55151/0001-13143850v1 IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE ---------------------------------------------------------- In re: NEPHROGENEX, INC., Debtor.1 ---------------------------------------------------------- x : : : : : : : x Chapter 11 Case No. 16-11074 (KG) NOTICE OF FILING OF INITIAL MONTHLY OPERATING REPORT PLEASE TAKE NOTICE that, on May 16, 2016, the above-captioned debtor and debtor-in-possession (the “Debtor”) filed the Initial Monthly Operating Report, a copy of which is attached hereto as Exhibit A. Dated: Wilmington, Delaware May 16, 2016 COLE SCHOTZ P.C. /s/ David R. Hurst David R. Hurst (I.D. No. 3743) 500 Delaware Avenue, Suite 1410 Wilmington, Delaware 19801 Telephone: (302) 652-3131 Facsimile: (302) 652-3117 – and – Jacob S. Frumkin 1325 Avenue of the Americas, 19th Floor New York, New York 10019 Telephone: (212) 752-8000 Facsimile: (212) 752-8393 Proposed Counsel for Debtor and Debtor-in-Possession 1 The last four digits of the Debtor’s federal tax identification number are 5171. The mailing address for the Debtor is 3200 Beechleaf Court, Suite 900, Raleigh, NC 27604.

55151/0001-13143850v1 EXHIBIT A Initial Monthly Operating Report

NephroGenex, Inc. 13 Week Cash Flow Projection Week Beginning Date 5/1/2016 5/8/2016 5/15/2016 5/22/2016 5/29/2016 6/5/2016 6/12/2016 6/19/2016 6/26/2016 7/3/2016 7/10/2016 7/17/2016 7/24/2016 Cash Flow Week 1 2 3 4 5 6 7 8 9 10 11 12 13 CASH FLOW Beginning Available Cash Balance $4,631,766 $4,580,062 $4,530,970 $4,514,770 $4,512,578 $4,378,516 $4,376,016 $4,325,720 $4,309,503 $4,130,760 $3,992,435 $3,937,993 $3,920,843 Operating Disbursements Payroll, Payroll Taxes and Benefits 8,537 29,946 0 0 38,483 0 29,946 0 36,664 0 30,146 0 36,664 Consultants 725 14,675 13,950 0 1,000 0 14,950 13,950 1,000 0 14,950 13,950 2,000 Rent 9,893 0 0 0 9,893 0 0 0 9,893 0 0 0 9,893 Telephone/Facilities 2,983 1,350 0 17 2,870 325 1,350 17 2,870 325 1,350 0 2,887 Board Fees 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 32,000 2,000 2,000 2,000 2,000 Professional Fees 6,000 0 0 0 57,500 0 0 0 67,500 0 0 0 57,500 General and Administrative/Other 21,567 1,121 250 175 4,817 175 2,050 250 8,817 6,000 1,121 1,200 8,817 Total Operating Disbursements $51,704 $49,092 $16,200 $2,192 $116,562 $2,500 $50,296 $16,217 $158,744 $8,325 $49,567 $17,150 $119,761 Non‐Operating Disbursements Cole Schotz P.C. 0 0 0 0 0 0 0 0 0 80,000 0 0 0 Cassel & Salpeter 0 0 0 0 0 0 0 0 0 30,000 0 0 0 KCC (Claims Agent) 0 0 0 0 17,500 0 0 0 10,000 0 0 0 25,000 KCC (Administrative Agent) 0 0 0 0 0 0 0 0 0 8,000 0 0 0 Committee Professionals  0 0 0 0 0 0 0 0 0 12,000 0 0 0 US Trustee Fees 0 0 0 0 0 0 0 0 0 0 4,875 0 0 Publication Costs 0 0 0 0 0 0 0 0 10,000 0 0 0 0 Total Non‐Operating Disbursements $0 $0 $0 $0 $17,500 $0 $0 $0 $20,000 $130,000 $4,875 $0 $25,000 Total Disbursements  $51,704 $49,092 $16,200 $2,192 $134,062 $2,500 $50,296 $16,217 $178,744 $138,325 $54,442 $17,150 $144,761 Ending Available Cash Balance $4,580,062 $4,530,970 $4,514,770 $4,512,578 $4,378,516 $4,376,016 $4,325,720 $4,309,503 $4,130,760 $3,992,435 $3,937,993 $3,920,843 $3,776,082

