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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><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
      26, 2006</u></font><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="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Interpharm
      Holdings, Inc.</u></font><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">(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="justify"><br></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>Delaware</u></font></div>
            </td>
            <td valign="top" width="5%" style="border-bottom: medium none;">&#160;</td>
            <td valign="top" width="16%" style="border-bottom: medium none;">
              <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>0-22710</u></font></div>
            </td>
            <td valign="top" width="5%" style="border-bottom: medium none;">&#160;</td>
            <td valign="top" width="16%" style="border-bottom: medium none;">
              <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>13-3673965</u></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="16%">
              <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">(State
                or other jurisdic-</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">tion
                of incorporation)</font></div>
            </td>
            <td valign="top" width="5%">&#160;</td>
            <td valign="top" width="16%">
              <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">(Commission</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">File
                Number)</font></div>
            </td>
            <td valign="top" width="5%">&#160;</td>
            <td valign="top" width="16%">
              <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">(IRS
                Employer</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">Identification
                No.)</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"><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">

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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>75
                Adams Avenue, Hauppauge, New York</u></font></div>
            </td>
            <td valign="top" width="10%" style="border-bottom: medium none;">&#160;</td>
            <td valign="top" width="27%" style="border-bottom: medium none;">
              <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>11788</u></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="40%">
              <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">(Address
                of principal executive offices)</font></div>
            </td>
            <td valign="top" width="10%">&#160;</td>
            <td valign="top" width="27%">
              <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">(Zip
                Code)</font></div>
            </td>
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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">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="DISPLAY: inline; 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="DISPLAY: inline; 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="DISPLAY: inline; 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>
    <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
      3.02 </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>Unregistered
      Sales of Equity Securities</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
      26, 2006, Interpharm Holdings Inc. (the &#8220;Company&#8221;) consummated the Securities
      Purchase Agreement (the &#8220;Agreement&#8221;) it had entered into on May 15, 2006 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">Pursuant
      to the Agreement, the Company issued and sold to the Buyer 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 called Series B-1 Convertible Preferred Stock (the
&#8220;Series B-1 Stock&#8221;), together with 2,281,914 warrants to purchase shares of
      common stock of the Company with an exercise price of $1.639. The warrants
      have
      a five year term. The number of shares of common stock which may be purchased
      upon exercise of the warrants and the exercise price of the warrants are subject
      to adjustment to protect the holder of the warrants against dilution upon the
      occurrence of certain events.</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
      Series B-1 Stock, among other things, accrues dividends at the rate of 8.25%
      per
      annum, is convertible at any time at the option of the holder into common stock
      of the Company and, at any time after March 31, 2007, is convertible into common
      stock of the Company, at the option of the Company, provided that certain
      conditions have been satisfied. The Series B-1 Stock is convertible into
      approximately 6.5 million shares of common stock, subject to certain adjustments
      in the conversion rate to protect the holder of the Series B-1 Stock against
      dilution upon the occurrence of certain events. The Series B-1 Stock is also
      entitled to voting rights on all matters on an as-converted-to-common-stock
      basis, with the holders of the Series B-1 Stock and common stock voting as
      a
      single class. The holders of the Series B-1 Stock 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>
    <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: 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
      Series B-1 Stock and the warrants were issued pursuant to an exemption from
      the
      registration requirements of the Securities Act of 1933, as amended (the
&#8220;Securities Act&#8221;) set forth in Section 4(2) of the Securities Act for
      transactions by an issuer not involving a public offering as the offer and
      sale
      of the securities was made to one accredited investor in accordance with the
      conditions set forth in Regulation D under the Securities Act.</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">As
      a
      condition to the closing of the Agreement, the Company and the holders of all
      of
      the outstanding shares of the Company&#8217;s Series K Convertible Preferred Stock
      (&#8220;Series K Stock&#8221;) entered into and consummated an agreement whereby the holders
      converted all of the outstanding shares of Series K Stock into an aggregate
      of
      31,373,875 shares of the Company&#8217;s Common Stock. (The Series K Stock would have
      automatically converted into the same number of shares of Common Stock in equal
      annual installments through June 4, 2010. The effect of the agreement was merely
