Pharmaceutical maker Theragen Inc. defaulted on outstanding Series 2005 bonds last week as Bank of Oklahoma NA, the trustee for the debt, announced that the company did not meet principal and interest payments due Nov. 1.

The New Jersey Economic Development Authority sold $3.5 million of bonds on behalf of Theragen in 2005. Backing the bonds are two mortgage liens and the borrower’s pledge to pay the debt, according to the official statement.

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