SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                          ----------------------------

                                    FORM 8-K


                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                          ----------------------------

       Date of Report (Date of earliest event reported): September 2, 2003

                                 HYBRIDON, INC.
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             (Exact name of Registrant as Specified in its Charter)


          Delaware                  0-027352               04-3072298
          --------                  --------               ----------
(State or Other Jurisdiction  (Commission File Number)    (IRS Employer
     of Incorporation)                                  Identification No.)



   345 Vassar Street, Cambridge, Massachusetts                      02139
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   (Address of Principal Executive Offices)                       (Zip Code)


Registrant's telephone number, including area code: (617) 679-5500



                                 Not Applicable
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          (Former Name or Former Address if Changed Since Last Report)







ITEM 5. OTHER EVENTS AND REQUIRED FD DISCLOSURE

     On September 2, 2003, Hybridon, Inc. (the "Company") issued a press release
announcing that it had raised $14.6 million in gross proceeds from a private
financing with institutional and accredited investors. This private financing
was previously disclosed in the Company's Current Report on Form 8-K filed with
the Securities and Exchange Commission on August 28, 2003. In the financing, the
Company sold approximately 20 million shares of common stock and warrants to
purchase approximately 6 million shares of common stock. The warrants to
purchase common stock have an exercise price of $1.00 per share and will expire
if not exercised by August 28, 2008.

     A copy of the press release announcing the private financing is filed with
this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by
reference.


ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS

Exhibit No.                             Description
-----------                             -----------

99.1                                    Press Release issued September 2, 2003
                                        entitled "Hybridon Raises $14.6 Million
                                        in Private Financing"


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                                   SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


Date: September 2, 2003                    HYBRIDON, INC.


                                           /s/ Robert G. Andersen
                                           -------------------------------------
                                           Robert G. Andersen
                                           Chief Financial Officer and
                                           Vice President of Operations



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                                  EXHIBIT INDEX

Exhibit No.                         Description
-----------                         -----------

99.1                                Press Release issued September 2, 2003
                                    entitled "Hybridon Raises $14.6 Million in
                                    Private Financing"






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