Interpharm Holdings, Inc. Announces Closing Of $10 Million Capital Financing

HAUPPAUGE, N.Y.--(BUSINESS WIRE)--June 2, 2006--Interpharm Holdings, Inc. (Amex: IPA - News), a manufacturer and distributor of generic pharmaceuticals, today announced it has closed its $10 million capital financing with Tullis-Dickerson Capital Focus III, L.P., ("Tullis-Dickerson"). A full description of the Tullis-Dickerson stock purchase agreement, pursuant to which Tullis-Dickerson purchased Series B-1 Convertible Preferred Stock ("Series B-1") and warrants, as well as a copy of the agreement, are provided in a Current Report on Form 8-K filed by Interpharm with the SEC on May 19, 2006. The Series B-1 stock is convertible into an aggregate of approximately 6.5 million shares of Interpharm common stock at $1.53 per share, and the warrants, which have an exercise price of $1.639 per share, are exercisable for an aggregate of 2,281,914 shares of common stock.