Hybridon Receives $3 Million Payment from Avecia
Friday September 28, 8:00 am Eastern Time
CAMBRIDGE, Mass., Sept. 28 /PRNewswire/ -- Hybridon, Inc. (OTC Bulletin Board: HYBN.OB - news) announced today that it has received a $3 million payment from Avecia Biotechnology, a subsidiary of one of Europe's leading specialty chemical companies. The payment represents the final installment to be received by Hybridon for the sale of its DNA manufacturing business to Avecia.
``We are pleased to receive this contingent payment from Avecia in full and on schedule,'' said Robert Andersen, Hybridon's Chief Financial Officer. ``We're delighted with the progress that Avecia has made in growing the DNA manufacturing business and are pleased to have them as a supplier of both antisense and immunomodulatory oligonucleotides.''
The $3 million payment from Avecia could have been reduced if certain minimum purchase requirements were not met. The final payment represents the maximum that Hybridon could have received under the contract, bringing the total amount paid to Hybridon to $15 million. Mr. Andersen continued, ``This payment adds to Hybridon's liquidity and marks a continuation of our program to strengthen the company's balance sheet. As of June 30, 2001, net cash and committed resources (including this $3-million payment from Avecia and stock to be received from Isis Pharmaceuticals under a previously announced licensing agreement) exceeded $40-million.''
About the Company
Located in Cambridge, MA, Hybridon, Inc. is a leader in the discovery and development of novel medicines, based on synthetic DNA. The company has four technology platforms: 1) CpG-based immunomodulatory oligonucleotides (IMOs) that act to modulate responses of the immune system; 2) synthetic DNA drug candidates that potentiate the antitumor activity of certain marketed anticancer drugs; 3) Cyclicons(TM), novel synthetic DNA structures for identifying gene function and for PCR-based gene amplification; and 4) antisense technology.
The statements made in this press release contain certain forward-looking statements that involve a number of risks and uncertainties, including the risks that the results obtained in preclinical studies may not be indicative of results obtained in future studies or in clinical trials. It also includes the risk that Hybridon's technologies and/or drugs may be ineffective or may not receive required regulatory approvals, or may not be profitable or that the company will be forced to cease operations due to the lack of sufficient funding. Such statements are only predictions and actual events or results may differ materially. In addition to the matters described in this press release, risk factors as stated from time to time in Hybridon's SEC reports, including but not limited to, its Annual Report on Form 10-K, may affect the results achieved by Hybridon.
This and other Hybridon press releases can be found at hybridon.com and noonanrusso.com.
Contact:
Hybridon, Inc.
617-679-5500
Russell Martin x5593
Senior Vice President
E-mail: rmartin@hybridon.com
Noonan/Russo Communications, Inc.
212/696/4455
Brian Ritchie (media), x335
Matthew Orsagh (investors), x357
SOURCE: Hybridon, Inc. |
