UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
AMENDMENT NO. 4
Interpharm Holdings, Inc.
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(Name of Company)
Common Stock, $0.01 par value
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(Title of Class of Securities)
460588106
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(CUSIP Number of Class of Securities)
Joan P. Neuscheler Gloria M. Skigen
Tullis-Dickerson Capital Focus III, L.P. Martin, Lucas & Chioffi
c/o Tullis-Dickerson Partners III, L.L.C. 177 Broad Street
Two Greenwich Plaza, 4th Fl. Stamford, CT 06901
Greenwich, CT 06830 (203) 973-5222
(203) 629-8700
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
May 1, 2008
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(Date of Event which Requires
Filing of this Schedule)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check
the following box. [ ]
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See ss.240.13d-7 for other
parties to whom copies are to be sent. * The remainder of this cover page shall
be filled out for a reporting person's initial filing on this form with respect
to the subject class of securities, and for any subsequent amendment containing
information which would alter disclosures provided in a prior cover page. The
information required on the remainder of this cover page shall not be deemed to
be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934
("ACT") or otherwise subject to the liabilities of that section of the Act but
shall be subject to all other provisions of the Act (however, SEE the NOTES).
SCHEDULE 13D/A
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CUSIP NO. 460588106 PAGE 2 OF 11 PAGES
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--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Tullis-Dickerson Capital Focus III, L.P. IRS # 06-1621801
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware, United States of America
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7 SOLE VOTING POWER
0
----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 568,647 shares of Common Stock;
OWNED BY
EACH 2,281,914 shares of Common Stock issuable upon exercise
REPORTING of the Amended and Restated Warrants;
PERSON WITH
10,526,316 shares of Common Stock issuable upon
conversion of the Series D-1 Preferred Stock;
877,194 shares of Common Stock issuable upon
conversion of the Convertible Notes; and
307,017 shares of Common Stock issuable upon
conversion of the Note Warrants (1)
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
568,647 shares of Common Stock;
2,281,914 shares of Common Stock issuable upon exercise
of the Amended and Restated Warrants; and
10,526,316 shares of Common Stock issuable upon
conversion of the Series D-1 Preferred Stock;
877,194 shares of Common Stock issuable upon
conversion of the Convertible Notes; and
307,017 shares of Common Stock issuable upon
conversion of the Note Warrants (1)
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
568,647 shares of Common Stock;
2,281,914 shares of Common Stock issuable upon exercise
of the Amended and Restated Warrants; and
10,526,316 shares of Common Stock issuable upon
conversion of the Series D-1 Preferred Stock;
877,194 shares of Common Stock issuable upon
conversion of the Convertible Notes; and
307,017 shares of Common Stock issuable upon
conversion of the Note Warrants (1))
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18% (see Item 5)(1)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
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-----------------------
(1) Does not include shares of Common Stock (including shares of Common Stock
and shares of Common Stock issuable upon the conversion of preferred stock and
exercise of warrants and options) held by parties to (i) the Irrevocable Proxy
Agreement other than the Reporting Persons, as discussed in Item 4 of the
Amendment No. 1 and (ii) the Proceeds Sharing Agreement, other than the
Reporting Persons, as discussed in Item 4 of the Amendment No. 3.
