FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person *   NEUSCHELER JOAN P 2. Date of Event Requiring Statement (Month/Day/Year) 08/28/2006 3. Issuer Name and Ticker or Trading Symbol INTERPHARM HOLDINGS INC [IPA] (Last) (First) (Middle) C/O TULLIS-DICKERSON & CO., INC., TWO GREENWICH PLAZA 4. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) 5. If Amendment, Date Original Filed(Month/Day/Year) (Street) GREENWICH, CT 06830 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Beneficially Owned

1.Title of Security (Instr. 4) 2. Amount of Securities Beneficially Owned (Instr. 4) 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 4. Nature of Indirect Beneficial Ownership (Instr. 5) Common Stock 63,086 (1) I By Tullis-Dickerson Capital Focus III, L.P. (1)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.			SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Series B-1 Convertible Preferred Stock (1)	05/26/2006	  (2)	Common Stock	6,519,755 (1)	$ 0.0015	I	By Tullis-Dickerson Capital Focus III, L.P (1)
Warrants to Purchase Common Stock	05/26/2006	05/26/2011	Common Stock	2,281,914 (1)	$ 1.639	I	By Tullis-Dickerson Capital Focus III, L.P. (1)

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
NEUSCHELER JOAN P C/O TULLIS-DICKERSON & CO., INC. TWO GREENWICH PLAZA GREENWICH, CT 06830	  X	Â	Â	Â

Signatures

Joan P. Neuscheler		08/29/2006
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 5(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Tullis-Dickerson Partners III, L.L.C. is the sole general partner of Tullis-Dickerson Capital Focus III, L.P. The reporting person shares voting and/or dispositive power over all such shares and disclaims beneficial ownership of the shares by the above entity, except to the extent of her proportionate pecuniary interest therein.
(2)	No expiration date

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