      to accelerate such conversions.) The issuance of the Common Stock upon
      conversion of the Series K Stock was exempt from registration under the
      Securities Act by virtue of Section 3(a)(9) of the Securities Act which provides
      an exemption for any security exchanged by an issuer with its existing security
      holders exclusively where no commission or other remuneration is paid or given
      directly or indirectly for soliciting such exchange.</font></div><br>
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    </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: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      a
      further condition to the closing of the Agreement the Company entered into
      a
      registration rights agreement with the Buyer to register under the Securities
      Act, 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 Series B-1 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: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      June
      2, 2006 the Company issued a press release announcing the consummation of the
      Agreement. A copy of the press release is attached hereto as Exhibit 99.1 and
      incorporated herein by reference.</font></div>
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    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td align="left" style="width: 45pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
              5.02</strong></font></td>
            <td align="left">
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Departure
                of Directors or Principal Officers; Election of
                Directors;&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Appointment
                of Principal Officers.</strong></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"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      May
      30, 2006 the Board of Directors elected Richard S. Miller to fill a vacancy
      in
      the Board of Directors. The Certificate of Designations, Preferences and Rights
      of the Series B-1 Stock provides that so long as the Buyer or an affiliate
      of
      the Buyer continues to hold at least twenty five percent (25%) of the cumulative
      aggregate number of shares of Series B-1 Stock issued to the Buyer on the
      initial issuance date of the Series B-1 Stock, the Buyer shall be entitled
      to
      elect one director to the Board of Directors of the Company. The Buyer
      designated Mr. Miller to be elected</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>.
      </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company does not know at this time whether Mr.Miller will be appointed as a
      member of any committee of the Board</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>.</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"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
      Miller is the founder of Shippan Point Advisors, an advisory firm that provides
      services to private equity firms. Mr. Miller is an experienced investor and
      operator with over 15 years experience working as a private equity investor
      and
      over five years as an operator with private equity backed emerging companies.
      In
      his advisor&#8217;s role, Mr. Miller has been a partner with affiliates of the Buyer
      from 2002 until the present.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td align="left" style="width: 45pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
              9.01</strong></font></td>
            <td align="left">
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Financial
                Statements and Exhibits</strong></font></div>
            </td>
          </tr>

      </table>
    </div>
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                Rights Agreement dated as of May 15, 2006 between the Company and
                the
                Buyer.</font></div>
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                Agreement dated as of May 26, 2006 among the Company, Rajs Holding
                I, LLC,
                Ravis Holdings I, LLC, P&amp;K Holdings, LLC and Rametra Holdings I,
                LLC.</font></div>
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                release, dated June 2, 2006.</font></font></div>
            </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 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 colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">INTERPHARM
              HOLDINGS, INC.</font></td>
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            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
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          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">June
              2,
              2006</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/
              George Aronson&#160;&#160;</font></td>
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              George Aronson</td>
          </tr>
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            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chief
              Financial Officer&#160;</font></td>
          </tr>

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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": "06882091"}, "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
      26, 2006
Interpharm
      Holdings, Inc.
(Exact
      name of Registrant as specified in charter)
Delaware
0-22710
13-3673965
(State
                or other jurisdic-
tion
                of incorporation)
(Commission
File
                Number)
(IRS
                Employer
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
      3.02
Unregistered
      Sales of Equity Securities
On
      May
      26, 2006, Interpharm Holdings Inc. (the "Company") consummated the Securities
      Purchase Agreement (the "Agreement") it had entered into on May 15, 2006 with
      Tullis-Dickerson Capital Focus III, L.P. (the "Buyer").
Pursuant
      to the Agreement, the Company issued and sold to the Buyer for a purchase price
      of $10 million, an aggregate of 10,000 shares of a newly designated series
      of
      the Company's preferred stock called Series B-1 Convertible Preferred Stock (the
"Series B-1 Stock"), together with 2,281,914 warrants to purchase shares of
      common stock of the Company with an exercise price of $1.639. The warrants
      have
      a five year term. The number of shares of common stock which may be purchased
      upon exercise of the warrants and the exercise price of the warrants are subject
      to adjustment to protect the holder of the warrants against dilution upon the
      occurrence of certain events.