SCHEDULE 13D/A
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CUSIP NO. 460588106 PAGE 3 OF 11 PAGES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Tullis-Dickerson Partners III, L.L.C. IRS # 06-1621800
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware, United States of America
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 568,647 shares of Common Stock;
OWNED BY
EACH 2,281,914 shares of Common Stock issuable upon exercise
REPORTING of the Amended and Restated Warrants;
PERSON WITH
10,526,316 shares of Common Stock issuable upon
conversion of the Series D-1 Preferred Stock;
877,194 shares of Common Stock issuable upon
conversion of the Convertible Notes; and
307,017 shares of Common Stock issuable upon
conversion of the Note Warrants (1)
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
568,647 shares of Common Stock;
2,281,914 shares of Common Stock issuable upon exercise
of the Amended and Restated Warrants; and
10,526,316 shares of Common Stock issuable upon
conversion of the Series D-1 Preferred Stock;
877,194 shares of Common Stock issuable upon
conversion of the Convertible Notes; and
307,017 shares of Common Stock issuable upon
conversion of the Note Warrants (1)
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
568,647 shares of Common Stock;
2,281,914 shares of Common Stock issuable upon exercise
of the Amended and Restated Warrants; and
10,526,316 shares of Common Stock issuable upon
conversion of the Series D-1 Preferred Stock;
877,194 shares of Common Stock issuable upon
conversion of the Convertible Notes; and
307,017 shares of Common Stock issuable upon
conversion of the Note Warrants (1)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18% (see Item 5)(1)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
-----------------------
(1) Does not include shares of Common Stock (including shares of Common Stock
and shares of Common Stock issuable upon the conversion of preferred stock and
exercise of warrants and options) held by parties to (i) the Irrevocable Proxy
Agreement other than the Reporting Persons, as discussed in Item 4 of the
Amendment No. 1 and (ii) the Proceeds Sharing Agreement, other than the
Reporting Persons, as discussed in Item 4 of the Amendment No. 3.
SCHEDULE 13D/A
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CUSIP NO. 460588106 PAGE 4 OF 11 PAGES
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--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Joan P. Neuscheler
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x]
(b) [ ]
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3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 568,647 shares of Common Stock;
OWNED BY
EACH 2,281,914 shares of Common Stock issuable upon exercise
REPORTING of the Amended and Restated Warrants;
PERSON WITH
10,526,316 shares of Common Stock issuable upon
conversion of the Series D-1 Preferred Stock;
877,194 shares of Common Stock issuable upon
conversion of the Convertible Notes; and
307,017 shares of Common Stock issuable upon
conversion of the Note Warrants (1)
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
568,647 shares of Common Stock;
2,281,914 shares of Common Stock issuable upon exercise
of the Amended and Restated Warrants; and
10,526,316 shares of Common Stock issuable upon
conversion of the Series D-1 Preferred Stock;
877,194 shares of Common Stock issuable upon
conversion of the Convertible Notes; and
307,017 shares of Common Stock issuable upon
conversion of the Note Warrants (1)
------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
568,647 shares of Common Stock;
2,281,914 shares of Common Stock issuable upon exercise
of the Amended and Restated Warrants; and
10,526,316 shares of Common Stock issuable upon
conversion of the Series D-1 Preferred Stock;
877,194 shares of Common Stock issuable upon
conversion of the Convertible Notes; and
307,017 shares of Common Stock issuable upon
conversion of the Note Warrants (1)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18% (see Item 5)(1)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
-----------------------
(1) Does not include shares of Common Stock (including shares of Common Stock
and shares of Common Stock issuable upon the conversion of preferred stock and
exercise of warrants and options) held by parties to (i) the Irrevocable Proxy
Agreement other than the Reporting Persons, as discussed in Item 4 of the
Amendment No. 1 and (ii) the Proceeds Sharing Agreement, other than the
Reporting Persons, as discussed in Item 4 of the Amendment No. 3.
