Full Press Release Details
Inc. Completes $1.25 Million Private Placement
EDGE, N.J., July 30/PRNewswire-FirstCall/ - Nephros, Inc. (OTC Bulletin Board:
NEPH - News), a medical device company developing and marketing filtration
products for therapeutic applications, infection control, and water
purification, today reported that it has completed a private placement of shares
of its common stock and warrants to purchase additional common stock for
aggregate proceeds of approximately $1.25 million.
is pleased to have completed this financing, which was led by existing
shareholders and represents what we believe is modest dilution of the company's
current shareholder base" said Ernest Elgin, Chief Executive Officer. "These
funds strengthen the company's balance sheet and provide working
capital as we launch the company's recently FDA approved Dual Stage
Ultrafilters and prepare to launch the company's OLpur MD220 Dialyzers
and H2H Hemodiafiltration Module when approved in the U.S."
securities sold in the private placement have not been registered under the
Securities Act of 1933, as amended, and may not be offered or sold in the United
States absent registration under such act and applicable state securities laws
or an applicable exemption from those registration requirements. Nephros has
agreed to file a registration statement covering the resale of the shares issued
in the private placement, including the shares issuable upon exercise of the
warrants. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of these securities
in any jurisdiction in which such offer, solicitation or sale would be unlawful
prior to the registration or qualification under the securities laws of any such
Inc., headquartered in River Edge, New Jersey, is a medical device company
developing and marketing filtration products for therapeutic applications,
infection control, and water purification.
Nephros hemodiafiltration ("HDF") system is 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 by the irreversible loss of kidney function. The Nephros HDF
system removes a range of harmful substances more effectively, and with greater
capacity, 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 ESRD products are sold and distributed throughout Europe
and are currently being used in over fifty clinics in Europe.
Nephros Dual Stage Ultra-filter (DSU) is the basis for Nephros's line of water
filtration products. The patented dual stage cold sterilization ultrafilter has
the capability to filter out bacteria and, due to its exceptional filtration
levels, filter out many viruses, parasites and biotoxins. Sale of the DSU has
begun at several major U.S. medical centers for infection control and has been
selected for further development by the U.S. Marine Corps for purification of
drinking water by soldiers in the field.
information on Nephros, please visit its website at
in this news release that are not historical facts constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995 (the "PSLRA"). Such statements may be preceded by words such as "may,"
"plans," "expects," "believes," "hopes," "potential" or similar words. For such
statements, Nephros claims the protection of the PSLRA.
statements are not guarantees of future performance, are based on assumptions
and are subject to various known and unknown risks and uncertainties, many of
which are beyond Nephros' 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: (i) to obtain
additional funding when needed or on favorable terms; (ii) to continue as a
going concern; (iii) to obtain appropriate or necessary governmental approvals
to achieve its business plan or effectively market its products; (iv) to have
its technologies and products accepted in current or future target markets; (v)
to demonstrate in pre-clinical or clinical trials the anticipated efficacy,
safety or cost savings of products that appeared promising to Nephros in
research or clinical trials; or (vi) to secure or enforce adequate legal
protection, including patent protection, for its products. 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 SEC,
including Nephros' Annual Report on Form 10-K for the fiscal year ended December
31, 2008. Investors and security holders are encouraged to read these documents
on the SEC's website at http://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 otherwise.