Imprimis Pharmaceuticals, Inc. (NasdaqCM:IMMY) announced that it has entered into a note purchase agreement with an existing accredited investor Immy Funding LLC for the private placement of 8% convertible senior secured note for gross proceeds of $3,000,000 on January 22, 2016. The note was issued at par. The note carries a fixed per-annum rate of 8% and the company is obligated to repay the full principal amount of the note in cash on May 11, 2021. The company is permitted to redeem the note at any time on or after March 1, 2018 for a cash purchase price equal to 109% of the outstanding principal amount of the note if redeemed between March 1, 2018 and February 28, 2019, 107% of the outstanding principal amount of the note if redeemed between March 1, 2019 and February 29, 2020 and 105% of the outstanding principal amount of the note if redeemed on or after March 1, 2020.

The note is convertible into 169.4915 shares of the company per $1,000 principal amount of notes. The company's obligations under the note are guaranteed on a secured basis by its wholly owned subsidiaries. The company will not pay any finder's fees, brokerage commissions or similar payments in connection with the transaction. The company will pay all expenses incident to the performance of its obligations under the agreement and the note. The investor may transfer or exchange this note.