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

                                  UNITED STATES
                       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): January 16, 1998


                                     0-27352
                            (Commission File Number)

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

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

        Delaware                                            3072298
- --------------------------------------------------------------------------------
  (State of Incorporation)                               (IRS Employer
                                                      Identification Number)

               620 Memorial Drive, Cambridge, Massachusetts 02139
- --------------------------------------------------------------------------------
              (Address of registrant's principal executive office)

                                 (617) 528-7000
- --------------------------------------------------------------------------------
                         (Registrant's telephone number)

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


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




ITEM 5. Other Events


         On January 23, 1998,  Hybridon,  Inc.  (the  "Company")  issued a press
release  announcing that the Company has satisfied the 20 Unit minimum  offering
threshold for the private  placement,  the  commencement of which was previously
announced by the Company. A copy of the release has been 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

         (c) Exhibits.

Exhibit Number                                     Title
- --------------                                     -----

     99.1                           Press Release dated January 23, 1998








                                   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, thereunto duly authorized.

                                 HYBRIDON, INC.

                                 By:   /s/ E. ANDREWS GRINSTEAD, III
                                       -----------------------------
                                       Name:   E. Andrews Grinstead, III
                                       Title:  Chairman of the Board,
                                               President and Chief
                                               Executive Officer

                                 Date: February 2, 1998




FOR IMMEDIATE RELEASE

                                                                    Exhibit 99.1
                                                                    ------------



Company Press Release

SOURCE:  Hybridon, Inc.

Hybridon Announces Satisfaction of the Minimum 20 Unit
Private Placement Offering Amount

CAMBRIDGE, Mass., Jan. 23/PRNewswire/-- Hybridon, Inc. (OTC Bulletin Board: HYBN
- - news) today announced it has satisfied the 20 Unit minimum offering  threshold
for the private placement announced by the Company yesterday.

Hybridon, headquartered in Cambridge, Massachusetts, is engaged in the discovery
and  development  of genetic  medicines for the  treatment of certain  diseases,
based primarily on antisense  technology.  Antisense  technology attempts to use
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.


SOURCE:  Hybridon, Inc.