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

is available on the Securities and Exchange Commission's web site at www.sec.gov.

Financial Performance for the Fourth Quarter Ended December 31, 2008 (Unaudited)

For the quarter ended December 31, 2008, Nephros reported net product revenues of approximately $440,000 compared with $441,000 in the corresponding period of 2007, a decrease of $1,000 or 0.2%. The decrease is primarily attributable to an approximate $95,000 decrease in revenue related to sales of the OLpur(TM) MD190 and MD220 products in Europe offset by approximately $93,000 of additional revenue in the fourth quarter of 2008 from its U.S. Defense Department project, which began in 2008.

Operating expenses for the three months ended December 31, 2008 were approximately $969,000 compared with $2,747,000 in the corresponding period of 2007. The decrease of approximately $1,778,000 or 65% is primarily related to the incurrence of accounting, legal and other professional fees associated with the raising of funds in the fourth quarter of 2007 that did not repeat in the comparable period in 2008.

Nephros' net loss was approximately $907,000 or $0.03 per basic and diluted common share for the fourth quarter of 2008 versus a net loss of approximately $21,693,000 or $0.85 per basic and diluted common share in the fourth quarter of 2007. Nephros' net loss decreased $20,786,000 or 96% in the current quarter primarily due to the expenses recognized in 2007 related to the conversion of the Company's notes into Company common stock on November 14, 2007, which did not occur in the comparable 2008 period. Nephros' decrease in net loss per basic and diluted common share during the current quarter was primarily due to the decrease in the net loss compared to the comparable 2007 period as well as the increase in the weighted-average number of shares outstanding from 15,646,286 in the fourth quarter
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SOURCE Nephros, Inc.
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