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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. )*
HYBRIDON INC.
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(Name of Issuer)
COMMON STOCK
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(Title of Class of Securities)
44860M801
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(CUSIP Number)
Check the following box if a fee is being paid with this statement [ ]. (A fee
is not required only if the filing person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
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CUSIP NO. 44860M801 13G PAGE 2 OF 6 PAGES
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(1) NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Froley, Revy Investment Co., Inc.
95-2931677
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
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(5) SOLE VOTING POWER
NUMBER OF NONE
SHARES --------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
OWNED BY NONE
EACH --------------------------------------------------------
REPORTING (7) SOLE DISPOSITIVE POWER
PERSON WITH 713,010
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(8) SHARED DISPOSITIVE POWER
NONE
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
713,010 owned in the form of 5,000,000 convertible 144A Notes.
(conversion ration of 142.602).
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(10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES* [ ]
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(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.90%
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(12) TYPE OF REPORTING PERSON*
IA
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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SCHEDULE 13G
(SECURITIES AND EXCHANGE COMMISSION)
Answers to Item #1 through #10
CUSIP NO. 44860M801 13G PAGE 3 OF 6 PAGES
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ITEM # 1
(a) Name of Issuer: Hybridon Inc.
(b) Address of Issuer's Principal
Executive Offices: 620 Memorial Drive
Cambridge, Ma 02139
ITEM # 2
(a) Name of Person Filing: Froley, Revy Investment Co., Inc.
(b) Address of Principal Business
Office or, if none, Residence: 10900 Wilshire Blvd., Suite 900
Los Angeles, CA 90024
(c) Citizenship: L.A., CA USA
(d) Title of Class of Securities: COMMON STOCK
(e) CUSIP Number: 44860M801
ITEM # 3
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IF THIS STATEMENT IS FILED PURSUANT TO RULE 13d-1(b), OR 13d-2(b), CHECK WHETHER
THE PERSON FILING IS:
(a) _________ Broker or Dealer registered under section 15 of the Act.
(b) _________ Bank as defined in section 3(a)(6) of the Act.
(c) _________ Insurance Company as defined in section 3(a)(19) of the Act.
(d) _________ Investment Company registered under section 8 of the
Investment Company Act.
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CUSIP NO. 44860M801 PAGE 4 OF 6 PAGES 13G
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(e) X Investment Advisor registered under section
--------- 203 of the Investment Advisors Act of 1940.
(f) Employee Benefit Plan, Pension Fund which is subject to the
--------- provisions of the Employee Retirement Income Security Act of
1974 or Endowment Fune; see section 240.13d-1(b)(1)(ii)(F).
(g) Parent Holding Company, in accordance with section
--------- 240.13d-1(b)(ii)(G). (Note: See Item #7)
(h) --------- Group, in accordance with section 240.13d-1(b)(1)(ii)(H).
ITEM #4
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OWNERSHIP.
(a) Amount Beneficially Owned: 713,010
(b) Percent of Class: 5.90%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote: NONE
(ii) shared power to vote or to direct the vote: NONE
(iii) sole power to dispose or to direct the disposition of: 713,010
(iv) shared power to dispose or to direct the disposition of: NONE
ITEM #5.
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OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:
Not applicable
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CUSIP NO. 44860M801 SCHEDULE 13G PAGE 5 OF 6 PAGES 13 G
--------------------- ----- ----- ----
ITEM #6
- -------
Ownership of More Than Five Froley, Revy Investment Co., Inc. is deemed
Percent on Behalf of Another to be a beneficial owner for purposes of
Person: Rule 13(d) since it has the power of
Investment decision over securities for
several unrelated clients. It does not,
however, have any economic interest in the
securities of those clients. The clients are
the actual holders of the securities and
have the sole right to receive and have the
power to direct the receipt of dividends
from or the proceeds from the sale of such
securities. No client has an interest which
relates to 5% or more of this security.
ITEM # 7
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IDENTIFICATION AND CLASSIFICATION
OF THE SUBSIDIARY WHICH ACQUIRED
THE SECURITY BEING REPORTED ON BY
THE PARENT HOLDING COMPANY. Not applicable
ITEM # 8
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IDENTIFICATION AND CLASSIFICATION
OF MEMBERS AND THE GROUP. Not applicable
ITEM # 9
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NOTICE OF DISSOLUTION OF THE GROUP. Not applicable
ITEM #10
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CERTIFICATION: By signing below I certify that, to the best of my
knowledge and belief, the securities referred to
above were acquired in the ordinary course of
business and were not acquired for the purpose of
and do not have the effect of changing or influencing
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CUSIP NO. 44860M801 SCHEDULE 13G PAGE 6 OF 6 PAGES
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ITEM # 10 (CONTINUED)
the control of the issuer of such securities and were not
acquired in connection with or as a participant in any
transaction have such purposed or effect.
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
statement is true, complete and correct.
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Andrea O'Connell Date
Managing Director
Froley, Revy Investment Co., Inc.
