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To Present at Techvest's
4th Annual Healthcare Conference
CAMBRIDGE, Mass., October 21, 2002 -- Hybridon, Inc. (BB:HYBN.OB)
announced today that Stephen R. Seiler, Chief Executive Officer,
will present at Techvest's 4th Annual Healthcare Conference.
Mr. Seiler will present on Tuesday, October 22 at 11:20 a.m. ET
in Salons D-F of the Boston Long Wharf Marriott Hotel.
About Hybridon This press release contains forward-looking statements concerning
Hybridon that involve a number of risks and uncertainties. For this
purpose, any statements contained herein that are not statements
of historical fact may be deemed to be forward-looking statements.
Without limiting the foregoing, the words, "believes," "anticipates,"
"plans," "expects," "estimates," "intends," "should," "could," "will,"
"may," and similar expressions are intended to identify forward-looking
statements.
There are a number of important factors that could cause Hybridon's
actual results to differ materially from those indicated by such
forward-looking statements set forth under the caption "Risk Factors"
in Hybridon's Quarterly Report on Form 10-Q for the period ended
June 30, 2002, which important factors are incorporated herein by
reference. These factors include risks as to whether Hybridon will
be able to enter into additional collaboration and licensing arrangements,
other than existing collaborations and licensing arrangements, on
acceptable terms or at all; whether results obtained in preclinical
studies, or clinical trials will be indicative of results obtained
in future preclinical studies or clinical trials; whether Hybridon's
products will receive approval from the US Food and Drug Administration
or equivalent foreign regulatory agencies; whether, if such products
receive approval, they will be successfully distributed and marketed;
and whether Hybridon's cash resources will be sufficient to fund
product development.
These forward-looking statements should not be relied upon as
representing Hybridon's views as of any date subsequent to the date
of this release and Hybridon disclaims any obligation to update
these forward-looking statements.
To Present at UBS Warburg Global Life Sciences Conference
CAMBRIDGE, Mass., October 7, 2002 -- Hybridon, Inc. (BB:HYBN.OB) announced today that Stephen R. Seiler, Chief Executive Officer, will present at the UBS Warburg Global Life Sciences Conference. Mr. Seiler will present on Wednesday, October 9 at 8:00 a.m. ET in the Versailles B room of The Plaza Hotel in New York City. The presentation will be available to the general public via a live audio webcast, accessible at http://www.ubswarburg.com, and clicking the conference link on the lower right hand side of the page. Investors can then follow the link for Live Audio under the Global Life Sciences Conference heading. About Hybridon This press release contains forward-looking statements concerning Hybridon that involve a number of risks and uncertainties. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words, "believes," "anticipates," "plans," "expects," "estimates," "intends," "should," "could," "will," "may," and similar expressions are intended to identify forward-looking statements. There are a number of important factors that could cause Hybridon's actual results to differ materially from those indicated by such forward-looking statements set forth under the caption "Risk Factors" in Hybridon's Quarterly Report on Form 10-Q for the period ended June 30, 2002, which important factors are incorporated herein by reference. These factors include risks as to whether Hybridon will be able to enter into additional collaboration and licensing arrangements, other than existing collaborations and licensing arrangements, on acceptable terms or at all; whether results obtained in preclinical studies, or clinical trials will be indicative of results obtained in future preclinical studies or clinical trials; whether Hybridon's products will receive approval from the US Food and Drug Administration or equivalent foreign regulatory agencies; whether, if such products receive approval, they will be successfully distributed and marketed; and whether Hybridon's cash resources will be sufficient to fund product development. These forward-looking statements should not be relied upon as representing Hybridon's views as of any date subsequent to the date of this release and Hybridon disclaims any obligation to update these forward-looking statements. Announces Planned Recognition
of Approximately
