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SOURCE Nephros, Inc.
RIVER EDGE, N.J., Feb. 12, 2014 /PRNewswire/ -- Nephros, Inc. (OTCQB: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 February 12, 2014, 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 January 30, 2014. The rights offering will expire at 5:00 p.m., Eastern Time, on March 14, 2014, if not extended by the Company in its sole discretion.
Each subscription right will entitle its holder to purchase 0.28673 of a share of common stock of the Company at a subscription price of $0.30 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.
To the extent that, after the closing of the rights offering, there still remain unsubscribed shares of common stock of the Company, Lambda Investors LLC will have the right, but not the obligation, to purchase any or all such remaining unsubscribed shares within ten days of the closing of the rights offering.
Assuming the rights offering is fully subscribed, the Company estimates that it will receive gross proceeds of $2.75 million, less the expenses of the rights offering.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities, in any jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any jurisdiction. The offering may only be made by means of a prospectus, a copy of which may be obtained from Nephros, Inc., 41 Grand Avenue, River Edge, New Jersey 07661, Attention: John C. Houghton, (201) 343-5202, ext. 101.
About Nephros, Inc.
Nephros is a commercial stage medical device company that develops and sells high performance liquid purification filters. Our filters, which we call ultrafilters, are primarily used in dialysis centers for the removal of biological contaminants from water, bicarbonate concentrate and/or blood.
We were founded in 1997 by healthcare professionals affiliated with Columbia University Medical Center/New York-Presbyterian Hospital to develop and commercialize an alternative method to hemodialysis (HD). In 2009, we began to extend our filtration technologies to meet the demand for liquid purification in other areas, in particular water purification.
Presently, we offer ultrafilters for sale to customers in four markets:
For more information about Nephros, please visit the company's website at www.nephros.com
This press release contains certain "forward-looking statements." Such statements include statements that are not historical facts, including statements which may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond our control. Actual results may differ materially from the expectations contained in the forward looking statements.
Factors that may cause such differences include, but are not limited to, the risks that:
More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements, including the forward-looking statements in this press release, is set forth in our filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2012 and our other periodic reports filed with the SEC. We urge you to read those documents free of charge at the SEC's web site at www.sec.gov. We do not undertake to publicly update or revise our forward-looking statements as a result of new information, future events or otherwise, except as required by law.
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