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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>UNITED
      STATES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
      AND EXCHANGE COMMISSION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>WASHINGTON,
      D.C. 20549</strong></font></div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>FORM
      8-K</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CURRENT
      REPORT</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Pursuant
      to Section 13 or 15(d) of the Securities Exchange Act of
      1934</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
      of
      Report (Date of earliest event reported) </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>May
      15, 2006</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Interpharm
      Holdings, Inc.</u></font></div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
      name of Registrant as specified in charter)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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          <tr bgcolor="white">
            <td width="20%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;<u><font size="2">Delaware</font></u></div>
            </td>
            <td width="1%">&#160;</td>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;<u><font size="2">0-22710</font></u></div>
            </td>
            <td width="1%">&#160;</td>
            <td width="20%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;<u><font size="2">13-3673965</font></u></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td width="20%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;<font size="2">(State
                or other jurisdic-</font></div>
            </td>
            <td width="1%">&#160;</td>
            <td width="20%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;<font size="2">(Commission</font></div>
            </td>
            <td width="1%">&#160;</td>
            <td width="20%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;<font size="2">(IRS
                Employer</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td width="20%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;<font size="2">tion
                of incorporation) </font></div>
            </td>
            <td width="1%">&#160;</td>
            <td width="20%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;<font size="2">File
                Number)</font></div>
            </td>
            <td width="1%">&#160;</td>
            <td width="20%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;<font size="2">Identification
                No.)</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="center">
      <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

          <tr bgcolor="white">
            <td width="40%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;<u><font size="2">75
                Adams Avenue, Hauppauge, New York
                </font></u></div>
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            <td width="40%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;<u><font size="2">11788</font></u></div>
            </td>
          </tr>
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            <td width="40%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;<font size="2">(Address
                of principal executive
                offices)</font></div>
            </td>
            <td width="1%">&#160;</td>
            <td width="40%">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;<font size="2">(Zip
                Code)</font></div>
            </td>
          </tr>

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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registrant's
      telephone number, including area code: </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>(631)
      952 0214</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o</font>
      Written communications
      pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-FAMILY: Wingdings">o</font>
      Soliciting material pursuant to Rule
      14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-FAMILY: Wingdings">o</font>
      Pre-commencement communications pursuant
      to Rule 14d-2(b) under the Exchange Act (17 CFR240.14d-2(b))</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-FAMILY: Wingdings">o</font>
      Pre-commencement communications pursuant
      to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div><br>
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        </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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      </div>
      <div id="HDR">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      1.01 </strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Entry
      Into a Material Definitive Agreement</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      May
      15, 2006, Interpharm Holdings Inc. (the &#8220;Company&#8221;) entered into a Securities
      Purchase Agreement (the &#8220;Agreement&#8221;) with Tullis-Dickerson Capital Focus III,
      L.P. (the &#8220;Buyer&#8221;). </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
      the
      Agreement, the Company agreed to issue and sell to the Buyer, and the Buyer
      agreed to purchase from the Company, for a purchase price of $10 million, an
      aggregate of 10,000 shares of a newly designated series of the Company&#8217;s
      preferred stock (the &#8220;Preferred Stock&#8221;), together with 2,296,889 warrants to
      purchase shares of common stock of the Company with an exercise price of $1.628.