CAMBRIDGE, Mass., September 30, 2002 -- Hybridon, Inc. (BB:HYBN.OB) announced today that it will recognize approximately $26 million of previously deferred revenue as revenue in the third quarter of fiscal year 2002. On August 14, 2002, Hybridon and Isis Pharmaceuticals, Inc. entered into an amendment to their Collaboration and License Agreement dated May 24, 2001. As part of the amendment, as previously reported, Hybridon and Isis agreed to cancel the remaining tranche payments due to each other under the agreement. Also, as part of the amendment, Hybridon and Isis agreed to more specifically define and limit each party's future collaborative obligations under the agreement. As a result of this amendment, the Company has been able to better estimate the nature of its obligation and related cost of compliance and has determined that such amended obligation and cost will be inconsequential. In accordance with SAB101 Hybridon will now recognize as revenue approximately $26 million of funds received since May 24, 2001 from Isis under the original Collaboration and License Agreement. Hybridon had previously deferred this revenue because the original agreement obligated Hybridon to potentially engage in significant future activities which could have material related costs. Hybridon will record the approximately $26 million as revenue on the Company's financial statements for the third quarter of fiscal year 2002. This will result in a decrease in the amount of deferred revenue and a corresponding increase in stockholders' equity on Hybridon's balance sheet as of September 30, 2002. Since the cash related to the deferred revenue was received in 2001, this change will not impact the amount of cash on Hybridon's financial statements. "This amendment and resulting change in accounting is a favorable development for Hybridon," said Robert Andersen, Hybridon's Chief Financial Officer. "While this will not impact our cash position, the increase in stockholders' equity which results from recognizing this revenue will significantly strengthen our balance sheet." About Hybridon This press release contains forward-looking statements concerning Hybridon that involve a number of risks and uncertainties. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words, "believes," "anticipates," "plans," "expects," "estimates," "intends," "should," "could," "will," "may," and similar expressions are intended to identify forward-looking statements. There are a number of important factors that could cause Hybridon's actual results to differ materially from those indicated by such forward-looking statements set forth under the caption "Risk Factors" in Hybridon's Quarterly Report on Form 10-Q for the period ended June 30, 2002, which important factors are incorporated herein by reference. These factors include risks as to whether Hybridon will be able to enter into additional collaboration and licensing arrangements on acceptable terms or at all; whether results obtained in preclinical studies, or clinical trials will be indicative of results obtained in future preclinical studies or clinical trials; whether Hybridon's products will receive approval from the US Food and Drug Administration or equivalent foreign regulatory agencies; whether, if such products receive approval, they will be successfully distributed and marketed; and whether Hybridon's cash resources will be sufficient to fund product development. These forward-looking statements should not be relied upon as representing Hybridon's views as of any date subsequent to the date of this release and Hybridon disclaims any obligation to update these forward-looking statements. Announces Second Quarter 2002 Results
CAMBRIDGE, Mass., August 22, 2002 -- Hybridon (BB:HYBN.OB) announced today its operating results for the second quarter 2002. For the quarter ended June 30, 2002, the Company's net loss applicable to common stockholders was $2.65 million, or $0.06 per fully diluted share, compared to net income applicable to common stockholders of $1.99 million or $0.06 per fully diluted share, for the same period in 2001. The Company's revenue for the second quarter 2002 was $0.82 million as compared to $0.39 million for the same period in 2001. The net income for the second quarter of 2001 resulted from a $6.89 million gain on the sale of the Company's interest in MethylGene, a Canadian pharmaceutical research company. The Company had approximately $26.66 million in cash, cash equivalents and investments and had reduced its debt to a total of $1.61 million at the end of the second quarter 2002. "We continue to solidify our patent position in antisense technology and to expand the clinical trials of our leading second-generation antisense compound GEM(R)231 in combination with the chemotherapy agent irinotecan," said Stephen R. Seiler, Hybridon's Chief Executive Officer. "In addition, we have continued to move forward our preclinical programs in our immunomodulatory oligonucleotide (IMO(TM)) technology, and recently announced the issuance of an important patent in that area." Research and development expenditures for the quarter ended June 30, 2002 increased to $1.57 million from $1.26 million for the same period in 2001 due to expanded preclinical development work in the IMO(TM) area and related patent