Business Digest

PharmAthene raises $19 million for debt

Annapolis - Officials with PharmAthene Inc., a biodefense firm based in downtown Annapolis, last week announced the company has received more than $19 million in private funds to help with its short-term debt.

The company has closed on the issuance of two-year, 10 percent unsecured senior convertible notes and common stock purchases in a private placement of about $19.3 million.

It has received about $10.5 million from new investors and has exchanged about $8.8 million in outstanding principal and unpaid interest accrued from the unsecured convertible notes that are due...