SCHEDULE 13D/A
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CUSIP NO. 460588106 PAGE 5 OF 11 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
James L.L. Tullis
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 568,647 shares of Common Stock;
OWNED BY
EACH 2,281,914 shares of Common Stock issuable upon exercise
REPORTING of the Amended and Restated Warrants;
PERSON WITH
10,526,316 shares of Common Stock issuable upon
conversion of the Series D-1 Preferred Stock;
877,194 shares of Common Stock issuable upon
conversion of the Convertible Notes; and
307,017 shares of Common Stock issuable upon
conversion of the Note Warrants (1)
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
568,647 shares of Common Stock;
2,281,914 shares of Common Stock issuable upon exercise
of the Amended and Restated Warrants; and
10,526,316 shares of Common Stock issuable upon
conversion of the Series D-1 Preferred Stock;
877,194 shares of Common Stock issuable upon
conversion of the Convertible Notes; and
307,017 shares of Common Stock issuable upon
conversion of the Note Warrants (1)
------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
568,647 shares of Common Stock;
2,281,914 shares of Common Stock issuable upon exercise
of the Amended and Restated Warrants; and
10,526,316 shares of Common Stock issuable upon
conversion of the Series D-1 Preferred Stock;
877,194 shares of Common Stock issuable upon
conversion of the Convertible Notes; and
307,017 shares of Common Stock issuable upon
conversion of the Note Warrants (1)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18% (see Item 5)(1)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
-----------------------
(1) Does not include shares of Common Stock (including shares of Common Stock
and shares of Common Stock issuable upon the conversion of preferred stock and
exercise of warrants and options) held by parties to (i) the Irrevocable Proxy
Agreement other than the Reporting Persons, as discussed in Item 4 of the
Amendment No. 1 and (ii) the Proceeds Sharing Agreement, other than the
Reporting Persons, as discussed in Item 4 of the Amendment No. 3.
SCHEDULE 13D/A
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CUSIP NO. 460588106 PAGE 6 OF 11 PAGES
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--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Thomas P. Dickerson
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 568,647 shares of Common Stock;
OWNED BY
EACH 2,281,914 shares of Common Stock issuable upon exercise
REPORTING of the Amended and Restated Warrants;
PERSON WITH
10,526,316 shares of Common Stock issuable upon
conversion of the Series D-1 Preferred Stock;
877,194 shares of Common Stock issuable upon
conversion of the Convertible Notes; and
307,017 shares of Common Stock issuable upon
conversion of the Note Warrants (1)
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
568,647 shares of Common Stock;
2,281,914 shares of Common Stock issuable upon exercise
of the Amended and Restated Warrants; and
10,526,316 shares of Common Stock issuable upon
conversion of the Series D-1 Preferred Stock;
877,194 shares of Common Stock issuable upon
conversion of the Convertible Notes; and
307,017 shares of Common Stock issuable upon
conversion of the Note Warrants (1)
------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
568,647 shares of Common Stock;
2,281,914 shares of Common Stock issuable upon exercise
of the Amended and Restated Warrants; and
10,526,316 shares of Common Stock issuable upon
conversion of the Series D-1 Preferred Stock;
877,194 shares of Common Stock issuable upon
conversion of the Convertible Notes; and
307,017 shares of Common Stock issuable upon
conversion of the Note Warrants (1)
------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18% (see Item 5)(1)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
-----------------------
(1) Does not include shares of Common Stock (including shares of Common Stock
and shares of Common Stock issuable upon the conversion of preferred stock and
exercise of warrants and options) held by parties to (i) the Irrevocable Proxy
Agreement other than the Reporting Persons, as discussed in Item 4 of the
Amendment No. 1 and (ii) the Proceeds Sharing Agreement, other than the
Reporting Persons, as discussed in Item 4 of the Amendment No. 3.
SCHEDULE 13D/A
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CUSIP NO. 460588106 PAGE 7 OF 11 PAGES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Lyle A. Hohnke
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 568,647 shares of Common Stock;
OWNED BY
EACH 2,281,914 shares of Common Stock issuable upon exercise
REPORTING of the Amended and Restated Warrants;
PERSON WITH
10,526,316 shares of Common Stock issuable upon
conversion of the Series D-1 Preferred Stock;
877,194 shares of Common Stock issuable upon
conversion of the Convertible Notes; and
307,017 shares of Common Stock issuable upon
conversion of the Note Warrants (1)
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
568,647 shares of Common Stock;
2,281,914 shares of Common Stock issuable upon exercise
of the Amended and Restated Warrants; and
10,526,316 shares of Common Stock issuable upon
conversion of the Series D-1 Preferred Stock;
877,194 shares of Common Stock issuable upon
conversion of the Convertible Notes; and
307,017 shares of Common Stock issuable upon
conversion of the Note Warrants (1)
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
568,647 shares of Common Stock;
2,281,914 shares of Common Stock issuable upon exercise
of the Amended and Restated Warrants; and
10,526,316 shares of Common Stock issuable upon
conversion of the Series D-1 Preferred Stock;
877,194 shares of Common Stock issuable upon
conversion of the Convertible Notes; and
307,017 shares of Common Stock issuable upon
conversion of the Note Warrants (1)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18% (see Item 5)(1)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
-----------------------
(1) Does not include shares of Common Stock (including shares of Common Stock
and shares of Common Stock issuable upon the conversion of preferred stock and
exercise of warrants and options) held by parties to (i) the Irrevocable Proxy
Agreement other than the Reporting Persons, as discussed in Item 4 of the
Amendment No. 1 and (ii) the Proceeds Sharing Agreement, other than the
Reporting Persons, as discussed in Item 4 of the Amendment No. 3.
