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                                                                  Exhibit 99.2 

[LOGO:HYBRIDON]                                           [LOGO:NEWS RELEASE]



FOR IMMEDIATE RELEASE  Hybridon, Inc.        TEL: 617.528.7000 Fax: 617.528.7001
                       620 Memorial Drive    www.hybridon.com
                       Cambridge, MA 02139



                              Contact: Robin Hogen
                                       Vice President, Corporate Communications
                                       and Public Affairs
                                       617.528.7504





                   HYBRIDON COMPLETES $50,000,000 OFFERING OF
                         CONVERTIBLE SUBORDINATED NOTES

     CAMBRIDGE, MA., April 2, 1997 -- Hybridon, Inc. (Nasdaq: HYBN), announced
     today that it has completed its previously announced offering of 9%
     convertible subordinated notes due 2004 in the original purchase amount of
     $50,000,000. The notes are convertible into shares of common stock at a
     price of $7.0125 per share.

     Hybridon, a biopharmaceutical company, is a leader in the discovery and
     development of novel genetic medicines based primarily on antisense
     technology. Antisense involves the use of synthetic segments of nucleic
     acid, called oligonucleotides, constructed through rational drug design to
     modulate protein expression by interacting at the genetic level with target
     messenger RNA.

                                      ###

     NOTE: THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
     1933, AS AMENDED. ACCORDINGLY, SUBJECT TO REGISTRATION OR CERTAIN
     EXEMPTIONS THEREFROM, THESE SECURITIES MAY NOT BE OFFERED OR SOLD DIRECTLY
     OR INDIRECTLY IN THE UNITED STATES OF AMERICA, ITS TERRITORIES OR
     POSSESSIONS.



                    Leadership in Genetic Antisense Medicine