UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
INTERPHARM HOLDINGS, INC.
(Name of Issuer)
COMMON STOCK, PAR VALUE $0.01 PER SHARE
(Title of Class of Securities)
460588106
(CUSIP Number)
DECEMBER 31, 2006
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[_] Rule 13d-1(b)
[X] Rule 13d-1(c)
[_] Rule 13d-1(d)
*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 reminder 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).
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CUSIP NO. 460588106 Schedule 13G Page 2 of 12
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1. Name of Reporting Person: Aisling Capital II, LP
S.S. or I.R.S. Identifica-
tion No. of Above Person
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2. Check the Appropriate Box (a) [_]
if a Member of a Group (b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization Delaware
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Number of 5. Sole Voting Power: 7,218,150*
Shares ------------------------------------------------
Beneficially 6. Shared Voting Power: -0-
Owned By ------------------------------------------------
Each 7. Sole Dispositive Power: 7,218,150*
Reporting ------------------------------------------------
Person 8. Shared Dispositive Power: -0-
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
7,218,150*
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10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares
[_]
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11. Percent of Class Represented by Amount in Row (9) 9.9%*
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12. Type of Reporting Person PN
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--------------------
* This amount is an approximation, which includes 122,241 shares of common
stock, 2,281,914 shares of common stock issuable upon the exercise of warrants
and approximately 4,813,995 shares of common stock issuable upon the initial
conversion of 10,000 shares of Series C-1 Convertible Preferred Stock (the
"Preferred Shares"). See Item 4(a).
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CUSIP NO. 460588106 Schedule 13G Page 3 of 12
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1. Name of Reporting Person: Aisling Capital Partners, LP
S.S. or I.R.S. Identifica-
tion No. of Above Person
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2. Check the Appropriate Box (a) [_]
if a Member of a Group (b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization Delaware
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Number of 5. Sole Voting Power: 7,218,150*
Shares ------------------------------------------------
Beneficially 6. Shared Voting Power: -0-
Owned By ------------------------------------------------
Each 7. Sole Dispositive Power: 7,218,150*
Reporting ------------------------------------------------
Person 8. Shared Dispositive Power: -0-
--------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person
7,218,150*
--------------------------------------------------------------------------------
10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares
[_]
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9) 9.9%
--------------------------------------------------------------------------------
12. Type of Reporting Person PN
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--------------------
* This amount is an approximation, which includes 122,241 shares of common
stock, 2,281,914 shares of common stock issuable upon the exercise of warrants
and approximately 4,813,995 shares of common stock issuable upon the initial
conversion of the Preferred Shares. See Item 4(a).
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CUSIP NO. 460588106 Schedule 13G Page 4 of 12
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1. Name of Reporting Person: Aisling Capital Partners LLC
S.S. or I.R.S. Identifica-
tion No. of Above Person
--------------------------------------------------------------------------------
2. Check the Appropriate Box (a) [_]
if a Member of a Group (b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization Delaware
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Number of 5. Sole Voting Power: 7,218,150*
Shares ------------------------------------------------
Beneficially 6. Shared Voting Power: -0-
Owned By ------------------------------------------------
Each 7. Sole Dispositive Power: 7,218,150*
Reporting ------------------------------------------------
Person 8. Shared Dispositive Power: -0-
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
7,218,150*
--------------------------------------------------------------------------------
10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares
[_]
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9) 9.9%
--------------------------------------------------------------------------------
12. Type of Reporting Person OO
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--------------------
* This amount is an approximation, which includes 122,241 shares of common
stock, 2,281,914 shares of common stock issuable upon the exercise of warrants
and approximately 4,813,995 shares of common stock issuable upon the initial
conversion of the Preferred Shares. See Item 4(a).
