Full Press Release Details
Renal Products Announces $3 Million Series A Financing
ORANGE, NJ, September 6, 2018 - Specialty Renal Products, Inc. (SRP), a private medical device company focused on the development
of products for patients with renal disease, including a hemodiafiltration (HDF) system for the treatment of patients with End
Stage Renal Disease (ESRD), and a subsidiary of Nephros, Inc. (OTCQB: NEPH), announced today that is has closed a $3 million Series
intends to use the proceeds from the financing to complete development of its second-generation HDF system, with a planned initial
launch in late 2019. The company's first-generation device is currently the only FDA-cleared HDF system in the United States.
financing significantly bolsters the next phase of the HDF story," said Daron Evans, President and CEO of SRP. "We
expect this round to fund the development and initial commercial production of SRP's second-generation HDF system, as well
as its initial launch into the market."
financing was led by Wexford Capital and Arbor Capital, and included participation by the management of SRP. Following the financing,
Nephros will retain a 62.5% equity interest in SRP.
Specialty Renal Products, Inc.
Renal Products, a subsidiary of Nephros, is focused on the development of medical device products for patients with renal disease,
including a hemodiafiltration system for the treatment of patients with ESRD.
is a commercial stage medical device company that develops and sells high performance liquid purification filters. Nephros filters
- known as ultrafilters - are used primarily in medical applications in various settings. These ultrafilters are used
by dialysis centers for assisting in the added removal of biological contaminants from the water and bicarbonate concentrate supplied
to hemodialysis machines and the patients. Additionally, Nephros ultrafilters are used in hospitals and medical clinics for added
protection in retaining bacteria (e.g., Legionella, Pseudomonas), viruses and endotoxins from water. These ultrafilters provide
barriers that assist in improving infection control in showers, sinks, and ice machines.
more information about Nephros, please visit its website at www.nephros.com.
release contains forward-looking statements that are subject to various risks and uncertainties. Such statements include statements
regarding Specialty Renal Products' plans for developing and marketing new or improved products, the expected benefits of
these new or improved products, the timing of such developments, 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. Actual results could differ materially
from those described in these forward-looking statements due to certain factors, including changes in business, economic and competitive
conditions, regulatory reforms, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings,
and the availability of financing. These and other risks and uncertainties are detailed in Nephros's reports filed with
the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2017. Nephros
does not undertake any responsibility to update the forward-looking statements in this release.
Astor, Chief Financial Officer