HYBN: Hybridon, Inc. Message Board

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Biotech / Medical : HYBN: Hybridon, Inc.

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From: JMarcus	11/28/2003 2:36:58 PM
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Earlier this week HYBN announced that it will begin trading on the AMEX on Friday, Dec. 5th. The company has certainly had a heady increase in news flow recently. If you search HYBN.OB's Headlines in Yahoo, you'll see that the only news from at least 10/24/02 until 9/2/03 was the SEC filings. Then on 9/2/03 they announced the $14.6M PIPE and the restructuring of the Series A stock, reducing the Series A's liquidation preference from $70M to a mere $388,260. Since then the news flow has gone into high gear. I just listened to the Oct. 27th webcast (the website and the powerpoint presentation are both available through www.hybridon.com). The stock price closed at $1.00 on Oct. 24th, just prior to the presentation. In the presentation the CEO said that, fully diluted, the company's market cap was about $100M. He also said that once the anticipated conversions of Series A are completed, there should be about 73M shares outstanding. I guess that means that there must be about $27M worth of warrants and unconverted Series A stock still outstanding. The CEO also said that the company has about $21M cash and almost no debt. The annual burn rate is $15M. Marc

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