Specialty Renal Products Announces $3 Million Series A Financing

Source:  Nephros, Inc.-September 6, 2018

Specialty Renal Products, Inc. (SRP), a private medical device company focused on the development of products for patients with renal disease, including a hemodiafiltration (HDF) system for the treatment of patients with End Stage Renal Disease (ESRD), and a subsidiary of Nephros, Inc. (OTCQB: NEPH), announced today that is has closed a $3 million Series A financing.

SRP intends to use the proceeds from the financing to complete development of its second-generation HDF system, with a planned initial launch in late 2019.  The company’s first-generation device is currently the only FDA-cleared HDF system in the United States.

“This financing significantly bolsters the next phase of the HDF story,” said Daron Evans, President and CEO of SRP. “We expect this round to fund the development and initial commercial production of SRP’s second-generation HDF system, as well as its initial launch into the market.”

The financing was led by Wexford Capital and Arbor Capital, and included participation by the management of SRP. Following the financing, Nephros will retain a 62.5% equity interest in SRP.

About Specialty Renal Products, Inc.

Specialty Renal Products, a subsidiary of Nephros, is focused on the development of medical device products for patients with renal disease, including a hemodiafiltration system for the treatment of patients with ESRD.

About Nephros, Inc.

Nephros is a commercial stage medical device company that develops and sells high performance liquid purification filters. Nephros filters – known as ultrafilters – are used primarily in medical applications in various settings. These ultrafilters are used by dialysis centers for assisting in the added removal of biological contaminants from the water and bicarbonate concentrate supplied to hemodialysis machines and the patients. Additionally, Nephros ultrafilters are used in hospitals and medical clinics for added protection in retaining bacteria (e.g., Legionella, Pseudomonas), viruses and endotoxins from water. These ultrafilters provide barriers that assist in improving infection control in showers, sinks, and ice machines.

For more information about Nephros, please visit its website at www.nephros.com.