UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 4

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).

1. Name and Address of Reporting Person

   Agrawal, Sudhir
   61 Lamplighter Drive
   Shrewsbury, MA  01545

2. Issuer Name and Ticker or Trading Symbol

   Hybridon, Inc.
   HYBN

3. IRS or Social Security Number of Reporting Person (Voluntary)
   
4. Statement for Month/Year

   July/1998

5. If Amendment, Date of Original (Month/Year)
   
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)

   (x) Director ( ) 10% Owner (x) Officer (give title below) ( ) Other
   (specify below)
   
   Senior Vice President of Discovery,
   Chief Scientific Officer

7. Individual or Joint/Group Filing (Check Applicable Line)

   (X) Form filed by One Reporting Person
   ( ) Form filed by More than One Reporting Person



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 Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned                                                 |
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1. Title of Security       |2.    |3.    |4.Securities Acquired (A)         |5.Amount of        |6.Dir |7.Nature of Indirect       |
                           | Transaction |  or Disposed of (D)              |  Securities       |ect   |  Beneficial Ownership     |
                           |      |      |                                  |  Beneficially     |(D)or |                           |
                           |      |    | |                  | A |           |  Owned at         |Indir |                           |
                           | Date |Code|V|    Amount        | D |    Price  |  End of Month     |ect(I)|                           |
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Reminder:  Report on a separate line for each class of  securities  beneficially
owned directly or indirectly. 

*If the Form is  filed  by more  than one  Reporting  Person,  see  Instructions
4(b)(v).



                                  Page 1 of 2

Form 4 (continued) Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) ___________________________________________________________________________________________________________________________________| 1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of| Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect | |or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial | |cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership | |Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | | |Deriva- | | | |Date |Expir| | |ficially |Ind| | |tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| | |Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | | |rity |Date |Code| | Amount | |ble | | | |Month |(I)| | ___________________________________________________________________________________________________________________________________| Director Stock Option |$2.00 |7/21 |J(1)| |500,000 | | (2) |7/21 |Common |500,000| |500,000 |D | | (right to buy) | |/98 | | | | | |/08 |Stock | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| | | | | | | | | | | | | | | | ___________________________________________________________________________________________________________________________________| Explanation of Responses: (1) Granted for no consideration by the Compensation Committee of the Issuer's Board of Directors. (2) An installment of 200,000 shares vests on 7/21/98; thereafter the option vests in installments of 50,000 shares every three months beginning on 10/21/98 and ending on 1/12/00. **Siggnature of Reporting Person /s/ Sudhir Agrawal - -------------------------------------------- By: Sudhir Agrawal 4/26/99 - ------- DATE ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). Note: File three copies of this Form, one of which must be manually signed. If space provided is insufficient, see Instruction 6 for procedure. Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number. SEC 1474 (7-96)