Financings In Brief

Nephros goes public: Hemodiafiltration (HDF) technology developer focused on treatment of end-stage renal disease grosses $12.6 mil. from initial public offering of 2.1 mil. shares of common stock at $6 each on Sept. 21, commencing trading on the American Stock Exchange under the symbol "NEP." The New York firm believes its HDF process - combining hemodialysis with hemofiltration - removes more blood impurities, including larger toxins, than currently available extracorporeal renal replacement therapies. Nephros expects 510(k) clearance by Q1 2006 for its OLpur H2H add-on module to convert common hemodialysis machines into HDF-capable systems; a CE mark for European marketing is expected in Q2 2005. The module would allow use of the firm'sOLpurMD190 dialyzer component, expected to gain 510(k) go-ahead by year-end; U.S. marketing will await OLpur H2H clearance. The firm's OLpur NS2000 stand-alone HDF system also is expected to gain FDA and European market go-ahead in 2006. Using the firm's Mid-Dilution Diafiltration technology, the HDF systems will address a worldwide ESRD market of 1.6 mil. patients, expanding at 6%-7% annually. No sales have been recognized to date. Underwriters Shemano Group and National Securities Corp. hold an over-allotment option for 315,000 additional shares...