Nephros Announces Approval of $1.9 Million in NJEDA NOL Program Tax Credits
Non-Dilutive Net Proceeds of Over $1.75 Million Expected in Late Q4 2017
RIVER EDGE, NJ, November 6, 2017 /PR Newswire-FirstCall/ — Nephros, Inc. (OTCQB: NEPH) a commercial stage medical device company that develops and sells high performance liquid purification ultrafilters and an on-line mid-dilution hemodiafiltration system for use with a hemodialysis (HD) machine for the treatment of patients with End Stage Renal Disease (ESRD), announced today the receipt of $1.9 million in tax credit certificates from New Jersey Economic Development Authority (NJEDA), which are expected be sold later this quarter for over $1.75 million in net proceeds.
Nephros received the tax credit certificates through the New Jersey Technology Business Tax Certificate Transfer Program, which provides a mechanism for approved New Jersey companies to sell for cash their unused Net Operating Loss carryovers (NOLs) and Research and Development (R&D) tax credits.
“The NJEDA NOL program is an excellent bridge to our goal of achieving cash flow breakeven around the end of 2017,” said Andy Astor, Chief Financial Officer. “It will provide the funding needed for self-sufficiency, without diluting our investors or adding debt to our balance sheet.”
About Nephros, Inc.
Nephros is a commercial stage medical device company that develops and sells high performance liquid purification filters, as well as a hemodiafiltration system for the treatment of patients with End Stage Renal Disease. Nephros filters or 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 (i.e. Legionella, Pseudomonas), virus and endotoxin from water. These ultrafilters provide barriers that assist in improving infection control with showers, sinks, and ice machines.
For more information about Nephros, please visit the company’s website at www.nephros.com.