Nephros Receives $1.8 Million in Cash from Sale of Tax Credits
SOUTH ORANGE, NJ, December 13, 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 $1.788 million in cash from the sale of $1.901 million in tax credits.
Nephros received the tax credit certificates through the New Jersey Technology Business Tax Certificate Transfer Program, administered by the New Jersey Economic Development Authority (NJEDA). The program provides a mechanism for approved New Jersey companies to sell for cash their unused NOL tax carryovers and Research and Development (R&D) tax credits.
“We are thrilled to have completed this process,” said Andy Astor, Chief Financial Officer. “We continue to project positive operating cash flow around the end of 2017, and these funds give us the asset base upon which we will build a profitable, self-sustaining enterprise.”
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.
This release contains forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding the Company’s ability to achieve positive cash flow from operations and the timing thereof, the Company’s expected revenue for the quarter ended December 31, 2017, the Company’s ability to meet future demand for its products, and other statements that are not historical facts, including statements which may be accompanied by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including uncertainty in clinical outcomes, potential delays in the regulatory approval process, changes in business, economic and competitive conditions, the availability of capital when needed, our dependence on third party manufacturers and researchers, regulatory reforms, uncertainties in litigation or investigative proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Nephros Inc.’s reports filed with the U.S. Securities and Exchange Commission, including with respect to Nephros, its Annual Report on Form 10-K for the year ended December 31, 2016. Nephros, Inc. does not undertake any responsibility to update the forward-looking statements in this release.
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