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Nephros Completes Bridge Financing and Announces Stockholder Rights Offering
Date:10/1/2010

RIVER EDGE, N.J., Oct. 1 /PRNewswire-FirstCall/ -- 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 the company has entered into a bridge financing agreement with Lambda Investors LLC and has filed a registration statement for a rights offering to its stockholders.  Wexford Capital LP is the managing member of Lambda Investors.

On October 1, 2010, the company issued a six-month senior secured note to Lambda Investors in the principal amount of $500,000.  The company expects that the proceeds from the note will allow it to fund its operations into February 2011.

As required under the terms of the note, the company has undertaken to conduct a rights offering to raise $3,500,000 from its existing stockholders.  All of the company's stockholders as of the record date for the rights offering, which date will be determined by the company at a later date, will be eligible to participate in the rights offering on a pro rata basis.  Pursuant to the rights offering, Nephros is offering up to 175 million units at a price of $0.02 per unit.  Stockholders will have the right to purchase 4.185496618 units for each share of Nephros stock owned.  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.  Lambda Investors' loan terms included its agreement to surrender for cancellation up to approximately 50% of its existing warrants, after giving effect to the full ratchet anti-dilutive adjustment contained in those warrants that will be triggered by the rights offering.  The number of cancelled Lambda warrants will be equal to the aggregate number of shares underlying the w
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SOURCE Nephros, Inc.
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