Full Press Release Details
Nephros Announces Successful Completion
of $3 million Rights Offering
RIVER EDGE, NJ, December 18, 2014 -- Nephros,
Inc. (OTCQB: NEPH), a commercial stage medical device company that develops and sells high performance liquid purification ultrafilters
and an on-line mid-dilution hemodiafiltration system for use with a hemodialysis machine for the treatment of chronic renal failure
patients, announced today the successful completion of its rights offering.
Nephros received gross proceeds of $3 million
from the rights offering. A portion of the proceeds was used for the repayment of the $1.75 million note issued to Lambda Investors
LLC, Nephros' largest shareholder, in August 2014 in connection with its loan to Nephros, plus $63,583.33 of accrued interest
thereon. Based on holders of subscription rights who exercised their basic subscription rights in full and subscribed for additional
shares of common stock pursuant to the over subscription privilege, the rights offering was fully subscribed. Nephros issued a
total of 5,000,000 shares of common stock to the holders of subscription rights who validly exercised their subscription rights
and paid the subscription price in full, including pursuant to the exercise of the over subscription privilege.
"We are pleased to have completed
this fully subscribed shareholder rights offering, a clear testament to our solid shareholder support and appreciation of our growth
opportunity," said John C. Houghton, President, Chief Executive Officer and Acting Chief Financial Officer. He added, "The
net proceeds from this offering will enable Nephros to further pursue the commercialization of our high performance liquid purification
filters and our on-line mid-dilution hemodiafiltration system as we continue to gain momentum and further execute our growth strategy."
Nephros is a commercial stage medical device
company that develops and sells high performance liquid purification filters. Our filters, which we call ultrafilters, are primarily
used in dialysis centers for the removal of biological contaminants from water, bicarbonate concentrate and/or blood.
We were founded in 1997 by healthcare professionals
affiliated with Columbia University Medical Center/New York-Presbyterian Hospital to develop and commercialize an alternative method
to hemodialysis (HD). We have extended our filtration technologies to meet the demand for liquid purification in other areas, in
particular water purification.
Presently, we offer ultrafilters for sale
to customers in five markets:
For more information about Nephros, please
visit the company's website at www.nephros.com.
Kirin M. Smith, Chief Operating Officer
Direct: 646.863.6519