PharmAthene raises $50 million

Biodefense company PharmAthene (Annapolis, Md.) raised $50 million in a series B round led by MPM Capital and Bear Stearns. Sole series A investor HealthCare Ventures also participated in the round. Some of the proceeds will fund development of ToxBlox, a peptide that inactivates the Bacillus anthracis toxin and is being developed to treat patients with symptoms of anthrax exposure. PharmAthene said it plans to begin clinical testing early next month. The company licensed the protein from Harvard Medical School. ...