SCHEDULE 13D/A
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CUSIP NO. 460588106 PAGE 8 OF 11 PAGES
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Timothy M. Buono
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [x]
(b) [ ]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 568,647 shares of Common Stock;
OWNED BY
EACH 2,281,914 shares of Common Stock issuable upon exercise
REPORTING of the Amended and Restated Warrants;
PERSON WITH
10,526,316 shares of Common Stock issuable upon
conversion of the Series D-1 Preferred Stock;
877,194 shares of Common Stock issuable upon
conversion of the Convertible Notes; and
307,017 shares of Common Stock issuable upon
conversion of the Note Warrants (1)
----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
568,647 shares of Common Stock;
2,281,914 shares of Common Stock issuable upon exercise
of the Amended and Restated Warrants; and
10,526,316 shares of Common Stock issuable upon
conversion of the Series D-1 Preferred Stock;
877,194 shares of Common Stock issuable upon
conversion of the Convertible Notes; and
307,017 shares of Common Stock issuable upon
conversion of the Note Warrants (1)
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
568,647 shares of Common Stock;
2,281,914 shares of Common Stock issuable upon exercise
of the Amended and Restated Warrants; and
10,526,316 shares of Common Stock issuable upon
conversion of the Series D-1 Preferred Stock;
877,194 shares of Common Stock issuable upon
conversion of the Convertible Notes; and
307,017 shares of Common Stock issuable upon
conversion of the Note Warrants (1)
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
18% (see Item 5)(1)
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
-----------------------
(1) Does not include shares of Common Stock (including shares of Common Stock
and shares of Common Stock issuable upon the conversion of preferred stock and
exercise of warrants and options) held by parties to (i) the Irrevocable Proxy
Agreement other than the Reporting Persons, as discussed in Item 4 of the
Amendment No. 1 and (ii) the Proceeds Sharing Agreement, other than the
Reporting Persons, as discussed in Item 4 of the Amendment No. 3.
SCHEDULE 13D/A
The Schedule 13D filed on June 6, 2006 (the "Schedule 13D") by Tullis-Dickerson
Capital Focus III, L.P. ("Capital Focus III"), Tullis-Dickerson Partners III,
L.L.C. ("Partners 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") relating to
the common stock, par value $0.01 per share (the "Common Stock"), of Interpharm
Holdings, Inc. (the "Issuer"), as amended by Amendment No. 1 to the Schedule 13D
filed on November 16, 2007 (the "Amendment No. 1"), Amendment No. 2 to the
Schedule 13D filed on February 29, 2008 (the "Amendment No. 2") and Amendment
No. 3 to the Schedule 13D filed on April 29, 2008 (the "Amendment No. 3"), is
hereby amended as set forth in this Amendment No. 4.
ITEM 4. PURPOSE OF TRANSACTION.
ITEM 4 OF THE SCHEDULE 13D IS HEREBY AMENDED TO ADD THE FOLLOWING:
On May 2, 2008 the Issuer, Amneal Pharmaceuticals of New York, LLC, a Delaware
limited liability company, ("Amneal") and certain shareholders of the Issuer,
including, but not limited to, Capital Focus III, (the "Majority Shareholders"),
with respect to only certain provisions specified therein, entered into that
certain First Amendment to Asset Purchase Agreement (the "First Amendment to
Asset Purchase Agreement"), pursuant to which the terms of the Asset Purchase
Agreement (as defined in Amendment No. 3) were amended. None of the provisions
with respect to which the Majority Shareholders executed the Asset Purchase
Agreement were amended by the First Amendment to Asset Purchase Agreement.
