Full Press Release Details
Appoints Ernest A. Elgin III as President and Chief Executive
NY - September 17, 2008 - Nephros, Inc. (AMEX:NEP - News) today announced that,
effective September 15, 2008, Ernest A. Elgin III has been appointed President
and Chief Executive Officer.
joins the company from Novaflux Technologies, Inc., where he served as Chief
has a proven track record of corporate management and product development,
we will look to his leadership to help drive the Company's business strategy and
growth," said James Scibetta, Chairman of Nephros. "His wealth
experience in the medical device industry combined with his operational
expertise will be significant assets in meeting Nephros's goal of creating
sustainable value for shareholders."
forward to leading Nephros's future growth," said Mr. Elgin. "Nephros's
filtration systems for medical and field use represent significant product
opportunities, and I plan to work proactively with the Board and the other
members of the Nephros team to maximize the Company's potential."
brings 20 years of career experience, including solid leadership roles within
large and small organizations. He was most recently Vice President of Business
Development and COO for Novaflux Technologies, Inc. Prior to joining Novaflux
September 2004, he spent four years as Vice President, Healthcare for EHC Group,
a New York based consulting organization providing market and business
development services for healthcare related organizations. Mr. Elgin has also
held product and business development roles with Becton Dickinson, Olympus
America, and E-Z-EM, Inc. Mr. Elgin started his career as a Financial Analyst
with Salomon Brothers. Mr. Elgin earned his Bachelor of Arts Degree from Queens
College and his MBA from Long Island University.
Barta has stepped down as Nephros's Chairman and Chief Executive Officer, as
well as his various other offices with Nephros, to address a family medical
issue and pursue other interests.
Barta has been a dedicated and committed executive for Nephros over the past
decade," noted Dr. Eric A. Rose, who has served as Chairman of the Board and,
most recently as Lead Director, of the Company during Mr. Barta's tenure. "We
appreciate his many contributions, and wish him well in his future
Inc., headquartered in New York, is a medical device company developing and
marketing products designed to improve the quality of life for the End-Stage
Renal Disease (ESRD) patient while addressing the critical financial and
clinical needs of the care provider. ESRD is a disease state characterized
the irreversible loss of kidney function. The Nephros HDF system is designed
remove a range of harmful substances more effectively, and more
cost-effectively, than existing ESRD treatment methods; particularly with
respect to substances known collectively as "middle molecules." These molecules
have been found to contribute to such conditions as dialysis-related
amyloidosis, carpal tunnel syndrome, degenerative bone disease and, ultimately,
mortality in the ESRD patient. Nephros products are sold and distributed
throughout Europe and are currently being used in over fifty clinics in
also markets a line of water filtration products, the Dual Stage Ultrafilter
(DSU). The Company's patented dual stage cold sterilization Ultrafilter has
capability to filter out bacteria and, due to its exceptional filtration levels,
filter out many viruses and parasites. The DSU proprietary design provides
dual-stage filtration which reduces the risk of filtration failure. With an
initial focus on health care, the DSU is in a pilot-use program at a major
medical center and has been selected for further development by the U.S. Marine
information on Nephros please visit the Company's website,
release contains certain "forward-looking
within the meaning of the Private Securities Litigation Reform Act of 1995,
amended. Such statements include statements regarding the efficacy and intended
use of the Company's technologies under development, the timelines for bringing
such products to market and the availability of funding sources for continued
development of such products and other statements that are not historical facts,
including statements which may be preceded by the words "intends," "may,"
"will," "plans," "expects," "anticipates," "projects," "predicts," "estimates,"
"aims," "believes," "hopes," "potential" or similar words. For such statements,
the Company claims the protection of the Private Securities Litigation Reform
statements are not guarantees of future performance, are based on certain
assumptions and are subject to various known and unknown risks and
uncertainties, many of which are beyond the Company's control. Actual results
may differ materially from the expectations contained in the forward-looking
statements. Factors that may cause such differences include the risks that:
Nephros may not be able to obtain funding if and when needed or on terms
favorable to it in order to continue operations or fund its clinical trials;
(ii) Nephros may not be able to continue as a going concern; (iii) Nephros
not be able to liquidate its short-term investments when needed to fund its
operations; (iv) Nephros may be unable to maintain compliance with the American
Stock Exchange's continued listing standards; (v) products that appeared
promising to Nephros in research or clinical trials may not demonstrate
anticipated efficacy, safety or cost savings in subsequent pre-clinical or
clinical trials; (vi) Nephros may not obtain appropriate or necessary
governmental approvals to achieve its business plan or effectively market its
products; (vii) Nephros may encounter unanticipated internal control
deficiencies or weaknesses or ineffective disclosure controls and procedures;
(viii) HDF therapy may not be accepted in the United States and/or Nephros'
technology and products may not be accepted in current or future target markets,
which could lead to failure to achieve market penetration of Nephros' products;
(ix) Nephros may not be able to sell its ESRD therapy or water filtration
products at competitive prices or profitably; (x) Nephros may not be able to
secure or enforce adequate legal protection, including patent protection, for
its products; and (xi) Nephros may not be able to achieve sales growth in Europe
or expand into other key geographic markets. More detailed information about
Nephros and the risk factors that may affect the realization of forward-looking
statements is set forth in Nephros' filings with the Securities and Exchange
Commission, including Nephros' Annual Report on Form 10-KSB filed with the
for the fiscal year ended December 31, 2007 and Nephros' Quarterly Report on
Form 10-Q filed with the SEC for the period ended June 30, 2008. Investors
security holders are urged to read these documents free of charge on the SEC's
web site at www.sec.gov. Nephros does not undertake to publicly update or revise
its forward-looking statements as a result of new information, future events