Nephros Announces Pricing of $7.5 Million Underwritten Offering of Common Stock
January 31 2020 - 7:30AM
via NEWMEDIAWIRE –
Nephros, Inc. (Nasdaq: NEPH) (“Nephros”
or the “Company”), a commercial-stage company that develops
and sells high performance water purification products and pathogen
detection systems to the medical device and commercial markets,
today announced the pricing of a firm commitment underwritten
offering of 937,500 shares of common stock at a price to the public
of $8.00 per share for aggregate gross proceeds of approximately
$7,500,000, before underwriting discounts and offering expenses.
The offering is expected to close on or about February 4, 2020,
subject to the satisfaction of customary closing conditions.
Craig-Hallum Capital Group is acting as sole managing
underwriter for the offering.
Maxim Group LLC and The Benchmark Company, LLC are each acting
as financial advisors to Nephros.
Net proceeds of the offering, after underwriting discounts but
before offering expenses, are expected to be approximately
$7,050,000. Nephros intends to use the net proceeds of the
offering for working capital and general corporate
purposes.
The shares are being offered pursuant to an effective shelf
registration statement on Form S-3 (File No. 333-234528) that was
previously filed with the Securities and Exchange Commission (the
“SEC”), and was declared effective on December 6, 2019. The shares
may be offered only by means of a prospectus. Copies of the
prospectus supplement and accompanying prospectus related to the
offering, when available, may be obtained from Craig-Hallum Capital
Group LLC at 222 South Ninth Street, Suite 350, Minneapolis,
Minnesota 55402, Attention: Equity Capital Markets, by telephone at
612-334-6300, or by email at prospectus@chlm.com or on the SEC’s
website at www.sec.gov.
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 or other jurisdiction in which such
an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or other jurisdiction.
About Nephros, Inc.
Nephros is a commercial stage company that develops and sells
high performance water purification products and pathogen detection
systems to the medical device and commercial markets. Nephros
ultrafilters and pathogen detection systems are used in hospitals
and medical clinics to assess and reduce the infection risks from
waterborne pathogens (e.g., Legionella, Pseudomonas) in showers,
sinks, and ice machines. Additionally, Nephros ultrafilters are
used by dialysis centers for assisting in the added removal of
endotoxins and other biological contaminants from the water and
bicarbonate concentrate supplied to hemodialysis machines and
patients.
Nephros filters, including AETHER™ brand filters, improve the
taste and odor of water and reduce biofilm, bacteria, and scale
build-up in downstream equipment. Nephros and AETHER™ products are
used in the health care, food service, hospitality, and convenience
store markets.
For more information about Nephros, please visit the company’s
website at www.nephros.com.
Cautionary Note Regarding Forward-Looking Statements:
Any statements in this press release about the anticipated final
terms, timing and completion of the proposed offering and other
statements containing the words “anticipate,” “believe,”
“continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,”
“potential,” “predict,” “project,” “should,” “target,” “would” and
similar expressions, constitute forward-looking statements within
the meaning of The Private Securities Litigation Reform Act of
1995. Actual results may differ materially from those indicated by
such forward-looking statements as a result of various important
factors, including: whether or not Nephros will be able to raise
capital through the sale of common stock, Nephros’ ability to
satisfy customary closing conditions related to the proposed
offering, market and other conditions, and other factors discussed
in the “Risk Factors” section of our Annual Report on Form 10-K for
the year ended December 31, 2018, and in other filings that we make
with the SEC. In addition, any forward-looking statements included
in this press release represent our views only as of the date of
this release and should not be relied upon as representing our
views as of any subsequent date. We specifically disclaim any
obligation to update any forward-looking statements included in
this press release.
Contact:
Investor Relations Contacts:
Kirin Smith, President
PCG Advisory, Inc.
(646) 863-6519
ksmith@pcgadvisory.com
Andy Astor, COO & CFO
Nephros, Inc.
(201) 345-0824
andy@nephros.com
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