My Cannondale H400 came with a quill stem that had adjustable stem angle/rise. There was a pivot at what we used to call the gooseneck. At that pivot there was a screw on either side, and one beneath; loosen the three and you can adjust the angle of the stem. But I wasn't thrilled with the configuration. In particular, it became a problem when the pivot developed a fair amount of play by the time I hit 2500 miles on the bike.
I found what I think is a nice solution. I put a quill to threadless stem adapter in the steering tube, and attached a standard threadless stem to it. In the process I moved things down a couple of centimeters, but that was one of the goals anyway. The threadless stem I used was a 17 degree rise stem, which still puts the bars lower than I was using with the adjustable rise stem. But having gotten used to my road bike, I'm happy to have a little more drop.
The total cost was under $50 for an inexpensive stem and an inexpensive adapter. The old hybrid has new life.