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Nephros Announces Completion of Rights Offering
Date:5/23/2013

RIVER EDGE, N.J., May 23, 2013 /PRNewswire/ -- Nephros, Inc. (OTC Bulletin Board: NEPH), a commercial stage medical device company that develops and sells high performance liquid purification ultrafilters, announced today the successful completion of its rights offering.  In addition, the concurrent temporary reduction in exercise price for the company's March 2011 warrants expired on May 17, 2013.

Nephros estimates that it will receive gross proceeds of $3.0 million from the rights offering.   A portion of the proceeds will be used for the repayment of the $1.3 million note, plus all accrued interest thereon ($46,800), issued to Lambda Investors LLC, Nephros' largest stockholder, in February 2013 in connection with its loan to Nephros, the payment of an 8% sourcing/transaction fee ($104,000) in respect of the note and an aggregate of $100,000 for reimbursement of Lambda Investors' legal fees incurred in connection with the loan and the rights offering.  Based on holders of subscription rights who exercised their basic subscription rights in full and subscribed for additional shares of Common Stock pursuant to the over subscription privilege, the rights offering was fully subscribed.  Nephros expects to issue a total of 5,000,000 shares of common stock to the holders of subscription rights who validly exercised their subscription rights and paid the subscription price in full, including pursuant to the exercise of the over subscription privilege.

Nephros will also receive gross proceeds of approximately $206,000 from holders of the warrants issued in March 2011 who validly exercised their warrants during the period that Nephros temporarily reduced the exercise price.  Nephros expects to issue a total of 687,793 shares of common stock to these warrant holders.

"Nephros is pleased to have closed the sharehold
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SOURCE Nephros, Inc.
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