Full Press Release Details
Appoints Gerald J. Kochanski as Chief Financial Officer
NY -- Nephros, Inc. (Amex: NEP - News) today announced that, effective April
2008, Gerald J. Kochanski has been appointed Chief Financial
Kochanski joins the company from Lordi Consulting LLC, where he has served
Director since 2007.
has a proven track record as a chief financial officer, and we will look to
expertise to help guide our financial and business strategy," said Norman J.
Barta, Chief Executive Officer of Nephros. "His wealth of experience in helping
to run several businesses combined with his knowledge of the investment
community, industry accounting requirements and SEC compliance will be
significant assets as our team continues to advance our strategic
forward to becoming a key contributor to Nephros's future growth," said Mr.
Kochanski. "Nephros's efforts to develop new and improved filtration systems
medical and field use are indeed exciting, and I'm anxious to start working
the other members of the Nephros team to maximize the Company's
Kochanski is a Certified Public Accountant with over thirty years of experience
in finance and accounting. Mr. Kochanski has a strong track record working
growing companies, and has played a key role in several major corporate
collaborations, successfully completing public and private financial
February of 2007, Mr. Kochanski held the position of Financial Consultant
Director at Lordi Consulting LLC. Prior to his tenure at Lordi, he spent three
years with American Water Enterprises, Inc. as Chief Financial Officer. From
1998 through 2004, Mr. Kochanski was the Chief Financial Officer for Scanvec
Amiable Limited. From 1991 to 1998 he was the Chief Financial Officer for
Marketing Technologies, Inc. Prior to 1991, Mr. Kochanski held various financial
positions at Gist-Brocades Food Ingredients, Inc., Keystone Franklin, Inc.
Airshields, Inc. Mr. Kochanski started his career and spent three years in
public accounting at Price Waterhouse & Co. Mr. Kochanski earned his
Bachelor's degree and MBA from LaSalle University and is a Certified Public
Lerner has stepped down as Nephros's Chief Financial Officer to pursue other
interests. "We thank Mark for his work and his contributions to Nephros during
challenging transitional period, and wish him well in his future endeavors,"
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 statements" within the meaning of
Private Securities Litigation Reform Act of 1995, as 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
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 Act
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. Investors and security holders
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 or
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