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Nephros Announces Completion of Reverse Stock Split
Date:3/11/2011

RIVER EDGE, N.J., March 11, 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 that a previously approved and announced 1-for-20 reverse split of its common stock will take effect at the start of trading on Monday, March 14, 2011. Nephros common stock will be quoted on the OTC Bulletin Board on a split-adjusted basis beginning upon the opening of trading on March 14.  Nephros shares will continue to trade under the symbol "NEPH.OB."

As a result of the reverse stock split, every 20 shares of Nephros common stock issued and outstanding immediately prior to the effective time, which was 5:00 p.m. on March 11, 2011, will be converted into one share of common stock. Fractional shares will not be issued and stockholders who otherwise would have been entitled to receive a fractional share as a result of the reverse stock split will receive an amount in cash equal to $0.04 per pre-split share for such fractional interests. The number of shares of Nephros common stock issued and outstanding will be reduced from approximately 201,300,000 pre-split to approximately 10,100,000 post-split.  The reverse stock split was effected in connection with the company's recently completed rights offering and private placement.

Letters of transmittal are expected to be sent to stockholders by the company's transfer agent, Continental Stock Transfer and Trust Company, shortly after the effectiveness of the reverse stock split. No action by Nephros stockholders is required prior to receipt of these letters.

The reverse stock split was approved by the Nephros stockholders at the company's annual meeting held on January 10, 2011. The number of shares of common stock subject to outstanding stock warrants and opt
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SOURCE Nephros, Inc.
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