      The warrants have a five year term. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Preferred Stock will be accounted for in the financial statements of the Company
      as temporary equity rather than permanent equity.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Preferred Stock will, among other things, accrue dividends at the rate of 8.25%
      per annum, be convertible at any time at the option of the holder into common
      stock of the Company and, at any time after March 31, 2007, be convertible
      into
      common stock of the Company, at the option of the Company, provided that certain
      conditions have been satisfied. The Preferred Stock is convertible into
      approximately 6.5 million shares of common stock. The Preferred Stock shall
      also
      be entitled to voting rights on all matters on an as-converted-to-common-stock
      basis, with the holders of the Preferred Stock and common stock voting as a
      single class. The holders of the Preferred Stock shall also have the right
      upon
      the occurrence of certain events to require the Company to redeem such stock
      for
      a redemption price calculated in accordance with an agreed upon
      formula.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">So
      long
      as the Buyer holds at least 25% of the shares of Preferred Stock issued at
      the
      initial closing, in addition to any other rights provided by law, without first
      obtaining the affirmative vote at a meeting duly called for such purpose or
      the
      written consent of the holders of a majority of the outstanding shares of
      Preferred Stock, voting together as a single class, the Company shall not,
      among
      other things: </font></div>
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    <div>
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          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">issue
                any shares of Common Stock, stock appreciation rights, stock options
                or
                other equity securities to officers, directors or employees of, or
                consultants (that are affiliates of the Company) to, the Company
                in excess
                of 2% of the fully diluted number of shares of Common Stock on the
                initial
                closing date;</font></div>
            </td>
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      </table>
    </div>
    <div>
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          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">issue
                any shares of Common Stock, stock appreciation rights, stock options
                or
                other equity securities to independent third parties (e.g., investment
                banks, investor relations firms, consultants that are not affiliates
                of
                the Company) in excess of 2% of the fully diluted number of shares
                of
                Common Stock on the initial closing
                date;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
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          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">pay
                dividends or make any other distribution on the capital stock of
                the
                Company other than (i) dividends on the Preferred Stock or (ii) the
                stated
                dividends on the shares of Series A-1 Preferred
                Stock;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
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          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">issue
                any Common Stock or any securities convertible into or exchangeable
                for
                Common Stock at a price per share of Common Stock less than the purchase
                price per share of Preferred Stock;
                and</font></div>
            </td>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
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          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">issue
                  any indebtedness that creates an obligation for the Company to
                  repay in
                  the aggregate more than $50 million in principal and
                  interest.</font></div>
              </div>
            </td>
          </tr>

      </table>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      a
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      will also enter into a registration rights agreement with the Buyer, to register
      under the Securities Act of 1933, the resale by the Buyer of shares of the
      Company&#8217;s common stock which may be acquired by the Buyer upon conversion of the
      Preferred Stock, upon exercise of the warrants, or in lieu of cash dividends
      on
      the Preferred Stock.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      obligation of the Company and the Buyer to consummate the Agreement is subject
      to the satisfaction of a number of conditions, including, among other things:
      </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
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          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                execution and delivery by each party to the other party of specified
                closing documents;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
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          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">That
                the representations and warranties of the parties shall be true and
                correct in all material respects as of the date when made and as
                of the
                closing date;</font></div>
            </td>
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      </table>
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            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Payment
                of the purchase price for the securities by the
                Buyer;</font></div>
            </td>
          </tr>

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    <div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">That
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                Exchange;</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Receipt
                of all regulatory or third party consents and approvals, if any,
                necessary
                for the sale of the securities under the Agreement;
                and</font></div>
            </td>
          </tr>

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    <div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                conversion of all outstanding shares of the Company&#8217;s Series K Convertible
                Preferred Stock into common stock (the outstanding shares of Series
                K
                Convertible Preferred Stock are convertible into an aggregate of
                31,373,877 shares of common stock).</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company and the Buyer also have agreed that subject to the satisfaction of
      certain closing conditions, not later than July 15, 2006, the Company may issue
      and sell to additional investors who may enter into the Agreement additional