expenses. General and administration expenses for the second quarter of 2002 were $1.28 million as compared to $1.25 million for the same period in 2001. Interest expense for the quarter ended June 30, 2002 decreased to $0.04 million from $0.27 million for the same period in 2001, reflecting a reduction in our debt by $13.7 million in 2001. "Current spending is consistent with our expectations as we continue to move our development programs forward," said Robert Andersen, the Company's Chief Financial Officer. "In total, Hybridon had a burn-rate of $5.17 million in the first half of 2002. We believe, based on our current operating plan, that our existing resources will be sufficient to fund our ongoing programs at least through 2003 into 2004. Our plan reflects our recently announced agreement with Isis Pharmaceuticals to cancel our respective future tranche payments due to each other under our Collaboration and License Agreement." About the Company This press release contains forward-looking statements that involve a number of risks and uncertainties. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward- looking statements. Without limiting the foregoing, the words, "projects," "believes," "anticipates," "plans," "expects," "estimates," "intends," "should," "could," "will," "may" or similar expressions are intended to identify forward-looking statements. There are a number of important factors that could cause the Company's actual results to differ materially from those indicated by such forward-looking statements. These factors are set forth under the caption "Risk Factors That May Affect Results" in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2002 and are incorporated herein by reference. These factors include risks as to whether any of the Company's product candidates will advance in the clinical trial process; whether clinical trial results will warrant continued product development; whether results obtained in preclinical studies, or clinical trials will be indicative of results obtained in future preclinical studies or clinical trials; whether the Company's products will receive approval from the US Food and Drug Administration or equivalent foreign regulatory agencies; whether, if such products receive approval, they will be successfully distributed and marketed; whether the Company's cash resources will be sufficient to fund its operations, including product development; and whether the Company will be able to obtain financing on acceptable terms or at all. The forward-looking statements in this press release represent the company's views as of the date of this release. Hybridon anticipates that subsequent events and developments may cause its views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of this release. Isis Pharmaceuticals and
Hybridon Cancel Remaining Reciprocal
CARLSBAD, Calif. and CAMBRIDGE, Mass., August 15, 2002 -- Isis Pharmaceuticals, Inc. (NASDAQ:ISIS) and Hybridon (BB:HYBN) announced today the cancellation of the remaining financial obligations related to their Collaboration and License Agreement that the companies completed in May 2001. Under the original agreement, Hybridon owed Isis an additional 4 million shares of Hybridon common stock, payable immediately. Isis owed Hybridon $4.5 million in cash or stock, due in May 2003. The companies have agreed to cancel each of these obligations. "Through this transaction we have eliminated $4.5 million in future shareholder dilution," said B. Lynne Parshall, Isis' Executive Vice President and CFO. "This agreement is another important step in a series that we've recently taken to improve our balance sheet and strengthen the company financially. We are enthusiastic about the breadth of therapeutic potential that our antisense platform technology provides our patients and shareholders." In the past four months Isis has completed a $125 million convertible debt offering, prepaid a $74 million loan that carried 14% interest, retired $19.7 million in 12% convertible debt for a $14.7 million cash payment, and has eliminated significant future dilution through this agreement. "By undertaking this transaction, we have avoided dilution to Hybridon's shareholders at a time when we believe our shares are undervalued," said Stephen R. Seiler, Hybridon's Chief Executive Officer. "With our existing cash resources we believe we are in a position to exploit our antisense technology and clinical programs as well as to move into clinical trials drug candidates from our immunomodulatory oligonucleotide (IMO(TM)) technology program." In the Collaboration and License Agreement executed by the companies in May 2001, Isis took an exclusive license to all of Hybridon's antisense chemistry and delivery patents and technology. Hybridon retained the right to practice its licensed antisense patent technologies and to sublicense it to collaborators. Hybridon took a license to Isis' suite of RNase H patents, which