The
      Series B-1 Stock, among other things, accrues dividends at the rate of 8.25%
      per
      annum, is convertible at any time at the option of the holder into common stock
      of the Company and, at any time after March 31, 2007, is convertible into common
      stock of the Company, at the option of the Company, provided that certain
      conditions have been satisfied. The Series B-1 Stock is convertible into
      approximately 6.5 million shares of common stock, subject to certain adjustments
      in the conversion rate to protect the holder of the Series B-1 Stock against
      dilution upon the occurrence of certain events. The Series B-1 Stock is also
      entitled to voting rights on all matters on an as-converted-to-common-stock
      basis, with the holders of the Series B-1 Stock and common stock voting as
      a
      single class. The holders of the Series B-1 Stock 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.
The
      Series B-1 Stock and the warrants were issued pursuant to an exemption from
      the
      registration requirements of the Securities Act of 1933, as amended (the
"Securities Act") set forth in Section 4(2) of the Securities Act for
      transactions by an issuer not involving a public offering as the offer and
      sale
      of the securities was made to one accredited investor in accordance with the
      conditions set forth in Regulation D under the Securities Act.
As
      a
      condition to the closing of the Agreement, the Company and the holders of all
      of
      the outstanding shares of the Company's Series K Convertible Preferred Stock
      ("Series K Stock") entered into and consummated an agreement whereby the holders
      converted all of the outstanding shares of Series K Stock into an aggregate
      of
      31,373,875 shares of the Company's Common Stock. (The Series K Stock would have
      automatically converted into the same number of shares of Common Stock in equal
      annual installments through June 4, 2010. The effect of the agreement was merely
      to accelerate such conversions.) The issuance of the Common Stock upon
      conversion of the Series K Stock was exempt from registration under the
      Securities Act by virtue of Section 3(a)(9) of the Securities Act which provides
      an exemption for any security exchanged by an issuer with its existing security
      holders exclusively where no commission or other remuneration is paid or given
      directly or indirectly for soliciting such exchange.
As
      a
      further condition to the closing of the Agreement the Company entered into
      a
      registration rights agreement with the Buyer to register under the Securities
      Act, the resale by the Buyer of shares of the Company's common stock which may
      be acquired by the Buyer upon conversion of the Series B-1 Stock, upon exercise
      of the warrants, or in lieu of cash dividends on the Preferred Stock.
On
      June
      2, 2006 the Company issued a press release announcing the consummation of the
      Agreement. A copy of the press release is attached hereto as Exhibit 99.1 and
      incorporated herein by reference.
Item
              5.02
Departure
                of Directors or Principal Officers; Election of
                Directors;
Appointment
                of Principal Officers.
On
      May
      30, 2006 the Board of Directors elected Richard S. Miller to fill a vacancy
      in
      the Board of Directors. The Certificate of Designations, Preferences and Rights
      of the Series B-1 Stock provides that so long as the Buyer or an affiliate
      of
      the Buyer continues to hold at least twenty five percent (25%) of the cumulative
      aggregate number of shares of Series B-1 Stock issued to the Buyer on the
      initial issuance date of the Series B-1 Stock, the Buyer shall be entitled
      to
      elect one director to the Board of Directors of the Company. The Buyer
      designated Mr. Miller to be elected
.
The
      Company does not know at this time whether Mr.Miller will be appointed as a
      member of any committee of the Board
.
Mr.
      Miller is the founder of Shippan Point Advisors, an advisory firm that provides
      services to private equity firms. Mr. Miller is an experienced investor and
      operator with over 15 years experience working as a private equity investor
      and
      over five years as an operator with private equity backed emerging companies.
      In
      his advisor's role, Mr. Miller has been a partner with affiliates of the Buyer
      from 2002 until the present.
Item
              9.01
Financial
                Statements and Exhibits
Number
Description
3.1
Certificate
                of Designations, Preferences and Rights of the Company's Series B-1
                Convertible Preferred Stock.
4.1
Warrant
                to Purchase 2,281,914 Shares of the Company's Common Stock Issued to the
                Buyer on May 26, 2006.
10.1
Registration
                Rights Agreement dated as of May 15, 2006 between the Company and
                the
                Buyer.
10.2
Voting
                Agreement dated as of May 26, 2006 among the Company, Rajs Holding
                I, LLC,
                Ravis Holdings I, LLC, P&K Holdings, LLC and Rametra Holdings I,
                LLC.
99.1
Press
                release, dated June 2, 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.
June
              2,
              2006
By:
/s/
              George Aronson
George Aronson
Chief
              Financial Officer