On May 1, 2008, Capital Focus III, Aisling Capital II, L.P. ("Aisling", and
Aisling together with Capital Focus III, the "Series D-1 Holders"), Ravis
Holdings I, LLC ("Ravis Holdings"), P&K Holdings, LLC ("P&K Holdings"), Dr.
Maganlal K. Sutaria, Perry Sutaria, Raj Holdings I, LLC ("Raj Holdings", and
together with Perry Sutaria, and Dr. Maganlal K. Sutaria, the "Series A-1
Holders", and the Series A-1 Holders together with the Series D-1 Holders, the
"Preferred Holders"), Raj Sutaria, Ravi Sutari and Bhupatalal K. Sutaria,
entered into that certain Amended and Restated Proceeds Sharing Agreement (the
"Amended and Restated Proceeds Sharing Agreement") pursuant to which the parties
agreed to amend the terms of the Proceeds Sharing Agreement (as defined in
Amendment No. 3).
Pursuant to the Amended and Restated Proceeds Sharing Agreement, the Series D-1
Holders agreed, severally and not jointly, that, if, as a result of the Asset
Purchase, the holders of Common Stock of the Issuer receive aggregate cash
distributions of less than $3,000,000 and such Series D-1 Holder receives
distributions based on its holdings of the Series D-1 Preferred Stock (as
defined in the Amendment No. 1) in excess of $6,500,000, such Series D-1 Holder
may direct the Issuer to distribute or shall itself distribute, such excess
amount to all holders of the Common Stock of the Issuer on a pro rata basis
until all holders of Common Stock have received aggregate distributions of at
least $3,000,000 together with any distributions received from the Company or
Amneal.
Pursuant to the Amended and Restated Proceeds Sharing Agreement, the Preferred
Holders agreed, severally and not jointly, that, if, as a result of the Asset
Purchase (as defined in Amendment No. 3), each of the Series D-1 Holders receive
distributions based on their holdings of the Series D-1 Preferred Stock in
excess of $2,000,000, each Preferred Holder may direct the Issuer to distribute
or shall itself distribute, such Preferred Holder's pro rata share of $850,000
to Bhupatalal K. Sutaria; provided that to the extent that Bhupatalal K. Sutaria
receives aggregate distributions from the Company, Amneal or the Series D-1
Holders in an amount greater than $250,000, then any such excess amount shall
reduce, dollar for dollar, the aggregate amount payable to him pursuant to the
Amended and Restated Proceeds Sharing Agreement.
Pursuant to the Amended and Restated Proceeds Sharing Agreement, the Preferred
Holders agreed, severally and not jointly, that, if, as a result of the Asset
Purchase, each of the Series D-1 Holders receive distributions based on their
holdings of the Series D-1 Preferred Stock in excess of $2,000,000, each
Preferred Holder may direct the Issuer to distribute or shall itself distribute,
such Preferred Holder's pro rata share of $350,000 to Raj Sutaria; provided that
to the extent that Raj Sutaria receives aggregate distributions from the
Company, Amneal or the Series D-1 Holders in an amount greater than $200,000,
then any such excess shall reduce, dollar for dollar, the aggregate amount
payable to him pursuant to the Amended and Restated Proceeds Sharing Agreement.
In the event that the Series D-1 Holders
receive distributions as a result of the Asset Sale of less than $2,400,000,
then the amount that the Preferred Holders would otherwise have to pay to
Bhupatalal K. Sutaria and Raj Sutaria pursuant to the Amended and Restated
Proceeds Sharing Agreement shall be reduced (ratably as between Bhupatalal K.
Sutaria and Raj Sutaria) such that each of the Series D-1 Holders will retain,
after the payments to Bhupatalal K. Sutaria and Raj Sutaria, at least
$2,000,000.
