  490,000 shares of common stock issuable upon exercise of presently
  outstanding options under a Nonstatutory Stock Option Agreement issued to
  Stephen R. Seiler, effective as of July 25, 2001, (c) 287,293 shares of
  common stock issuable upon exercise of
  Table of Contents
  presently outstanding options under a Nonstatutory Stock Option Agreement
  issued to Dr. Sudhir Agrawal, effective as of April 2, 2001, (d)
  1,260,000 shares of common stock issuable upon exercise of presently
  outstanding options under a Nonstatutory Stock Option Agreement issued to
  Dr. Sudhir Agrawal, effective as of July 25, 2001, (e) 550,000 shares of
  common stock issuable upon exercise of presently outstanding options
  under a Nonstatutory Stock Option Agreement issued to Dr. Sudhir Agrawal,
  effective as of July 25, 2001, and (f) 500,000 shares of common stock
  issuable upon exercise of presently outstanding options under a
  Nonstatutory Stock Option Agreement issued to Dr. Sudhir Agrawal,
  effective as of July 25, 2001.
  (3)
  Estimated solely for the purpose of calculating the registration fee
  pursuant to Rule 457(h) of the Securities Act of 1933, as
  amended, and based upon the weighted average price at which the
  options granted under the Nonstatutory Stock Option Agreements issued
  to Stephen R. Seiler and Dr. Sudhir Agrawal may be exercised.
  TABLE OF CONTENTS
  PART I INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
  Item 1. Plan Information
  Item 2. Registrant Information and Employee Plan Annual Information
  PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
  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-5.1 OPINION OF 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 Stephen R. Seiler and Dr. Sudhir Agrawal, the two participants in the
  Nonstatutory Stock Option Agreements 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 Stephen R. Seiler and Dr. Sudhir Agrawal, the two participants in the
  Nonstatutory Stock Option Agreements 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 statements on Form 8-A filed under the Exchange Act, dated
  December 4, 2003, 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 which 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 which 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.
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  Item 4. Description of Securities.
  Not applicable.
  Item 5. 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 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
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  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
  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.
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  (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.
  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.
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  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 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
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  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
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  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.