Full Press Release Details
Reports Second Quarter 2008 Financial Results
YORK, NY-August 14, 2008
Nephros, Inc. (AMEX:
announced today financial results for the three and six month periods ended
quarter ended June 30, 2008, Nephros reported net product revenues of $253,000,
attributable to sales of its OLp r
and MD220 products in Europe and Dual Stage Ultrafilter (DSU) water filter
the United States, compared with $348,000 in the corresponding period of 2007,
decrease of 27%. The decrease is largely due to reduced sales of ESRD therapy
products in Europe in the second quarter due to delays in receipt of raw
materials, resulting in production delays and deferred shipments of ordered
product until after quarter end.
Company's net loss was $2,444,000 or $0.06 per basic and diluted common share
for the second quarter of 2008 versus a net loss of $1,630,000 or $0.13 per
basic and diluted common share in the second quarter of 2007. The Company's net
loss increased in the current quarter primarily due to additional expenses
associated with the completion
of the Company's pivotal clinical trial for its OLp r H2H and MD filter products
in the United States.
product revenues for the six months ended June 30, 2008 were $640,000 compared
to $644,000 in the corresponding period of 2007, a decrease of approximately
The Company's net loss was $4,084,000 or $0.11 per basic and diluted common
share for the six months ended June 30, 2008 compared with $3,201,000 or $0.26
per basic and diluted common share for the corresponding period of 2007.
June 30, 2008, Nephros had cash, cash equivalents short-term investments and
other current assets of $6,694,000.
achieved a vital milestone in completing its human clinical trial of the
Company's OLpur(TM) H2H(TM) Hemodiafiltration Module and OLpur(TM) MD 220
Hemodiafilter in the United States, and we are now finalizing our 510(K) filing
for submission to the FDA," said Norman Barta, President and CEO. "At the same
time, we have initiated our Dual Stage Ultrafilter sales in the U.S., and are
developing distributor relationships to expand our DSU sales opportunity
nationwide and beyond."
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. Nephros products are sold and
distributed throughout Europe and are currently being used in over fifty clinics
also markets a line of water filtration products incorporating its patented
stage cold sterilization filtration technology, the Dual Stage Ultrafilter
(DSU), which produces biologically safe water. The DSU has the capability to
filter out bacteria and, due to its exceptional filtration levels, filter out
many viruses, parasites, and other biotoxins as well. The DSU is in pilot-use
programs at several U.S. medical centers and has been selected for further
development by the U.S. Marine Corps.
more information on Nephros, please visit the Company's website at www.nephros.com.
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
statements are not guarantees of future performance, are based on assumptions
and are subject to various known and unknown risks and uncertainties, many
which are beyond Nephros's control. Actual results may differ materially from
the expectations contained in the forward-looking statements. Factors that
cause such differences include the risks that Nephros may not be able: (i)
obtain funding if and when needed or on favorable terms; (ii) to continue as
going concern; (iii) to liquidate its short-term investments when needed to
its operations; (iv) to maintain compliance with the AMEX's continued listing
standards; (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; (vi) to obtain appropriate or necessary
governmental approvals to achieve its business plan or effectively market its
products; (vii) to have its technologies and products accepted in current or
future target markets; or (viii) 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-KSB filed with the SEC for the fiscal year ended
December 31, 2007, and Nephros' Quarterly Reports on Form 10-Q for the three and
six month periods ended March 31 and June 30, 2008. Investors and security
holders are urged to read these documents free of charge on the SEC's website
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