      shares of Preferred Stock and warrants for a purchase price of up to $5
      million.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      foregoing description of the Agreement is qualified, in its entirety, by the
      text of the Agreement itself which is annexed hereto as Exhibit
      99.1.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
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      19, 2006 the Company issued a press release announcing its entry into the
      Agreement. A copy of the press release is attached hereto as Exhibit 99.2 and
      incorporated herein by reference.</font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        </div>
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          <tr bgcolor="white">
            <td valign="top" width="10%"><strong><font size="2">Item
              9.01</font></strong></td>
            <td width="1%">&#160;</td>
            <td width="80%"><strong><font size="2">Financial Statements and
              Exhibits</font></strong></td>
          </tr>
          <tr bgcolor="white">
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            <td width="1%">&#160;</td>
            <td width="80%">&#160;</td>
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            <td width="1%">&#160;</td>
            <td width="80%"><font size="2">Securities Purchase Agreement dated
              May 15,
              2006 between Interpharm Holdings Inc. and Tullis-Dickerson Capital
              Focus
              III, L.P.</font></td>
          </tr>
          <tr bgcolor="white">
            <td width="10%">&#160;</td>
            <td width="1%">&#160;</td>
            <td width="80%">&#160;</td>
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            <td valign="top" width="10%"><font size="2">Exhibit 99.2</font></td>
            <td width="1%">&#160;</td>
            <td width="80%"><font size="2">Press release, dated May 19,
              2006.</font></td>
          </tr>

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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Signatures</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the requirements of the Securities Exchange Act of 1934, the registrant
      has
      duly caused this report to be signed on its behalf by the undersigned hereunto
      duly authorized. </font></div>
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            <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
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            <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: "><strong>INTERPHARM
              HOLDINGS, INC.</strong></font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
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            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
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            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Date:&#160;May
              19,
              2006<font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt" size="3">&#160;</font></font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">By:&#160;&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">/s/&#160;George
              Aronson </font></td>
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            <td align="left">
              <div>
                <hr style="COLOR: black" align="left" noshade size="2" width="80%">
              </div>
              <div><font size="2">George Aronson</font></div>
              <div><font size="2">Chief Financial Officer</font></div>
            </td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td>&#160;</td>
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{"company-data": {"conformed-name": "INTERPHARM HOLDINGS INC", "cik": "0000893970", "assigned-sic": "2834", "irs-number": "133673965", "state-of-incorporation": "DE", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-15981", "film-number": "06854537"}, "business-address": {"street1": "75 ADAMS AVENUE", "city": "HAUPPAGUE", "state": "NY", "zip": "11788", "phone": "6319520214"}, "former-company": [{"former-conformed-name": "ATEC GROUP INC", "date-changed": "19951221"}, {"former-conformed-name": "HILLSIDE BEDDING INC", "date-changed": "19940719"}, {"former-conformed-name": "NATIONAL HILLSIDE BEDDING CORP", "date-changed": "19930115"}]}
UNITED
      STATES
SECURITIES
      AND EXCHANGE COMMISSION
WASHINGTON,
      D.C. 20549
FORM
      8-K
CURRENT
      REPORT
Pursuant
      to Section 13 or 15(d) of the Securities Exchange Act of
      1934
Date
      of
      Report (Date of earliest event reported)
May
      15, 2006
Interpharm
      Holdings, Inc.
(Exact
      name of Registrant as specified in charter)
Delaware
0-22710
13-3673965
(State
                or other jurisdic-
(Commission
(IRS
                Employer
tion
                of incorporation)
File
                Number)
Identification
                No.)
75
                Adams Avenue, Hauppauge, New York
11788
(Address
                of principal executive
                offices)
(Zip
                Code)
Registrant's
      telephone number, including area code:
(631)
      952 0214
Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions:
o
Written communications
      pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule
      14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant
      to Rule 14d-2(b) under the Exchange Act (17 CFR240.14d-2(b))
o
Pre-commencement communications pursuant
      to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item
      1.01
Entry
      Into a Material Definitive Agreement
On
      May
      15, 2006, Interpharm Holdings Inc. (the "Company") entered into a Securities
      Purchase Agreement (the "Agreement") with Tullis-Dickerson Capital Focus III,
      L.P. (the "Buyer").
Under
      the
      Agreement, the Company agreed to issue and sell to the Buyer, and the Buyer
      agreed to purchase from the Company, for a purchase price of $10 million, an
      aggregate of 10,000 shares of a newly designated series of the Company's
      preferred stock (the "Preferred Stock"), together with 2,296,889 warrants to
      purchase shares of common stock of the Company with an exercise price of $1.628.
      The warrants have a five year term.
The
      Preferred Stock will be accounted for in the financial statements of the Company
      as temporary equity rather than permanent equity.
The
      Preferred Stock will, among other things, accrue dividends at the rate of 8.25%
      per annum, be convertible at any time at the option of the holder into common
      stock of the Company and, at any time after March 31, 2007, be convertible
      into
      common stock of the Company, at the option of the Company, provided that certain
      conditions have been satisfied. The Preferred Stock is convertible into
      approximately 6.5 million shares of common stock. The Preferred Stock shall
      also
      be entitled to voting rights on all matters on an as-converted-to-common-stock
      basis, with the holders of the Preferred Stock and common stock voting as a
      single class. The holders of the Preferred Stock shall also have the right
      upon
      the occurrence of certain events to require the Company to redeem such stock
      for
      a redemption price calculated in accordance with an agreed upon
      formula.