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CUSIP NO. 460588106 Schedule 13G Page 5 of 12
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1. Name of Reporting Person: Steve Elms
S.S. or I.R.S. Identifica-
tion No. of Above Person
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2. Check the Appropriate Box (a) [_]
if a Member of a Group (b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization United States
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Number of 5. Sole Voting Power: -0-
Shares ------------------------------------------------
Beneficially 6. Shared Voting Power: 7,218,150*
Owned By ------------------------------------------------
Each 7. Sole Dispositive Power: -0-
Reporting ------------------------------------------------
Person 8. Shared Dispositive Power: 7,218,150*
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
7,218,150*
--------------------------------------------------------------------------------
10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares
[_]
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9) 9.9%
--------------------------------------------------------------------------------
12. Type of Reporting Person IN
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--------------------
* This amount is an approximation, which includes 122,241 shares of common
stock, 2,281,914 shares of common stock issuable upon the exercise of warrants
and approximately 4,813,995 shares of common stock issuable upon the initial
conversion of the Preferred Shares. See Item 4(a).
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CUSIP NO. 460588106 Schedule 13G Page 6 of 12
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1. Name of Reporting Person: Dennis Purcell
S.S. or I.R.S. Identifica-
tion No. of Above Person
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2. Check the Appropriate Box (a) [_]
if a Member of a Group (b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization United States
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Number of 5. Sole Voting Power: -0-
Shares ------------------------------------------------
Beneficially 6. Shared Voting Power: 7,218,150*
Owned By ------------------------------------------------
Each 7. Sole Dispositive Power: -0-
Reporting ------------------------------------------------
Person 8. Shared Dispositive Power: 7,218,150*
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
7,218,150*
--------------------------------------------------------------------------------
10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares
[_]
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9) 9.9%
--------------------------------------------------------------------------------
12. Type of Reporting Person IN
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--------------------
* This amount is an approximation, which includes 122,241 shares of common
stock, 2,281,914 shares of common stock issuable upon the exercise of warrants
and approximately 4,813,995 shares of common stock issuable upon the initial
conversion of the Preferred Shares. See Item 4(a).
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CUSIP NO. 460588106 Schedule 13G Page 7 of 12
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1. Name of Reporting Person: Andrew Schiff
S.S. or I.R.S. Identifica-
tion No. of Above Person
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2. Check the Appropriate Box (a) [_]
if a Member of a Group (b) [X]
--------------------------------------------------------------------------------
3. SEC Use Only
--------------------------------------------------------------------------------
4. Citizenship or Place of Organization United States
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Number of 5. Sole Voting Power: -0-
Shares ------------------------------------------------
Beneficially 6. Shared Voting Power: 7,218,150*
Owned By ------------------------------------------------
Each 7. Sole Dispositive Power: -0-
Reporting ------------------------------------------------
Person 8. Shared Dispositive Power: 7,218,150*
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
7,218,150*
--------------------------------------------------------------------------------
10. Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares
[_]
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9) 9.9%
--------------------------------------------------------------------------------
12. Type of Reporting Person IN
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--------------------
* This amount is an approximation, which includes 122,241 shares of common
stock, 2,281,914 shares of common stock issuable upon the exercise of warrants
and approximately 4,813,995 shares of common stock issuable upon the initial
conversion of the Preferred Shares. See Item 4(a).
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CUSIP NO. 460588106 Schedule 13G Page 8 of 12
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Pursuant to Rule 13d-2(b) of Regulation 13D-G of the General
Rules and Regulations under the Securities and Exchange Act of 1934, as
amended, the undersigned (the "Reporting Persons") hereby amend their Schedule
13G Statement, dated September 11, 2006, relating to the shares of common
stock, par value $.01 per share (the "Common Stock" or "Shares"), of Interpharm
Holdings, Inc. (the "Company").
Item 1. No material change.
Item 2. No material change.
Item 3. No material change.
Item 4. OWNERSHIP.
