Hybridon Reaches Final Step Of Restructuring Plan

The termination of Hybridon, Inc.'s lease agreement on its former corporate facility in Cambridge, MA will create a one-time payment of $6.5 million, save the company $3.6 million annually and marks the final step in the company's restructuring plan. Pfizer, Inc. has signed a lease for the facility, owned by Charles River Building Limited Partnership.

The capital raising program is part of Hybridon's efforts to focus on custom oligonucleotide manufacturing sales to the pharmaceutical and biotechnology industries. The company is developing novel genetic medicines based primarily on antisense technology. This technology uses synthetic segments of DNA to stop the production of disease associated proteins, by interacting at the genetic level with target strands of messenger RNA.

Antisense molecules are synthetic segments of DNA or RNA

In January, Hybridon initiated Phase I clinical trials of Gem 231, the company's advanced chemistry anti-cancer compound. In April, the company extended its collaboration with Monsanto to cancer and cardiovascular disease. Active discussions with potential corporate partners are continuing, the company says.

Pfizer Central Research are to lease the laboratory space at 620 Memorial Drive. The new research unit will allow Pfizer scientists to evaluate emerging drug discovery technologies for subsequent operations in the company's global R&D operations. Research activities are expected to begin in late 1998.

"With the rapid development of scientific knowledge and new technologies, researchers have a powerful array of tools to discover novel medicines for uncured diseases," said Dr. John LaMattina, senior vice president, Worldwide Discovery Operations, Pfizer Central Research. "Cambridge, with its high density of world-class scientific institutions, is a natural setting for Pfizer discovery scientists to try out new therapeutic and technological approaches."

For more information: Maggie Flanagan, Hybridon, Inc., 620 Memorial Drive, Cambridge, MA 02139. Telephone: 508-482-7513. Fax: 617-528-7001 or Kate Robins, Pfizer, Inc. Telephone: 860-441-5448.