The foregoing description of the First Amendment to Asset Purchase Agreement and
the Amended and Restated Proceeds Sharing Agreement is a summary only and is
qualified in its entirety by reference to the First Amendment to Asset Purchase
Agreement and the Amended and Restated Proceeds Sharing Agreement which are
filed as Exhibits 16 and 17 hereto, respectively, and incorporated herein by
reference.
ITEM 5. INTEREST IN SECURITIES OF THE COMPANY.
ITEM 5 OF THE SCHEDULE 13D IS HEREBY AMENDED AND RESTATED AS follows:
(a) As of the date of this Amendment No. 4, the Reporting Persons may be deemed
to beneficially own 14,561,088 shares of Common Stock including (i) 2,281,914
shares of Common Stock issuable to Capital Focus III upon exercise of the
Amended and Restated Warrants (as defined in the Amendment No. 1); (ii)
10,526,316 shares of Common Stock issuable to Capital Focus III upon conversion
of the Series D-1 Preferred Stock (as defined in the Amendment No. 1); (iii)
877,194 shares of Common Stock issuable to Capital Focus III upon conversion of
the Convertible Notes (as defined in the Amendment No. 1); (iv) 307,017 shares
of Common Stock issuable to Capital Focus III upon conversion of the Note
Warrants (as defined in the Amendment No. 1); and (v) 568,647 shares of Common
Stock currently owned by Capital Focus III. The 14,561,088 shares of Common
Stock that the Reporting Persons may be deemed to beneficially own represent 18%
of the Common Stock. The percentages used in this Amendment No. 4 are calculated
based upon 66,738,422 shares of Common Stock outstanding as of February 11,
2008, which is the total number shares of Common Stock outstanding as of such
date as reported by the Issuer in its Quarterly Report on Form 10-Q filed with
the SEC on February 15, 2008. Partners III is the sole general partner of
Capital Focus III. Neuscheler, Tullis, Dickerson, Hohnke and Buono share voting
and/or dispositive power over all shares of Common Stock held by Capital Focus
III. The Reporting Persons disclaim beneficial ownership of the shares of Common
Stock beneficially owned except to the extent of their pecuniary interests
therein. As discussed in Item 4 of Amendment No. 1, the Reporting Persons may be
deemed to be a group with the parties to the Irrevocable Proxy Agreement (as
defined in the Amendment No. 1) within the meaning of Section 13(d)(3) of the
Securities and Exchange Act of 1934, however, the Reporting Persons disclaim the
creation of a group with the parties to the Irrevocable Proxy Agreement. As
discussed in Item 4 of Amendment No. 3, the Reporting Persons may be deemed to
be a group with the parties to the Proceeds Sharing Agreement within the meaning
of Section 13(d)(3) of the Securities and Exchange Act of 1934, however, the
Reporting Persons disclaim the creation of a group with the parties to the
Proceeds Sharing Agreement.
(b) Partners III is the sole general partner of Capital Focus III. Neuscheler,
Tullis, Dickerson, Hohnke and Buono share voting and/or dispositive power over
all shares. These individuals disclaim beneficial ownership of the shares of
Common Stock beneficially owned by the above entities except to the extent of
their pecuniary interests therein. The Reporting Persons disclaim their ability
to direct the voting of Issuer shares, other than those held directly by the
Reporting Persons, as a result of the Irrevocable Proxy Agreement or the
Proceeds Sharing Agreement as discussed in Item 4 of Amendment No. 1. The
Reporting Persons disclaim their ability to direct the voting of Issuer shares,
other than those held directly by the Reporting Persons, as a result of the
Proceeds Sharing Agreement as discussed in Item 4 of Amendment No. 3.
(c) During the last sixty days there were no transactions in the Common Stock
effected. The Reporting Persons disclaim their ability to direct the voting of
the Common Stock as a result of the Irrevocable Proxy Agreement as discussed in
Item 4 of Amendment No. 1. The Reporting Persons disclaim their ability to
direct the voting of the Common Stock as a result of the Proceeds Sharing
Agreement as discussed in Item 4 of Amendment No. 3.