(a) AMOUNT BENEFICIALLY OWNED:
Each of the Reporting Persons may be deemed to
beneficially own an aggregate of approximately 7,218,150
Shares, which includes 122,241 Shares, 2,281,914 Shares
issuable upon the exercise of warrants and approximately
4,813,995 Shares issuable upon the initial conversion of
the Preferred Shares. The certificate of designations of
the Preferred Shares contains a blocker provision (the
"Blocker") under which the holder of the Preferred Shares
does not have the right to convert the Preferred Shares
into Shares to the extent that such conversion would
result in beneficial ownership by the holder of more than
9.99% of the number of Shares outstanding immediately
after giving effect to such conversion. As a result of
the Blocker, the Reporting Persons are reporting herein
their beneficial ownership of the Shares representing
9.9% of the current outstanding Shares. If the Blocker
were not in place, as of the date hereof, the Reporting
Persons may be deemed to own an additional 1,751,443
Shares issuable upon conversion of the Preferred Shares
held for the account of Aisling Capital II, L.P.
(b) PERCENTAGE OWNED:
Based on calculations made in accordance with Rule
13d-3(d), and there being 72,253,761 Shares outstanding
as of November 6, 2006, each of the Reporting Persons may
be deemed to beneficially own approximately 9.9% of the
outstanding Common Stock.
(c) NUMBER OF SHARES AS TO WHICH SUCH PERSON HAS:
(i) Each of Aisling, Aisling Partners and Aisling
Partners GP may be deemed to have sole power to direct
the voting and disposition of the 7,218,150 Shares
beneficially owned by Aisling.
(ii) By virtue of the relationships between and among the
Reporting Persons as described in Item 2, each of the
Reporting Persons, other than Aisling, Aisling Partners
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CUSIP NO. 460588106 Schedule 13G Page 9 of 12
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and Aisling Partners GP, may be deemed to share the power
to direct the voting and disposition of the 7,218,150
Shares beneficially owned by Aisling.
Item 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
No material change.
Item 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON
No material change.
Item 7. IDENTIFICATION AND CLASSIFICATION OF SUBSIDIARY WHICH ACQUIRED
THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY
No material change.
Item 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
No material change.
Item 9. NOTICE OF DISSOLUTION OF GROUP
No material change.
Item 10. CERTIFICATION
(b) The following certification shall be included if the
statement is filed pursuant to ss.240.13d-1(c):
By signing below we certify that, to the best of our knowledge
and belief, the securities referred to above were not acquired
and are not held for the purpose of or with the effect of
changing or influencing the control of the issuer of the
securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose
or effect.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
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CUSIP NO. 460588106 Schedule 13G Page 10 of 12
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SIGNATURES
After reasonable inquiry and to the best of our knowledge and
belief, the undersigned certify that the information set forth in this
statement is true, complete and correct.
Dated as of February 13, 2007
AISLING CAPITAL II, LP
By: Aisling Capital Partners, LP
General Partner
By: Aisling Capital Partners LLC
Managing Member
By: /s/ Dennis Purcell
-------------------------------
Name: Dennis Purcell
Title: Senior Managing Director
AISLING CAPITAL PARTNERS, LP
By: Aisling Capital Partners LLC
Managing Member
By: /s/ Dennis Purcell
-------------------------------
Name: Dennis Purcell
Title: Senior Managing Director
AISLING CAPITAL PARTNERS LLC
By: /s/ Dennis Purcell
-------------------------------
Name: Dennis Purcell
Title: Senior Managing Director
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CUSIP NO. 460588106 Schedule 13G Page 11 of 12
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/s/ Steve Elms
----------------------
Steve Elms
/s/ Dennis Purcell
----------------------
Dennis Purcell
/s/ Andrew Schiff
----------------------
Andrew Schiff
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CUSIP NO. 460588106 Schedule 13G Page 12 of 12
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EXHIBIT INDEX
Exhibit 1. Joint Filing Agreement as required by Rule 13d-1(k)(1) under
the Securities Exchange Act of 1934, as amended (previously
filed).