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Nephros Announces $3.2 Million Financing Through Completion of Rights Offering and Private Placement Transactions
Date:3/4/2011

RIVER EDGE, N.J., March 4, 2011 /PRNewswire/ -- Nephros, Inc. (OTC Bulletin Board: NEPH), a medical device company developing and marketing filtration products for therapeutic applications, infection control, and water purification, today announced the completion of its rights offering and private placement that together will result in gross proceeds of approximately $3.2 million to Nephros.

"Nephros is pleased to have successfully completed its shareholders rights offering and related private placement financing," said James S. Scibetta, Chairman of Nephros.  "The proceeds from these transactions will provide Nephros with funds to pursue the further development and commercialization of our filtration products."

Nephros' stockholders subscribed for 99,297,082 units in its previously announced rights offering and Nephros accepted all basic subscription rights and oversubscription privileges.  The subscription period for the rights offering expired at 5:00 p.m. Eastern Time on March 3, 2011.  Gross proceeds to Nephros from the sale of these units in the rights offering will be approximately $2.0 million.

Under the terms of the rights offering, Nephros distributed at no charge non-transferable subscription rights to purchase up to an aggregate of 175,000,000 units to stockholders who owned shares of Nephros common stock as of the close of business on January 31, 2011, which was the record date for the rights offering.  Each subscription right entitled the holder to purchase 4.185496618 units at a subscription price of $0.02 per unit.  Each unit consists of one share of common stock and a warrant to purchase 0.924532845 shares of common stock at an exercise price of $0.02 per share for a period of five years following the issue date of the warrant.  Based on the results of the rights offering, Nephros will issue an aggregate of 99,
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SOURCE Nephros, Inc.
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