Full Press Release Details
Russell / Todd Fromer
212-896-1250 / 212-896-1215
Selects Director William Fox to Serve as Executive Chairman
YORK, August 4, 2006 - Nephros,
Inc. (AMEX: NEP), announced today the appointment of William J. Fox, CPA, as
Executive Chairman of the Board. Mr. Fox has served as a Director since the
Company's initial public offering in September 2004. Mr. Fox will replace Dr.
Eric Rose, Professor and Chair of the Department of Surgery Columbia
University-NY Presbyterian Medical Center, who has served as Chairman of the
Board and a director since Nephros' inception in 1997. Dr. Rose will assume the
newly created position of Lead Director for the Nephros Board.
49, is an accomplished executive with a strong track record of building
shareholder value through the increasing of revenue and profitability, business
turnarounds, market expansion, intellectual property and product licensing,
manufacturing and international activities. He has more than 20 years of
experience participating on the executive boards and management teams of several
private and public companies, including Chairman of the Board & CEO of
Arcade Marketing, Co-Chairman of the Board of Loehmann's Holdings, Vice Chairman
of Barington Capital, President & CEO of Dynabazaar, Inc. and of L Q
Corporation, Inc., CEO of Revlon Technologies and Senior Executive Vice
President and Director of Revlon, Inc., where he was also President of Strategic
and Corporate Development-Revlon Worldwide and had served as CFO.
executive level leadership has led to the successful global marketing of
patented products, oversight of operations of ISO certified and FDA registered
laboratory and manufacturing facilities, development and execution of business
strategy and negotiations of acquisitions and strategic relationships. He
graduated from the Lubin School of Business of Pace University with a BBA,
cum laude and holds an MBA with distinction from the Pace University Graduate
stated, "We're excited Bill has expanded his role in our Company, given his
years of successful experience in growing businesses and commercializing
opportunities of technical products. He has an in-depth knowledge of Nephros,
having served on our board for the last two years. Bill will be working with
Norman Barta, our CEO, to bring our mid-dilution hemodiafiltration products
the market around the world and to commercialize our newly developed water
filtration inventions."
stated, "This is an opportune time at Nephros. The Company's unique products
both in renal care and water purity are at the forefront of providing solutions
to challenges facing each of their respective customer markets. We believe
patients with ESRD in Europe, who have been fortunate enough to be on our
therapy known as mid-dilution hemodiafiltration are enjoying a better quality
life. Based on external studies, patients receiving the more advanced
hemodiafiltration therapy are more likely to have reduced mortality versus
available dialysis treatments typically available in the U.S. Currently, Nephros
is in the process of pursuing FDA approval to begin clinical trials in the
for its advanced MDF filters and H2H machine, which will enable online HDF
the U.S. for the first time. I am excited about the potential of expanding
improved level of care to patients in the U.S. and look forward to working
Norman and the Nephros team."
believe Nephros' patented dual stage cold sterilization ultrafilter, which has
the capability to filter out bacteria and, due to its exceptional filtration
levels, filter out many viruses and parasites, is a significant breakthrough
providing affordable and reliable water filtration," continued Mr. Fox.
"According to the World Health Organization, infectious diseases caused by
pathogenic bacteria, viruses and parasites are the most common and widespread
health risk associated with drinking-water. Breakdown in water supply safety
lead to large-scale contamination and potentially to substantial disease
concluded, "Potable water is a significant concern everywhere. Unfortunately,
bacteria residing in many water supplies, including medical institutions, food
services, restaurants and residences, can be dangerous to the health of
immuno-suppressed and recently discharged patients, the elderly, and many
others. The result of severe weather or other events contaminating water
supplies can also put all of us at risk. We're pleased to be bringing technology
online that provides a new level of verifiable protection against water
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 believes that its products
designed to 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," due to their
molecular weight, that have been found to contribute to such conditions as
dialysis related amyloidosis, carpal tunnel syndrome, degenerative bone disease
and ultimately, to mortality in the ESRD patient.
also markets a line of water filtration products, the Dual Stage Ultrafilter
(DSU). The Company's patented dual stage cold sterilization ultrafilter has the
capability to filter out bacteria and, due to its exceptional filtration levels,
filter out many viruses and parasites. The Company considers the DSU a
significant breakthrough in providing affordable and reliable water filtration.
The DSU is based on Nephros' proprietary water filtration technology originally
designed for use in its H2H machine, and is a complimentary product line to
Company's main focus, the End Stage Renal Disease therapy business.
information on Nephros please visit the Company's website, www.nephros.com.
release contains certain "forward-looking statements" within the meaning of
Private Securities Litigation Reform Act of 1995, as amended. Such statements
may include statements regarding the efficacy and intended use of Nephros's
technologies, the timelines for bringing such products to market and the
availability of funding sources for continued development of such products
other statements that are not historical facts, including statements which
be preceded by the words "intends," "may," "will," "plans," "expects,"
"anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes,"
"potential" or similar words. For such statements, Nephros claims the protection
of the Private Securities Litigation Reform Act of 1995.
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 control of Nephros. Actual results
may differ materially from the expectations contained in the forward-looking
statements. Factors that may cause such differences include the risks that:
products, including the DSU technology, that appeared promising to Nephros
research or clinical trials may not demonstrate anticipated efficacy, safety