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Nephros Reports 2010 Second Quarter Financial Results
Date:8/16/2010

RIVER EDGE, N.J., Aug. 16 /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, announced today financial results for the three months ended June 30, 2010.

  • Increased revenues by 54% to approximately $809,000 from prior year period.
  • Reduced loss from operations by approximately $228,000 or 38% from prior year period.

"In the second quarter, Nephros continued to improve its operating efficiency by controlling expenses and expanding revenues," said Dr. Paul Mieyal, acting CEO of Nephros.  "We have made further progress on the company's military-funded development project and we continue to seek additional funding opportunities to support our business plan.  Recently, we were pleased to announce that AmeriWater Corporation adopted our FDA-approved DSU filters as a standard component of their water treatment systems for dialysis-related applications.  We believe that AmeriWater is at the leading edge of industry demand resulting from more stringent water purity standards."

"On June 30, 2010, Nephros received a rejection letter from the FDA in response to the company's 510(k) application for its hemodiafiltration system.  Nephros has engaged King & Spalding LLP as its regulatory counsel and has scheduled a meeting with the FDA on September 10, 2010, to discuss the issues raised in the FDA's letter as well as the process for moving forward.  As previously stated, based upon the meeting with the FDA reviewers, the company will determine the appropriate course of action, which could include filing a new 510(k) application with additional information or filing an appeal related to the current application," continued Dr. Mieyal.

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SOURCE Nephros, Inc.
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