HBY Hybridon

Hybridon Announces Collaboration to Develop Immune Modulatory (IMO) Compounds for Asthma and Allergy IMO Compounds are Agonists of Toll-like Receptor 9 CAMBRIDGE, Mass., June 1 /PRNewswire-FirstCall/ -- Hybridon, Inc. (AMEX:HBY) today announced it had entered into research collaboration and license agreements with Novartis for the discovery, optimization, development and commercialization of Toll-like receptor 9 (TLR9) drug candidates targeting asthma and allergy based on Hybridon's proprietary immune modulatory oligonucleotide (IMO(TM)) technology platform. The agreements are structured in two phases. During the research collaboration phase, Hybridon and Novartis will work together to evaluate novel IMOs from which Novartis may select IMO candidates for further development through human clinical "proof of concept" trials. Based on the results, Novartis may then elect to implement the commercialization agreement, complete the development, and commercialize one or more of the IMO candidates. Novartis will fund substantially all research activities and make payments to Hybridon, including up-front license fees and milestone payments, which if Novartis elects to exercise its option to develop and commercialize IMO candidates may total up to $136 million for the products, plus royalties. "There is a pressing need to develop more effective methods of treating asthma and allergies, both of which are large and growing medical problems," said Sudhir Agrawal, Chief Executive Officer and Chief Scientific Officer of Hybridon. "We believe that our IMO technology can be used to develop immune modulatory compounds to address the underlying conditions of these diseases and result in novel treatments for these serious unmet medical needs. We are optimistic that our DNA chemistry expertise coupled with Novartis' strength in research and development plus their track record of bringing new products to market can contribute substantially to the success of this program." Toll-like receptors are recognized by the scientific community as the gateways to immune modulation. Using its extensive experience with DNA chemistry, Hybridon has developed a portfolio of IMO compounds designed to act as agonists of TLR9 and thereby elicit a Th-1 type immune response. Agonists of TLR are potentially useful for treatment of a variety of diseases, including asthma, allergy, cancer and infectious disease. Hybridon's lead IMO, IMOxine(R), is in a Phase 2 human clinical trial for renal cell cancer. About Hybridon Hybridon, Inc. is developing novel therapeutics based on synthetic nucleic acid chemistry for the treatment of cancer, asthma/allergies, and infectious diseases. Hybridon's proprietary IMO drug candidates are designed to modulate immune responses through Toll-like receptors, the body's first line of defense against disease. The Company's nucleic acid chemistry expertise has also generated a portfolio of licensed product candidates that are being developed by licensees of Hybridon, and intellectual property, creating the potential for long-term value for Hybridon. For more information please visit our website at http://www.hybridon.com/. This press release contains forward-looking statements concerning Hybridon, its IMO compounds and its collaboration with Novartis that involve a number of risks and uncertainties. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward- looking statements. Without limiting the foregoing, the words "believes," "anticipates," "plans," "expects," "estimates," "intends," "should," "could," "will," "may," and similar expressions are intended to identify forward- looking statements. There are a number of important factors that could cause Hybridon's actual results to differ materially from those indicated by such forward-looking statements, including risks as to whether the collaboration with Novartis will be successful and drug candidates will be developed and commercialized under the license agreement; whether results of the Company's product candidates obtained in preclinical studies or early clinical trials will be indicative of results obtained in future preclinical studies or clinical trials, or warrant further clinical trials and product development; whether products based on Hybridon's technology, such as the IMO technology referred to in this release, will advance through the clinical trial process and receive approval from the United States Food and Drug Administration or equivalent foreign regulatory agencies; whether, if such products receive approval, they will be successfully distributed and marketed; whether the patents and patent applications owned or licensed by Hybridon will protect the Company's technology and prevent others from infringing it; whether Hybridon's cash resources will be sufficient to fund product development; and such other important factors as are set forth under the caption "Risk Factors" in Hybridon's current Quarterly Report on Form 10-Q filed on May 10, 2005, which important factors are incorporated herein by reference. Hybridon disclaims any intention or obligation to update any forward-looking statements. Contacts: Hybridon, Inc. MacDougall Biomedical Communications 617-679-5517 508-647-0209 x12 Robert Andersen, CFO Douglas MacDougall Email: DATASOURCE: Hybridon, Inc. CONTACT: Robert Andersen, CFO of Hybridon, Inc., +1-617-679-5517, ; or Douglas MacDougall of MacDougall Biomedical Communications, +1-508-647-0209 ext. 12, Web site: http://www.hybridon.com/

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