X0202 3 2006-05-26 0 0000893970 INTERPHARM HOLDINGS INC IPA 0001144359 TULLIS DICKERSON CAPITAL FOCUS III, L.P. TWO GREENWICH PLAZA, 4TH FLOOR GREENWICH CT 06830 0 0 1 0 0001230641 TULLIS JAMES L L TWO GREENWICH PLAZA, 4TH FLOOR GREENWICH CT 06830 0 0 1 0 0001351838 Dickerson Thomas TWO GREENWICH PLAZA 4TH FLOOR GREENWICH CT 06830 0 0 1 0 0001351695 Hohnke Lyle TWO GREENWICH PLAZA 4TH FLOOR GREENWICH CT 06830 0 0 1 0 0001351673 Buono Timothy TWO GREENWICH PLAZA 4TH FLOOR GREENWICH CT 06830 0 0 1 0 0001144364 TULLIS DICKERSON PARTNERS III, L.L.C. TWO GREENWICH PLAZA GREENWICH CT 06830 0 0 1 0 0001275802 NEUSCHELER JOAN P TWO GREENWICH PLAZA, 4TH FLOOR GREENWICH CT 06830 0 0 1 0 Warrants 1.639 2006-05-26 2011-05-26 Common Stock 2281914 I See footnote Series B-1 Convertible Preferred Stock 1.5338 2006-05-26 Common Stock 6519755 I See footnote Tullis-Dickerson Partners III, L.L.C. ("Partners III"), is the sole general partner of Tullis-Dickerson Capital Focus III, L.P. ("Capital Focus III"). Joan P. Neuscheler ("Neuscheler"), James L. L. Tullis ("Tullis"), Thomas P. Dickerson ("Dickerson"), Lyle A. Hohnke ("Hohnke") and Timothy M. Buono ("Buono" and together with Capital Focus III, Partners III, Neuscheler, Tullis, Dickerson and Hohnke, the "Reporting Persons") share voting and/or dispositive power over all shares owned by the above entities. The Reporting Persons disclaim beneficial ownership of the shares of Common Stock beneficially owned except to the extent of their pecuniary interests therein. The Series B-1 Convertible Preferred Stock reported in this Form 3 consists of 10,000 shares, par value $0.01, and are initially convertible, at the holder's option, into 6,519,755 shares of Common Stock at an initial conversion price of $1.5338. The Series B-1 Convertible Preferred Stock has no expiration date. Tullis-Dickerson Capital Focus III, L.P., By: Tullis-Dickerson Capital Focus III, L.L.C., Its: General Partner, By: /s/ Joan P. Neuscheler, Principal 2006-06-05