cover the mechanism of action of many antisense drugs, to support Hybridon's activities in antisense therapeutics. The goals of the agreement were to eliminate any potential patent conflict between the companies, fortify Isis' dominant position in antisense technology and enhance Hybridon's ability to exploit the advances it has made in antisense technology. Isis Pharmaceuticals, Inc. is exploiting its expertise in RNA to discover and develop novel human therapeutic drugs. The company has commercialized its first product, Vitravene(R) (fomivirsen), to treat CMV-induced retinitis in AIDS patients. In addition, Isis has 13 antisense products in its development pipeline, with two in late-stage development and six in Phase II human clinical trials. Affinitac(TM) (formerly called LY900003 and ISIS 3521), an inhibitor of PKC-alpha, is in Phase III trials for non-small cell lung cancer, and alicaforsen (ISIS 2302), an ICAM-1 inhibitor, is in Phase III human clinical trials for Crohn's disease. Isis has a broad patent estate, as the owner or exclusive licensee of more than 900 issued patents worldwide. Isis' GeneTrove(TM) division uses antisense to assist pharmaceutical industry partners in validating and prioritizing potential gene targets through customized services. Ibis Therapeutics(TM) is a division focused on the discovery of small molecule drugs that bind to RNA. Hybridon, Inc. is a leader in the discovery and development of novel therapeutics and diagnostics, based on synthetic DNA. The company now has four technology platforms: 1) CpG-based immunomodulatory oligonucleotide (IMO(TM)) motifs that act to modulate responses of the immune system; 2) Antisense technology which uses synthetic DNA to block production of disease causing proteins at the cellular level; 3) Synthetic DNA drug candidates that enhance the antitumor activity of certain marketed anticancer drugs, thereby increasing their effectiveness; and 4) Cyclicon(TM) probes, novel synthetic DNA structures for identifying gene function, which can be used for target validation and drug discovery as well as for PCR-based gene amplification. This press release contains forward-looking statements concerning the intellectual property positions of both Isis Pharmaceuticals' Inc. and Hybridon, Inc. Any statement describing a goal, expectation, intention or belief of the companies is a forward-looking statement and should be considered an at-risk statement. Such statements are subject to certain risks and uncertainties, particularly those inherent in the process of discovering, developing and commercializing drugs that are safe and effective for use as human therapeutics and financing such activities. Actual results could differ materially from those projected in this release. As a result, you are cautioned not to rely on these forward-looking statements. These and other risks concerning Isis' and Hybridon's respective research and development programs are described in additional detail in each company's Annual Report on Form 10-K, for the year ended December 31, 2001, which is on file with the U.S. Securities and Exchange Commission, copies of which are available from the respective company. Affinitac(TM), a trademark of Eli Lilly and Company, is an investigational cancer compound being developed through an alliance between Lilly and Isis Pharmaceuticals, Inc. and marketed globally by Lilly. GeneTrove(TM) and Ibis Therapeutics(TM) are trademarks of Isis Pharmaceuticals, Inc. Vitravene(R) is a registered trademark of Novartis AG. To Present at Adams, Harkness & Hill 22nd Annual Summer Seminar
CAMBRIDGE, Mass., August 6, 2002 -- Hybridon, Inc. (BB:HYBN.OB) announced today that Stephen R. Seiler, CEO, will present at the 22nd Adams, Harkness and Hill Summer Seminar in Boston on August 8, 2002. Hybridon will present at 2:00 PM ET in Salon A of the Boston Marriott Long Wharf Hotel. The webcast may be viewed live at: http://custom.viavid.com/ahh It will remain archived for 30 days. About the Company Hybridon, Inc. is a leader in the discovery and development of novel therapeutics and diagnostics, based on synthetic DNA. The company now has four technology platforms: 1) CpG-based immunomodulatory oligonucleotides (IMO(TM)) that act to modulate responses of the immune system; 2) Antisense technology which uses synthetic DNA to block production of disease causing proteins at the cellular level; 3) Synthetic DNA drug candidates that enhance the antitumor activity of certain marketed anticancer drugs, thereby increasing their effectiveness; and 4) Cyclicon(TM) probes, novel synthetic DNA structures for identifying gene function, which can be used for target validation and drug discovery as well as for PCR-based gene amplification. This press release contains forward-looking statements that involve a number of risks and uncertainties. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words, "believes," "anticipates," "plans," "expects," "estimates," "intends," "should," "could," "will," "may," and similar expressions are intended to identify forward-looking statements. There are a number of important factors that could cause the Company's actual results to differ materially from those indicated by such forward-looking statements set forth under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2001, which important factors are incorporated herein by reference. As more fully described therein, please note that there can be no assurance as to whether the claims allowed under any issued patent or allowed patent application owned or licensed by the Company, will be sufficiently broad to protect the Company's technology, any patents issued to the Company will be sustained if challenged in court proceedings or otherwise or third parties will not be able to develop products or processes that do not infringe any valid patents owned or licensed by the Company; whether any of the Company's product candidates will advance in the clinical trial process; whether clinical trial results will warrant continued product development; whether the Company's products will receive approval from the U.S. Food and Drug Administration or equivalent foreign regulatory agencies; whether, if such products receive approval, they will be successfully distributed and marketed: and whether the Company's cash resources will be sufficient to fund product development. Announces First Quarter 2002 Results
CAMBRIDGE, Mass., May 16, 2002 -- Hybridon (BB:HYBN.OB) announced today its operating results for the first quarter 2002. For the three months ended March 31, 2002, the Company's revenue was $0.83 million as compared to $0.16 million for the same period in 2001. The Company had approximately $29.89 million in cash, cash equivalents and investments and a total of $1.59 million in debt at the end of the first quarter 2002. Research and development expenditures for the quarter ended March 31, 2002 increased to $1.25 million from $1.10 million for the same period in 2001. General and administration expenses for the first quarter of 2002 were $1.08 million as compared to $1.35 million for the same period in 2001. The Company's net loss applicable to common stockholders was $1.82 million, or $0.04 per share compared to a loss of $5.02 million or $0.27 per share for the same period in 2001. Contributing to the loss per share reduction, the Company's common shares outstanding increased from 18.49 million at the end of the first quarter 2001 to 45.67 million at the end of the first quarter 2002, as a result of the capital restructuring program completed in mid-2001. Also contributing to this earnings improvement was an extraordinary charge in the first quarter of 2001 and a tax credit in the first quarter of 2002. "With the initiation of a Phase I/II clinical trial to study the combination of GEM(R)231, Hybridon's lead second-generation antisense compound, and the chemotherapy agent irinotecan for patients with solid tumors, we continue to move Hybridon's clinical efforts forward," said Stephen R. Seiler, Hybridon's Chief Executive Officer. "In the coming months, we intend to expand this trial, as well as to further advance our preclinical development program with our proprietary immunomodulatory oligonucleotide (IMO(TM)) motifs, which we believe have significant potential as therapeutic agents for cancer, infectious diseases, asthma and allergies." About the Company This press release contains forward-looking statements that involve a number of risks and uncertainties. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words, "projects," "believes," "anticipates," "plans," "expects," "estimates," "intends," "should," "could," "will," "may," or similar expressions are intended to identify forward-looking statements. There are a number of important factors that could cause the Company's actual results to differ materially from those indicated by such forward-looking statements. These factors are set forth under the caption "Risk Factors That May Affect Results" in the Company's Annual Report on Form 10-K for the year ended December 31, 2001and are incorporated herein by reference. These factors include risks as to whether any of the Company's product candidates will advance in the clinical trial process; whether clinical trial results will warrant continued product development; whether results obtained in preclinical studies, such as the preclinical studies referred to above, or clinical trials will not be indicative of results obtained in future preclinical studies or clinical trials; whether the Company's products will receive approval from the US Food and Drug Administration or equivalent foreign regulatory agencies; whether, if such products receive approval, they will be successfully distributed and marketed; and whether the Company's cash resources will be sufficient to fund product development. The forward-looking statements in this press release represent the company's views as of this release. Hybridon anticipates that subsequent events and developments may cause its views to change. However, while the company may elect to update these forward-looking statements at some point in the future, the company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the company's views as of any date subsequent to the date of this release. To Present at BIO CEO and Investor Conference
