Los Angeles, CA -(BusinessWire)- 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, recently 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.