Targeted Medical Pharma Secures $3.28 Million in Funding
Targeted Medical Pharma Secures $3.28 Million in Funding
Agreement with Cambridge Medical Funding Group Monetizes Certain Aged Workers' Compensation Receivables
LOS ANGELES--(BUSINESS WIRE)-- Targeted Medical Pharma, Inc. (OTCQB: TRGM), a biotechnology company that develops and distributes prescription medical foods, convenience kits and generic pharmaceuticals to physicians and pharmacies for the treatment of chronic disease, today announced it secured $3.28 million from the securitization of certain aged receivables through an agreement with New Jersey-based Cambridge Medical Funding Group, LLC ("CMFG"). CMFG funded $750,000 on June 29, 2013 and has agreed to fund the balance before July 31, 2013.
"Through this funding we are able to leverage a significant off balance sheet asset to invest in the expansion and acceleration of our sales and marketing efforts," said William Shell, M.D., CEO and Chief Science Officer at Targeted Medical Pharma. "The additional revenue will be used to help sustain our rapid growth as we continue to leverage the increasing clinical adoption of medical foods."
Based in Glen Rock, New Jersey, Cambridge Medical Funding Group provides specialized finance solutions to hospitals, surgical centers and medical providers, funds receivables and providing guaranteed upfront payments to these providers.
As of June 30, 2012, Targeted Medical Pharma had approximately $34.6 million in aged receivables. Maxim Group LLC acted as financial advisor on the transaction.
Visit http://www.sec.gov for additional details regarding the funding.
About Targeted Medical Pharma, Inc.
Targeted Medical Pharma, Inc. is a Los Angeles-based biotechnology company that develops prescription medical foods for the treatment of chronic disease, including pain syndromes, peripheral neuropathy, hypertension, obesity, sleep and cognitive disorders. The company manufactures 10 proprietary prescription-only medical foods, as well as 48 convenience packed kits, which pair a medical food and branded or generic pharmaceutical. These prescription medical foods and therapeutic systems are sold to physicians and pharmacies in the U.S. and the Middle East through the company's subsidiary, Physician Therapeutics. These proprietary medications represent a novel approach to the management of certain disease states, focusing on safety and efficacy without the deleterious side effects of traditional, high dose prescription drugs. The company is developing nutrient-based systems for oral stimulation of progenitor stem cells that differentiate into neurons, red blood cells, pituitary hormones including IGF-I. Targeted Medical Pharma also provides diagnostic testing as well as billing and collection services on behalf of dispensing physicians.
Forward Looking Statement
This press release may contain forward-looking statements related to Targeted Medical Pharma's business strategy, outlook, objectives, plans, intentions or goals. The words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Actual results could differ materially. Targeted Medical Pharma expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.
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