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Nephros Reports 2008 Fourth Quarter and Full Year Financial Results
Date:3/31/2009

RIVER EDGE, N.J., March 31 /PRNewswire-FirstCall/ -- Nephros, Inc. (OTC Bulletin Board: NEPH) announced today financial results for the twelve month period ended December 31, 2008.

2008 Highlights

  • Increased product revenues by 23% to approximately $1,473,000
  • Concluded pivotal U.S. clinical trial for the Company's OLpur(TM) H2H(TM) Hemodiafiltration (HDF) Module and OLpur(TM) MD 220 Hemodiafilter
  • Appointed James Scibetta Chairman of the Board of Directors
  • Appointed Ernest Elgin III President and CEO
  • Submitted a 510(k) application to the FDA for approval to market OLpur(TM) H2H(TM) Hemodiafiltration Module and OLpur(TM) MD 220 Hemodiafilter
  • Submitted a 510(k) application to the FDA for approval to market Dual Stage Ultrafilters (DSUs) for in-line purification of dialysate water
  • Recorded initial U.S. Sales of DSU filters for institutional infection control
  • Developed initial concepts for personal water purification prototypes for Department of Defense project
  • Relocated corporate office to River Edge, NJ
  • Received approval for New Jersey Business Employment Incentive Program (BEIP) grant
  • Reduced R&D personnel to redirect resources for sales and marketing

"2008 was a productive year for Nephros," said Ernest A. Elgin, President and CEO of Nephros. "The Company filed 510(k) applications for U.S. FDA approval of three medical devices. In addition, the Company recorded its initial sales of DSU filters for institutional infection control while significantly reducing its overhead expenses."

Financial Performance for the Year Ended December 31, 2008

Product revenues for the twelve months ended December 31, 2008 were approximately $1,473,000 compar
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SOURCE Nephros, Inc.
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