Nephros Reports 2008 First Quarter Financi...( NEW YORK May 15 /- Nephros Inc. (...),Health

NEW YORK, May 15 /PRNewswire-FirstCall/ -- Nephros, Inc. (Amex: NEP) announced today financial results for the three month period ended March 31, 2008.

Recent Highlights

-- Increased product revenues by 31% to $387,000.

-- Completed enrollment in the pivotal U.S. trial for the OLpur(TM)

H2H(TM) Hemodiafiltration Module and OLpur(TM) MD 220 Hemodiafilter

-- Hired Joleen C. Turner as VP of Marketing and Business Development

-- Hired Gerald J. Kochanski as Chief Financial Officer

-- Presented at XLV ERA-EDTA Congress in Stockholm, Sweden

"The first quarter of 2008 marked another milestone for Nephros on the path toward U.S. approval of the Nephros HDF treatment for end-stage renal disease," commented Norman J. Barta, Chairman and CEO of Nephros. "In the first quarter, Nephros completed enrollment in the Company's pivotal U.S. clinical trial for the OLpur(TM) H2H(TM) Hemodiafiltration Module and OLpur(TM) MD 220 Hemodiafilter. More recently, Nephros solidified its management team with the addition of two new executives as we strive to grow and expand our water filter sales and European hemodiafilter sales while preparing for the anticipated U.S. launch of the Company's HDF therapy system."

Financial Performance for the First Quarter Ended March 31, 2008.

For the quarter ended March 31, 2008, Nephros reported product revenues of $387,000, attributable to sales of its OLpur(TM) MD190 and MD220 products in Europe, compared with $296,000 in the corresponding period of 2007, an increase of 31%. The Company's net loss was $1,640,000 or $.04 per basic and diluted common share for the first quarter of 2008 versus a net loss of $1,517,000 or $.13 per basic and diluted common shar
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