So
      long
      as the Buyer holds at least 25% of the shares of Preferred Stock issued at
      the
      initial closing, in addition to any other rights provided by law, without first
      obtaining the affirmative vote at a meeting duly called for such purpose or
      the
      written consent of the holders of a majority of the outstanding shares of
      Preferred Stock, voting together as a single class, the Company shall not,
      among
      other things:
·
issue
                any shares of Common Stock, stock appreciation rights, stock options
                or
                other equity securities to officers, directors or employees of, or
                consultants (that are affiliates of the Company) to, the Company
                in excess
                of 2% of the fully diluted number of shares of Common Stock on the
                initial
                closing date;
·
issue
                any shares of Common Stock, stock appreciation rights, stock options
                or
                other equity securities to independent third parties (e.g., investment
                banks, investor relations firms, consultants that are not affiliates
                of
                the Company) in excess of 2% of the fully diluted number of shares
                of
                Common Stock on the initial closing
                date;
·
pay
                dividends or make any other distribution on the capital stock of
                the
                Company other than (i) dividends on the Preferred Stock or (ii) the
                stated
                dividends on the shares of Series A-1 Preferred
                Stock;
·
issue
                any Common Stock or any securities convertible into or exchangeable
                for
                Common Stock at a price per share of Common Stock less than the purchase
                price per share of Preferred Stock;
                and
·
issue
                  any indebtedness that creates an obligation for the Company to
                  repay in
                  the aggregate more than $50 million in principal and
                  interest.
As
      a
      condition to closing the sale of the Preferred Stock and warrants, the Company
      will also enter into a registration rights agreement with the Buyer, to register
      under the Securities Act of 1933, the resale by the Buyer of shares of the
      Company's common stock which may be acquired by the Buyer upon conversion of the
      Preferred Stock, upon exercise of the warrants, or in lieu of cash dividends
      on
      the Preferred Stock.
The
      obligation of the Company and the Buyer to consummate the Agreement is subject
      to the satisfaction of a number of conditions, including, among other things:
·
The
                execution and delivery by each party to the other party of specified
                closing documents;
·
That
                the representations and warranties of the parties shall be true and
                correct in all material respects as of the date when made and as
                of the
                closing date;
·
Payment
                of the purchase price for the securities by the
                Buyer;
·
That
                the Company's common stock be listed for trading on the American Stock
                Exchange;
·
Receipt
                of all regulatory or third party consents and approvals, if any,
                necessary
                for the sale of the securities under the Agreement;
                and
·
The
                conversion of all outstanding shares of the Company's Series K Convertible
                Preferred Stock into common stock (the outstanding shares of Series
                K
                Convertible Preferred Stock are convertible into an aggregate of
                31,373,877 shares of common stock).
The
      Company and the Buyer also have agreed that subject to the satisfaction of
      certain closing conditions, not later than July 15, 2006, the Company may issue
      and sell to additional investors who may enter into the Agreement additional
      shares of Preferred Stock and warrants for a purchase price of up to $5
      million.
The
      foregoing description of the Agreement is qualified, in its entirety, by the
      text of the Agreement itself which is annexed hereto as Exhibit
      99.1.
On
      May
      19, 2006 the Company issued a press release announcing its entry into the
      Agreement. A copy of the press release is attached hereto as Exhibit 99.2 and
      incorporated herein by reference.
Item
              9.01
Financial Statements and
              Exhibits
Exhibit 99.1
Securities Purchase Agreement dated
              May 15,
              2006 between Interpharm Holdings Inc. and Tullis-Dickerson Capital
              Focus
              III, L.P.
Exhibit 99.2
Press release, dated May 19,
              2006.
Signatures
Pursuant
      to the requirements of the Securities Exchange Act of 1934, the registrant
      has
      duly caused this report to be signed on its behalf by the undersigned hereunto
      duly authorized.
INTERPHARM
              HOLDINGS, INC.
Date: May
              19,
              2006
By:
/s/ George
              Aronson
George Aronson
Chief Financial Officer