Hybridon announced that it has completed the sale of its DNA manufacturing business to Avecia of Manchester, UK.

With the completion of this sale, Hybridon has received approximately US $12 million of a total sale price of US $15 million. The US $3 million balance will be received in 12 months subject to certain conditions. Avecia will supply GMP DNA at a set price to Hybridon and its collaborators through 2002.

"Hybridon is very excited that the sale is now completed," said James B. Wyngaarden, chairman of Hybridon.

The funds will be used to expand the company's broad platform of DNA-based technology for medical applications reflected in almost 200 issued patents and pending patent applications. This platform includes antisense drugs, novel immune stimulatory CpG DNA and functional genomics.

In particular, Hybridon plans to focus on the development of its Phase II oncology antisense drug candidate, GEM 231 for the treatment of solid tumors.

The company will also continue application of novel immunostimulatory DNA molecules containing modified CpG motifs, with a substantial portfolio of analogues of these important molecules believed to significantly enhance the immune system.