Nephros Announces Approval of $1.9 Million in NJEDA NOL Program Tax Credits
RIVER EDGE, NJ--(Marketwired - November 06, 2017) - Nephros (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.
This release contains forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding the expected timing of the launch of new commercial and industrial products and the development of the Company's OLpūr® H2H Hemodiafiltration Module, the Company's expected revenue for the quarter ended September 30, 2017, the timing of the cash proceeds from the NJEDA NOL Program, the Company's ability to meet future demand for its products, the Company's ability to achieve positive cash flow from operations and the timing thereof, 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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