(d) The partners or members of Capital Focus III and Partners III have the right
to participate indirectly in the receipt of dividends from, or proceeds from the
sale of, the shares of Common Stock in accordance with their respective
ownership interests in their respective entities.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO
SECURITIES OF THE ISSUER.
As described in Item 4 above, on May 2, 2008, Interpharm Holdings, Inc., Amneal
Pharmaceuticals of New York, LLC and certain shareholders of Interpharm
Holdings, Inc. listed on the signature pages attached thereto entered into a
First Amendment to Asset Purchase Agreement, a copy of which is attached as
Exhibit 16 hereto.
As described in Item 4 above, on May 1, 2008, Tullis-Dickerson Capital Focus
III, L.P, Aisling Capital II, LP, Ravis Holdings I, LLC, P&K Holdings, LLC, Dr.
Maganlal K. Sutaria, Perry Sutaria, Raj Holdings I, LLC, Raj Sutaria, Ravi
Sutari and Bhupatalal K. Sutaria., entered into an Amended and Restated Proceeds
Sharing Agreement, a copy of which is attached as Exhibit 17 hereto.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
ITEM 7 OF THE SCHEDULE 13D IS HEREBY AMENDED TO ADD OF THE FOLLOWING:
16. First Amendment to Asset Purchase Agreement, dated May 2, 2008, by and among
Interpharm Holdings, Inc., Amneal Pharmaceuticals of New York, LLC and certain
shareholders of Interpharm Holdings, Inc. listed on the signature pages attached
thereto.
17. Amended and Restated Proceeds Sharing Agreement, dated May 1, 2008, by and
among Tullis-Dickerson Capital Focus III, L.P, Aisling Capital II, LP, Ravis
Holdings I, LLC, P&K Holdings, LLC, Dr. Maganlal K. Sutaria, Perry Sutaria, Raj
Holdings I, LLC, Raj Sutaria, Ravi Sutari and Bhupatalal K. Sutaria.
SIGNATURES
After reasonable inquiry and to the best of his knowledge and belief, each
of the undersigned certifies that the information set forth in this statement is
true, complete and correct.
May 6, 2008 TULLIS-DICKERSON CAPITAL FOCUS III, L.P.
BY: TULLIS-DICKERSON PARTNERS III, L.L.C.,
ITS: GENERAL PARTNER
By: /s/ Joan P. Neuscheler
---------------------------------------
JOAN P. NEUSCHELER
Principal
May 6, 2008 TULLIS-DICKERSON PARTNERS III, L.L.C.
By: /s/ Joan P. Neuscheler
---------------------------------------
JOAN P. NEUSCHELER
Principal
May 6, 2008 /s/ Joan P. Neuscheler
---------------------------------------
JOAN P. NEUSCHELER
May 6, 2008 /s/ James L.L. Tullis
---------------------------------------
JAMES L.L. TULLIS
May 6, 2008 /s/ Thomas P. Dickerson
---------------------------------------
THOMAS P. DICKERSON
May 6, 2008 /s/ Lyle A. Hohnke
---------------------------------------
LYLE A. HOHNKE
May 6, 2008 /s/ Timothy M. Buono
---------------------------------------
TIMOTHY M. BUONO
EXHIBIT INDEX
The Exhibit Index of the Schedule 13D is hereby amended to add the following:
16. First Amendment to Asset Purchase Agreement, dated May 2, 2008, by and among
Interpharm Holdings, Inc., Amneal Pharmaceuticals of New York, LLC and certain
shareholders of Interpharm Holdings, Inc. listed on the signature pages attached
thereto.
17. Amended and Restated Proceeds Sharing Agreement, dated May 1, 2008, by and
among Tullis-Dickerson Capital Focus III, L.P, Aisling Capital II, LP, Ravis
Holdings I, LLC, P&K Holdings, LLC, Dr. Maganlal K. Sutaria, Perry Sutaria, Raj
Holdings I, LLC, Raj Sutaria, Ravi Sutari and Bhupatalal K. Sutaria.