Full Press Release Details
Nephros Appoints Paul A. Mieyal as Acting Chief Executive
Officer and Daron Evans as Chairman of the Board of Directors
RIVER EDGE, N.J.--(BUSINESS WIRE) January 7, 2015 -- 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, today announced that the Company's Board of Directors has appointed Paul A. Mieyal, Ph.D. to assume the role of Acting
President, Acting Chief Executive Officer, and Acting Chief Financial Officer. Dr. Mieyal succeeds John C. Houghton who has served
as Nephros' President and Chief Executive Officer since 2012 and as Acting Chief Financial Officer since June 2013. Additionally,
Daron Evans has been appointed Chairman of the Board of Directors. Mr. Evans will continue to serve as Chairman of the Audit Committee.
"During Paul's prior tenure as acting CEO, Nephros
obtained FDA 510k clearance for the company's H2H hemodiafiltration system, and he was instrumental in negotiating strategic
agreements with Medica SpA and Bellco S.r.l.," said Mr. Evans. "As Chairman, I look forward to working directly with
Paul, the management team and my fellow board members to create value for Nephros shareholders."
"Nephros has a robust and differentiated portfolio with
third-party validation that our HydraGuard filter meets the U.S. Army's stringent P248 standard, market enthusiasm for our
NanoGuard products in commercial applications, and FDA clearances for our medical products in hospitals and dialysis clinics,"
said Dr. Mieyal. "I am excited to work with the Nephros team again in an operational role. We have a successful history of
achieving goals together, and we believe that we presently have a range of opportunities to capitalize on market dynamics and strategic
relationships to grow product sales and progress toward profitability."
Mr. Evans was appointed to the Board of Directors in 2013. Mr.
Evans is a life sciences executive with over 20 years of financial leadership and operational experience. Mr. Evans is currently
the Managing Director of PoC Capital, an operational consulting and software development firm, a Director on the Board of Zumbro
Discovery, an early stage company developing a novel therapy for resistant hypertension, and a Director on the Board of Designtra,
an architectural products e-commerce market place. Mr. Evans was most recently Chief Financial Officer of Nile Therapeutics, Inc.,
from 2007 until its merger with Capricor, Inc. in November 2013. From 2004 to 2007, he held various roles at Vistakon, Inc. and
Scios, Inc., both divisions of Johnson & Johnson Corp. Mr. Evans was a co-founder and President of Applied Neuronal Network
Dynamics, Inc. from 2002 to 2004. From 1995 to 2002, Mr. Evans served in various roles at consulting firms Arthur D. Little and
Booz Allen & Hamilton. Mr. Evans is the author of four U.S. patents. Mr. Evans received his Bachelor of Science in Chemical
Engineering from Rice University, his Master of Science in Biomedical Engineering from a joint program at the University of Texas
at Arlington and Southwestern Medical School and his MBA from the Fuqua School of Business at Duke University.
About Paul A. Mieyal
Dr. Mieyal was appointed to the Board of Directors in 2007.
From April 2010 to May 2012, Dr. Mieyal served as acting Chief Executive Officer of Nephros. Dr. Mieyal is a Vice President and
the Director of Life Sciences Investments of Wexford Capital LP. From 2000 to 2006, he was Vice President in charge of health care
investments for Wechsler & Co., Inc. a private investment firm and registered broker dealer. Dr. Mieyal serves as director
of several private companies. Dr. Mieyal received his Ph.D. in pharmacology from New York Medical College, his B.A. in chemistry
and psychology from Case Western Reserve University, and is a Chartered Financial Analyst.
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
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.
Forward-Looking Statements
in this press release constitute "forward-looking statements." Such statements include statements regarding the efficacy
and intended use of our technologies and products, our ability to bring such products to market, and other statements that are
not historical facts, including statements which may be accompanied by the words "intends," "may," "will,"
"plans," "expects," "anticipates," "projects," "predicts," "estimates,"
"aims," "believes," "hopes," "potential" or similar words. Forward-looking 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 our control. Actual results may differ materially from the expectations contained in the
forward-looking statements. Factors that may cause such differences include, but are not limited to, the risks that: (i) we may
not be able to continue as a going concern; (ii) we may not be able to obtain funding if and when needed or on terms favorable
to us in order to continue operations and successfully implement our business plan; (iii) we face significant challenges in obtaining
market acceptance of our products and sales growth in key geographic areas, which could adversely affect our potential sales and
revenues; and (iv) we may encounter problems with our suppliers, manufacturers and distributors. More detailed information about
us and the risk factors that may affect the realization of forward-looking statements, including the forward-looking statements
contained in this press release, is set forth in our filings with the SEC, including our Annual Report on Form 10-K for the fiscal
year ended December 31, 2013, and our other periodic reports filed with the SEC. We urge investors and security holders to read
those documents free of charge at the SEC's website at www.sec.gov. We do not undertake to publicly update or revise
our forward-looking statements as a result of new information, future events or otherwise, except as required by law.
Kirin M. Smith, Chief Operating Officer
Direct: 646.863.6519