— 23 New Clinics Now Prescribing Targeted Medical Pharma’s Rx-only Therapeutic Alternatives —
Los Angeles, CA, July 17, 2013 — 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, today announced that 23 new medical clinics in Washington, Oregon and Hawaii are purchasing and prescribing the company’s prescription-only medical foods, bringing the total to 69 health facilities in those three states.
“With the number of prescribing clinics on the rise, we have seen a 26 percent increase in prescriptions for our medical foods in the Northwest region and Hawaii compared to last year’s fourth quarter,” said William Shell, M.D., Targeted Medical Pharma’s Chief Executive Officer and Chief Science Officer. “Strict new regulations for opioid prescribing in Washington and Colorado coupled with widespread opposition to traditional, high dose pain drugs among patients continue to fuel the demand for safer, more effective therapeutic alternatives such as medical foods across the entire U.S.”
Targeted Medical Pharma recently posted record quarterly revenue of $2.8 million for the first quarter ended March 31, 2013, compared with $1.4 million for the prior year period, primarily attributable to a significant increase in prescriptions among Workers’ Compensation and commercial providers, along with improved collection rates for new and aged receivables.
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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