Medical Food Maker Secures Funding for Receivables

Southern California medical food manufacturer Targeted Medical Pharma announced it secured $3.28 million from the securitization of certain receivables through an agreement with Cambridge Medical Funding Group.Cambridge Medical Funding Group, based in Glen Rock, N.J., funded $750,000 on June 29 and has agreed to fund the balance by the end of July. The group provides specialized financing to hospitals, surgical centers and medical providers, guaranteeing up-front payments for receivables.Dr. William Shell, chief science officer at Targeted Medical, said the funding will be used to invest in ex...