Nephros and Mar Cor Purification Announce Distribution Agreement
RIVER EDGE, N.J, March 11, 2014 /PRNewswire/ -- Nephros, Inc. (OTCQB:NEPH), a commercial stage medical device company that develops and sells high performance liquid purification ultrafilters and Mar Cor Purification, a wholly owned subsidiary of Cantel Medical Corp., announced today that the companies have signed a non-exclusive distributor agreement to distribute Nephros's dialysis ultrafilters to U.S. and Canadian dialysis clinics.
Curtis Weitnauer, President and Chief Executive Officer of Mar Cor Purification, commented, "We are very excited about incorporating the Nephros ultrafiltration family of products for hemodialysis water and bicarbonate concentrate into our product portfolio for dialysis customers. Their unique hollow fiber filter offers unparalleled filtration, flow performance, patient health and economic benefits to complement our array of portable and central delivery water purification systems in dialysis."
John Houghton, President and Chief Executive Officer of Nephros, added, "We are extremely pleased to be working with Mar Cor Purification. Combining their proven distribution capabilities and installation base with their field specialists and service provider locations will provide Nephros products the necessary visibility and customer contact required for growth in dialysis and potentially other markets."
This press release does not constitute an offer to sell or a solicitation of an offer to buy securities of the company, nor shall there be any sale of such securities, in any jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any jurisdiction.
About Mar Cor Purification
Mar Cor Purification, a wholly owned subsidiary of Cantel Medical Corp. (NYSE: CMN), is the largest supplier of dialysis medical water systems in North America. It has service offices in 27 cities in the United States and Canada, with seven ion exchange resin regeneration plants strategically located in Atlanta, Boston, Chicago, Philadelphia, San Antonio, Montreal and Toronto. Mar Cor also provides turnkey water purification systems to high purity clients including pharmaceutical, cosmetics, semiconductor and other bacteria controlled applications. Filtration/separation products and disinfectants are provided to the same customer base in addition to a separate worldwide distributor network. For more information about Mar Cor, please visit the company's website at www.mcpur.com.
About Nephros, Inc.
Nephros is a commercial stage medical device company that develops and sells high performance liquid purification filters. Our filters, which we call ultrafilters, are primarily used in dialysis centers for the removal of biological contaminants from water, bicarbonate concentrate and/or blood.
We were founded in 1997 by healthcare professionals affiliated with Columbia University Medical Center/New York-Presbyterian Hospital to develop and commercialize an alternative method to hemodialysis (HD). We have extended our filtration technologies to meet the demand for liquid purification in other areas, in particular water purification.
Presently, we offer ultrafilters for sale to customers in four markets:
- Dialysis Centers - Water/Bicarbonate: Filtration of water or bicarbonate concentrate used in hemodialysis devices
- Dialysis Centers - Blood: Clearance of toxins from blood using an alternative method to HD in patients with chronic renal failure
- Hospitals and Other Commercial Facilities: Filtration of water for drinking and washing
- Military and Outdoor Recreation: Highly compact, individual water purification devices used by soldiers to produce drinking water in the field
For more information about Nephros, please visit the company's website at www.nephros.com.
Certain statements in this press release constitute "forward-looking statements". Such statements include statements regarding the efficacy and intended use of our technologies under development, the timelines for bringing such products to market and the availability of funding sources for continued development of such products and other statements that are not historical facts, including statements which may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond our control. Actual results may differ materially from the expectations contained in the forward looking statements. Factors that may cause such differences include, but are not limited to, the risks that:
- we may not be able to continue as a going concern;
- a default under the terms of the secured note with Lambda Investors LLC would result in the lender foreclosing upon substantially all of our assets and could result in our inability to continue business operations;
- we may not be able to complete the contemplated rights offering which could impair our ability to continue business operations;
- even if we are able to complete the rights offering, we may not have sufficient capital to successfully implement our business plan;
- restrictions in the secured note and related security agreement which require the prior consent of the lender may restrict our ability to operate our business, sell the company or sell our assets;
- the voluntary recalls of point of use and DSU in-line ultrafilters used in hospital water treatment applications announced on October 30, 2013 and the related circumstances could subject us to claims or proceedings by consumers, the FDA or other regulatory authorities which may adversely impact our sales and revenues;
- we face significant challenges in obtaining market acceptance of our products, which could adversely affect our potential sales and revenues;
- there are product-related deaths or serious injuries or product malfunctions, which could trigger recalls, class action lawsuits and other events that could cause us to incur expenses and may also limit our ability to generate revenues from such products;
- we face potential liability associated with the production, marketing and sale of our products, and/or the expense of defending against claims of product liability, could materially deplete our assets and generate negative publicity which could impair our reputation;
- to the extent our products or marketing materials are found to violate any provisions of the FDC Act or any other statutes or regulations then we could be subject to enforcement actions by the FDA or other governmental agencies;
- we may not be able to obtain funding if and when needed or on terms favorable to us in order to continue operations;
- we may not have sufficient capital to successfully implement our business plan;
- we may not be able to effectively market our products;
- we may not be able to sell our water filtration products or chronic renal failure therapy products at competitive prices or profitably;
- we may encounter problems with our suppliers, manufacturers and distributors;
- we may encounter unanticipated internal control deficiencies or weaknesses or ineffective disclosure controls and procedures;
- we may not obtain appropriate or necessary regulatory approvals to achieve our business plan;
- products that appeared promising to us in research or clinical trials may not demonstrate anticipated efficacy, safety or cost savings in subsequent pre-clinical or clinical trials;
- we may not be able to secure or enforce adequate legal protection, including patent protection, for our products; and
- we may not be able to achieve sales growth in key geographic markets.
More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements, including the forward-looking statements in this press release, is set forth in our filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2012 and our other periodic reports filed with the SEC. We urge you to read those documents free of charge at the SEC's web site at www.sec.gov. We do not undertake to publicly update or revise our forward-looking statements as a result of new information, future events or otherwise, except as required by law.
SOURCE Nephros, Inc.