CAMBRIDGE, Mass., February 20, 2002-- Hybridon, Inc. (HYBN.OB) today announced that Stephen R. Seiler, Chief Executive Officer of Hybridon, will present at the BIO CEO and Investor Conference in New York on Thursday, February 21, 2002 at 5:30 P.M. EST. The presentation will be webcast live through the Company's web site www.hybridon.com. The link can be found under "Webcasts" in the Investor Relations section. About the Biotechnology Industry Organization BIO represents more than 1,000 biotechnology companies, academic institutions, state biotechnology centers and related organizations in all 50 U.S. states and 33 other nations. BIO members are involved in the research and development of health-care, agricultural, industrial and environmental biotechnology products. About Hybridon Hybridon, Inc. is a leader in the discovery and development of novel therapeutics and diagnostics, based on synthetic DNA. The company now has four technology platforms: 1) CpG-based immunomodulatory oligonucleotides (IMOs) that act to modulate responses of the immune system; 2) Antisense technology which uses synthetic DNA to block production of disease causing proteins at the cellular level; 3) Synthetic DNA drug candidates that enhance the antitumor activity of certain marketed anticancer drugs, thereby increasing their effectiveness; and 4) Cyclicons(TM), novel synthetic DNA structures for identifying gene function, which can be used for target validation and drug discovery as well as for PCR-based gene amplification. CEO Provides Company Update and Discusses 2002 Objectives
CAMBRIDGE, Mass., January 28, 2002 -- Hybridon, Inc. (BB:HYBN.OB) recently provided an update on the Company's synthetic DNA technology platforms as well as its 2002 corporate objectives in an interview with BioBusiness Networks. The interview with Hybridon's Chief Executive Officer, Stephen R. Seiler, can be accessed by clicking on "Webcasts" in the Investor Relations section of the Company's web site, http://www.hybridon.com. During the interview, Mr. Seiler discussed the Company's favorable financial status. He also highlighted the ongoing and planned Phase I/II clinical trials for GEM(R)231, Hybridon's second-generation antisense compound for treatment of solid tumor cancers, and reviewed Hybridon's progress toward identifying a lead compound for its Immunomodulatory Oligonucleotide (IMO) platform, which is intended to modulate the responses of the body's immune system. In addition, Mr. Seiler discussed several of Hybridon's goals for 2002, including the initiation of a Phase I/II clinical trial with the combination of GEM(R)231 and irinotecan, and plans to select a lead compound for its IMO platform. Mr. Seiler noted that the Company expects to expand its management team in the coming year and hopes to complete several new licensing agreements. "2001 was an exceptionally strong year for Hybridon," said Mr. Seiler. "With our balance sheet now solidified, we look forward to sustaining our positive momentum and further enhancing shareholder value. We hope to accomplish this through the continued development of our growing pipeline and clinical activities, as well as by leveraging partnerships when they arise." About the Company Hybridon, Inc. is a leader in the discovery and development of novel therapeutics and diagnostics, based on synthetic DNA. The company now has four technology platforms: 1) CpG-based immunomodulatory oligonucleotides (IMOs) that act to modulate responses of the immune system; 2) Antisense technology which uses synthetic DNA to block production of disease causing proteins at the cellular level; 3) Synthetic DNA drug candidates that enhance the antitumor activity of certain marketed anticancer drugs, thereby increasing their effectiveness; and 4) Cyclicons(TM), novel synthetic DNA structures for identifying gene function, which can be used for target validation and drug discovery as well as for PCR-based gene amplification. 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. The forward-looking statements in this press release represent the company's views as of the date of this release. Hybridon anticipates that subsequent events and developments may cause its views to change. However, while the company may elect to update these forward-looking statements at some point in the future, the company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the company's views as of any date subsequent to the date of this release. |