CAMBRIDGE, Mass., Nov. 15 /PRNewswire/ -- Hybridon, Inc. (OTC Bulletin Board: HYBN - news) announced today that the Company received early payment of each of the first three tranches of Isis stock, each worth $5 million, due to Hybridon under the payment obligations of the cross- licensing agreement (the ``Agreement'') between the two companies.
In accordance with the terms of the Agreement, the three payments were originally scheduled to be made in November 2001, May 2002 and November 2002, respectively. The Agreement provided that if Isis' share price exceeded certain collars, the tranche payments would be accelerated. The recent performance of Isis' share price resulted in the acceleration of the first three tranches. The first tranche was accelerated prior to September 30, 2001 and the second and third tranches were accelerated in November. Hybridon is entitled to receive the fourth tranche of $4.5 million of Isis stock In May 2003, or earlier if Isis's share price exceeds certain levels.
``We are pleased to have received these payments early,'' said Stephen R. Seiler, Hybridon's Chief Executive Officer. ``The addition of these funds significantly strengthens our balance sheet. The combination of cash and investments as of September 30th, plus the $10 million received in the second and third tranche payments in November, puts our current cash position at approximately $34 million.
``This event enables us to pursue Hybridon's scientific development programs more aggressively,'' Mr. Seiler added. ``We are making significant progress in our immunomodulatory oligonucleotide (IMO) and antisense platforms, with a possible IND on a lead compound in our IMO program, and a current Phase I/II for our lead antisense compound, GEM 231 for cancer solid tumors.''
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 |