Federal Insurance Company 20281-005 American Casualty Company of Reading, Pen 20427-076 877-945-7378 888-467-2378 certificates@willis.com Willis of New York, Inc. c/o 26 Century Blvd. P. O. Box 305191 Nashville, TN 37230-5191 3200 Beechleaf Court Raleigh, NC 27604 X X X 1,000,000 1,000,000 10,000 1,000,000 2,000,000 A 36012611 4/23/2015 6/30/2016 X X 1,000,000A 73588351 4/23/2015 6/30/2016 X X 5,000,000 5,000,000 A 79837114 4/23/2015 6/30/2016 500,000 500,000 500,000 B WC611495394 6/30/2015 6/30/2016 $300,900 Business Personal Property $2,500 Deductible Property CoverageA 36012611 4/23/2015 6/30/2016 THIS VOIDS AND REPLACES PREVIOUSLY ISSUED CERTIFICATE DATED: 5/9/2016 WITH ID: 24384305 Products Liab Simp Policy #3601-2559 Carrier: Federal Insurance Company Policy Date: 12/31/2015 - 12/31/2016 Limit: $10,000,000 Each Occurrence $10,000,000 Aggregate Nephrogenex, Inc. 05/09/2016Page 1 of 1 See Remarks24384603 Wilmington, DE 19801 844 King Street, Suite 2207 District of Delaware Office of the United States Trustee Coll:4896774 Tpl:2055924 Cert:24384603 DATE (MM/DD/YYYY) PRODUCER INSURED INSR ADDL SUBR POLICY EFF POLICY EXPTYPE OF INSURANCE POLICY NUMBER LIMITSLTR INSD WVD (MM/DD/YYYY) (MM/DD/YYYY) COMMERCIAL GENERAL LIABILITY AUTOMOBILE LIABILITY UMBRELLA LIAB EXCESS LIAB WORKERS COMPENSATION AND EMPLOYERS’ LIABILITY Y / N N / A (Mandatory in NH) DESCRIPTION OF OPERATIONS / LOCATIONS / VEHICLES (ACORD 101, Additonal Remarks Schedule, may be attached if more space is required) AUTHORIZED REPRESENTATIVE CONTACT NAME: PHONE FAX (A/C, NO, EXT): (A/C, NO): E−MAIL ADDRESS: INSURER(S)AFFORDING COVERAGE NAIC # INSURER A: INSURER B: INSURER C: INSURER D: INSURER E: INSURER F: EACH OCCURRENCE DAMAGE TO RENTED $ PREMISES (Ea occurence)CLAIMS−MADE OCCUR $ MED EXP (Any one person) $ PERSONAL & ADV INJURY $ GENERAL AGGREGATE $GEN’L AGGREGATE LIMIT APPLIES PER: PRODUCTS - COMP/OP AGG $PRO-POLICY LOCJECT OTHER: $ COMBINED SINGLE LIMIT $(Ea accident) ANY AUTO ALL OWNED AUTOS BODILY INJURY(Per person) $ SCHEDULED AUTOS HIRED AUTOS BODILY INJURY(Per accident) $ NON-OWNED AUTOS PROPERTY DAMAGE $(Per accident) $ EACH OCCURRENCEOCCUR CLAIMS−MADE AGGREGATE $ $ DED $RETENTION $ PER OTH- STATUTE ER E.L. EACH ACCIDENT $ANY PROPRIETOR/PARTNER/EXECUTIVE OFFICER/MEMBER EXCLUDED? If yes, describe under DESCRIPTION OF OPERATIONS below E.L. DISEASE - EA EMPLOYEE $ E.L. DISEASE - POLICY LIMIT $ THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN. THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS. THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER. IMPORTANT: If the certificate holder is an ADDITIONAL INSURED, the policy(ies)must be endorsed. If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement on this certificate does not confer rights to the certificate holder in lieu of such endorsement(s). COVERAGES CERTIFICATE NUMBER: REVISION NUMBER: CERTIFICATE HOLDER CANCELLATION ACORD 25 (2014/01) © 1988−2014 ACORD CORPORATION. All rights reserved. The ACORD name and logo are registered marks of ACORD CERTIFICATE OF LIABILITY INSURANCE

Willis 101 INSURER CANCELLATION TERMS POLICY NO. 36012611, 73588351, 3601-2559 NAMED INSURED Nephrogenex, Inc. EFFECTIVE DATE SEE PAGE 1 Holder Name: Office of the United States Trustee Project: Cancellation Terms: Should any of the above described policies be cancelled before the expiration date thereof, the insurer will send 30 days notice of cancellation to the Certificate Holder, but failure to do so shall impose no obligation or liability of any kind upon the insurer, its agents or representatives. Cancellation Terms Apply to the Following Coverages: General Liability, Auto Liability, Property coverage and Product Liability.

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Debtor’s Bank Accounts Bank Account Type Account No. East West Bank 2350 Mission College Blvd. Suite 988 Santa Clara, CA 95054 Attn: Gary Tam, Deposit Specialist Telephone: (408) 330-2012 Facsimile: (408) 588-9688 Operating account ******7468 East West Bank 2350 Mission College Blvd. Suite 988 Santa Clara, CA 95054 Attn: Gary Tam, Deposit Specialist Telephone: (408) 330-2012 Facsimile: (408) 588-9688 Money market account ******9407

In re NephroGenex, Inc. Case No. 16-11074 (KG) Debtor Reporting Period: Initial Monthly Operating Report Date Number Cole Schotz P.C. 3/29/2016 Wire NephroGenex, Inc. $25,000.00 Cole Schotz P.C. 4/12/2016 Wire NephroGenex, Inc. $150,000.00 $157,443.56 $142,556.442 Cole Schotz P.C. 4/26/2016 Wire NephroGenex, Inc. $125,000.00 Kurtzman Carson Consultants, LLC 4/15/2016 Wire NephroGenex, Inc. $25,000.00 $3,861.50 $21,138.50 Mintz Levin Cohn Ferris Glovsky and Popeo, P.C. 4/28/2016 Wire NephroGenex, Inc. $25,000.00 $0.00 $25,000.00 EisnerAmper LLP 3/30/2016 Wire NephroGenex, Inc. $15,000.00 $7,150.00 $7,850.00 McDonnell Boehnen Hulbert & Berghoff LLP 4/12/2016 Wire NephroGenex, Inc. $10,000.00 $2,462.50 $7,537.50 1 Identify all Evergreen Retainers 2 Of this amount, $30,000 was paid on account of estimated fees and expenses to be incurred from April 28, 2016 through the Petition Date. After final reconciliation of Cole Schotz’s fees and expenses incurred through the Petition Date, any unused portion of this $30,000 payment will be added to the total retainer. Check SCHEDULE OF RETAINERS PAID TO PROFESSIONALS (This schedule is to include each Professional paid a retainer1) Payee Name of Payor Amount Amount Applied to Date Aggregate Balance Form IR-2 (4/07)