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Nephros Reports Third Quarter 2013 Financial Results and Completes Bridge Financing
Date:11/14/2013

30, 2012.

Net loss for the quarter ended September 30, 2013 was $611,000, or $0.03 per share (based on 17.8 million weighted average shares outstanding) compared to $853,000, or $0.07 per share (based on 11.6 million shares outstanding) for the quarter ended September 30, 2012. As of September 30, 2013, the Company had approximately 18.0 million shares outstanding.

Nephros ended the third quarter of 2013 with cash and cash equivalents of $168,000.

Bridge Financing
On November 12, 2013, the company issued a six-month 12% senior secured note to Lambda Investors in the principal amount of $1,500,000.

Under the terms of the note, the company has undertaken to conduct a $2.75 million rights offering of common stock at an anticipated offering price of $0.30 per share. All of the company's stockholders and warrantholders will be eligible to participate in the offering on a pro rata basis based upon their proportionate ownership of the company's common stock on an as converted basis. The note requires the company to repay the bridge loan with the proceeds from the rights offering or any other financing transaction. In connection with the proposed rights offering, Nephros will file a registration statement on Form S-1, as may be amended, with the Securities and Exchange Commission (the "SEC"). The securities offered in the rights offering may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any state in which such offer, solicitation or sale would be unlawful prior to their registration or qualification under the securities laws of any such state.

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SOURCE Nephros, Inc.
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