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Nephros Reports 2011 Fourth Quarter and Full Year Financial Results
Date:3/22/2012

share for the fourth quarter of 2011 versus a net loss of approximately $665,000 or $0.34 per basic and diluted common share in the fourth quarter of 2010. Nephros' net loss decreased $27,000 primarily due to an approximate $74,000 reduction in other expenses.  Other expense of approximately $15,000 in interest expense and $50,000 of debt issuance costs were incurred during the three months ended December 31, 2010. These expenses were not incurred during the three months ended December 31, 2011.

Outlook

Under the licensing agreement with Bellco, S.r.l., Nephros began 2012 with receipt of the second installment payment of euro 750,000 in January.  The third and final installment payment of euro 600,000 is payable to Nephros on January 15, 2013.  Beginning on January 1, 2015, Nephros will receive royalty payments from Bellco as part of the license agreement.

On August 11, 2011, Nephros filed a new 510(k) application with the FDA for clearance of the Company's hemodiafiltration (HDF) system for end-stage renal disease.   On November 8, 2011 the Company received the initial FDA review of its new 510(k) application (K112314), which included a request for additional information.  The Company provided answers to the FDA's request in early February 2012.  The Company's response is subject to the FDA's standard review period of 90 days; however, the Company has no assurance that a response will be received within this time period.  Nephros believes that, if approved, its technology would be the first FDA-approved on-line HDF therapy available in the U.S.

For 2011, Nephros recorded approximately $618,000 of sales related to its ultrafiltration products, a 23% increase over the prior year.  With the recent additions of Shane Sullivan as Director of U.S. Sales and Dr. Joseph Cervia as our strategic consultant, Nephros is working to formalize its marketing approach to the hospital infection control
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SOURCE Nephros, Inc.
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