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: September 19, 1997          Commission File No. 0-27352
                ------------------                              -------
(Date of earliest event reported)

                                 HYBRIDON, INC.
             (Exact name of registrant as specified in its Charter)

           Delaware                                    04-3072298
           --------                                    ----------
(State or other jurisdiction of             (IRS Employer Identification No.)
incorporation or organization)

620 Memorial Drive, Cambridge, Massachusetts             02139
- --------------------------------------------           ----------
(Address of principal executive offices)               (Zip Code)

                                 (617) 528-7000
              (Registrant's telephone number, including area code)


        On September 19, 1997, Hybridon, Inc. issued a press release announcing
its scheduled delisting from the Nasdaq National Market. A copy of the press
release has been filed with this Current Report on Form 8-K as Exhibit 99.1 and
is incorporated herein by reference.


99.1    Press release dated September 19, 1997.


        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.

Dated: September 19, 1997            HYBRIDON, INC.

                                     /s/ E. Andrews Grinstead, III
                                     E. Andrews Grinstead, III
                                     Chairman, President and Chief Executive

                               INDEX TO EXHIBITS

  NO.                   DESCRIPTION
- -------                 -----------

 99.1       Press release dated September 19, 1997.
                                                                  EXHIBIT 99.1

HYBRIDON                                        NEW RELEASE

                                  Hybridon, Inc.                Tel:  617-528-7000    Fax:  617-528-7001
FOR IMMEDIATE RELEASE             620 Memorial Drive            www.hybridon.com
                                  Cambridge, MA 02139     
                                                                CONTACT:  DOUGLAS J. JENSEN
                                                                Vice President, Administration and
                                                                Corporate Development
HYBRIDON ANNOUNCES SCHEDULED DELISTING FROM THE NASDAQ NATIONAL MARKET Cambridge, Mass. - September 19, 1997 - Hybridon, Inc. (Nasdaq: HYBN) today announced that it has been advised by the Nasdaq Stock Market, Inc. ("NASDAQ") that because the Company was not in compliance with the continued listing requirements of The Nasdaq National Market. NASDAQ has determined that the Company is no longer eligible for continued listing on The Nasdaq National Market. The Company's securities are currently scheduled to be delisted from The Nasdaq Stock Market effective with the close of business on September 25, 1997. The Company intends to appeal the decision to NASDAQ's appeal panel and to request a delay in delisting until final resolution by the appeal panel. In addition, NASDAQ has recently adopted new continued listing requirements and the Company is currently exploring methods for complying with one of the new requirements. If the Company's appeal is unsuccessful and the Company's Common Stock is delisted from The Nasdaq National Market, the Company intends to make application for listing on the Nasdaq Small Cap Market. The delisting of the Company's Common Stock from The Nasdaq National Market may adversely affect the liquidity of the Company's Common Stock and the ability of the Company to raise capital. Hybridon, headquartered in Cambridge, Massachusetts, is a leader in the discovery and development of novel medicines for the treatment of important diseases, based primarily on antisense technology. Antisense technology involves the use of synthetic segments of DNA and RNA to stop the production of disease-associated proteins by interacting at the genetic level with target strands of messenger RNA. # # # LEADERSHIP IN GENETIC ANTISENSE MEDICINE