UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 8, 2020
NEPHROS, INC.
(Exact name of Registrant as Specified in its Charter)
Delaware (State or other jurisdiction of incorporation) |
001-32288 (Commission File Number) |
13-3971809 (IRS Employer Identification No.) |
380 Lackawanna Place, South Orange, New Jersey 07079
(Address of principal executive offices, including ZIP code)
(201) 343-5202
(Registrant’s telephone number, including area code)
n/a
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common stock, $0.001 par value | NEPH | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Item 2.02. | Results of Operations and Financial Condition. |
On July 8, 2020, Nephros, Inc. (the “Company”) issued a press release in which it disclosed its preliminary second quarter 2020 financial results. A copy of this press release is furnished herewith as Exhibit 99.1.
Pursuant to the rules and regulations of the Securities and Exchange Commission, such exhibit and the information set forth therein and in this Item 2.02 have been furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liability under that section nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing regardless of any general incorporation language.
Item 9.01. | Financial Statements and Exhibits. |
(d) | Exhibits |
Exhibit No. | Description | |
99.1 | Nephros, Inc. Press Release, dated July 8, 2020. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
Nephros, Inc. | ||
Dated: July 8, 2020 | By: | /s/ Andrew Astor |
Andrew Astor | ||
Chief Financial Officer |
Exhibit 99.1
Nephros Announces Preliminary Financial Results for Second Quarter 2020
Anticipates $1.6 Million Net Revenues
SOUTH ORANGE, NJ, July 8, 2020 – Nephros, Inc. (Nasdaq: NEPH), a commercial-stage company that develops and sells high performance water purification products and pathogen detection systems to the medical and commercial markets, today announced preliminary financial results for the quarter ended June 30, 2020.
Net revenues for the quarter are expected to be $1.6 million, a decrease of approximately 33% compared to the quarter ended June 30, 2019. Nephros ended the quarter with approximately $7.0 million in cash on a consolidated basis.
“The headwinds from COVID-19 stopped our four-year quarterly growth streak. We and our customers are adapting to the new normal, and we remain optimistic about our ability to return to our high growth rate path,” commented Daron Evans, President and CEO. “We strongly believe that a new level of attention will be focused on bacteria and virus by our customers as their attention expands beyond a focus on COVID-19. Additionally, we are confident that our new pathogen detection product line will gain traction in the market. These products include PluraPath™, our real-time, field-based pathogen detection system, SequaPath™, our comprehensive portable water screening and analysis system – which we anticipate launching soon – and DialyPath™, our real-time test for dialysis clinics that will detect and quantify endotoxin-producing Gram-negative bacteria. As with the last quarter, potential negative developments could include additional delays in acquiring new customers, particularly if reopening takes longer than anticipated or if some areas in the U.S. experience new restrictions in the operations of businesses in healthcare and hospitality sectors in response to increased COVID-19 cases.”
About Nephros
Nephros is a commercial-stage company that develops and markets high performance water purification products and pathogen detection systems for medical and commercial markets.
Nephros ultrafilters are used in hospitals, medical clinics, and commercial facilities to retain bacteria and viruses from water, providing barriers that aid in infection control for showers, sinks, and ice machines. Nephros ultrafilters are also used in dialysis centers to aid in the removal of endotoxins and other biological contaminants from water and bicarbonate concentrate in hemodialysis machines.
Nephros pathogen detection systems, including the PluraPath™, SequaPath™, and DialyPath™ systems, provide data on waterborne biological content to medical and water quality professionals. Our products integrate Nephros ultrafilters with quantitative polymerase chain reaction (qPCR) technology to deliver actionable water pathogen information in real time.
Nephros commercial filters, including AETHER™ brand filters, improve the taste and odor of water, and reduce 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 its website at www.nephros.com.
Forward-Looking Statements
This release contains forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding Nephros’s expected revenue for the quarter ended June 30, 2020, the anticipated impact of the coronavirus pandemic, expected demand for Nephros’ products, including its new pathogen detection products, and other statements that are not historical facts, including statements that 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 changes in business, competitive and economic conditions, particularly the continued impact of the COVID-19 pandemic on the U.S. economy, and the availability of financing or other capital when needed. These and other risks and uncertainties are detailed in Nephros’s reports filed with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2019. Nephros does not undertake any responsibility to update the forward-looking statements in this release.
Investor Relations Contact:
Kirin Smith, President
PCG Advisory, Inc.
(646) 863-6519
ksmith@pcgadvisory.com
Media Contact:
Bill Douglass
Gotham Communications, LLC
(646) 504-0890
bill@gothamcomm.com
Company Contact:
Andy Astor, COO & CFO
Nephros, Inc.
(201) 345-0824
andy@nephros.com