PharmAthene, Inc. announced that $19.3 million was raised via private placement of convertible notes and common stock warrants. The financing requires the Company to eliminate short term debt and strengthen their balance sheet. PharmAthene, Inc will issue 2 year, 10% unsecured senior convertible notes and common stock warrants via private placement.

PharmAthene, Inc is a bio-defense company who develops medical countermeasures against biological and chemical threats. Approximately $5.7 million of what is raised will be used to pay accrued interested do to holders of the old notes that have elected not to participate in this financing transaction.

http://www.reuters.com/article/pressRelease/idUS116204+27-Jul-2009+PRN20090727

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