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Nephros Announces Rights Offering and Temporary Reduction in Exercise Price for March 2011 Warrants
Date:4/17/2013

RIVER EDGE, N.J., April 17, 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 that it has commenced its previously disclosed rights offering.  On April 17, 2013, the Company will distribute to holders of its common stock and/or warrants one non-transferable subscription right for each share of common stock, and each share of common stock underlying a warrant, held as of April 4, 2013.  The rights offering will expire at 5:00 p.m., Eastern Time, on May 17, 2013, if not extended by the Company in its sole discretion.

On March 4, 2013, the Company filed with the Securities and Exchange Commission (SEC) a registration statement on Form S-1, which was subsequently amended by a registration statement on Form S-1/A filed with the SEC on April 8, 2013.  The registration statement was declared effective by the SEC on April 17, 2013.

Each subscription right will entitle its holder to purchase 0.18776 of a share of common stock of the Company at a subscription price of $0.60 per share.  The Company will not issue fractional shares issuable upon exercise of the subscription rights.  Instead, the Company will round up any such fractional shares to the nearest whole share.

The rights offering includes an over-subscription privilege which permits each rights holder that exercises its rights in full to purchase additional shares of common stock that remain unsubscribed at the expiration of the rights offering.  This over-subscription privilege is subject to the availability and allocation of shares among holders exercising this over-subscription privilege.  Assuming the rights offering is fully subscribed, the Company estimates that it will receive gross proceeds of $3
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SOURCE Nephros, Inc.
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