via NEWMEDIAWIRE -- Nephros, Inc. (Nasdaq:NEPH), a commercial-stage
company that develops and sells water purification products and
pathogen detection systems to the medical and commercial markets,
today announced that Andy Astor, currently the company’s Chief
Operating Officer and Chief Financial Officer, has been named
President and CEO, effective August 24, 2020. Mr. Astor was also
elected to Nephros’s board of directors.
Daron Evans, Nephros’s current President and CEO, will remain
with the company as a special advisor focused on the pathogen
detection and dialysis businesses. Mr. Evans will also continue as
CEO of Specialty Renal Products (“SRP”), a Nephros subsidiary. As
part of the transition, Mr. Evans will step down from Nephros’s
board of directors.
“I am very pleased to announce Andy’s promotion to President and
CEO,” said Mr. Evans. “Since joining the company in 2017, Andy has
been instrumental to our success in growing revenues four-fold.
Driven by an intense focus on serving our customers and strategic
partners, Andy has led the development of operational and financial
systems, built strong relationships with the investor community,
raised the capital we needed, spearheaded the acquisition of the
Aether™ filter brand, driven high-talent recruitment, and built a
strong team-based organization and culture.”
Mr. Evans continued, “Going forward, Andy and I will continue to
partner closely to build on this foundation and to drive the
success of both Nephros and SRP. Although I have decided to
transition to a reduced time commitment for personal reasons, I
have had the privilege to lead the company for over five years, and
I remain fully committed to Nephros’ success.”
“We congratulate Andy on this promotion, and it is a pleasure to
welcome him to the board of directors,” said Paul Mieyal of Wexford
Capital and board member of Nephros. “Over the past three years, he
has demonstrated a deep commitment to the company, along with the
acumen required to lead Nephros from early-stage to
commercial-stage and beyond.”
“It is an honor to be asked to lead this organization,” said
Andy Astor. “We have built a strong growth platform for the future,
including deep relationships with many of the country’s leading
water quality professionals. With more than 1,100 active customer
sites using Nephros products to protect people from waterborne
pathogens with our filtration and detection solutions, I am very
pleased to take on this leadership role as we continue the
company’s momentum and progress.”
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 and
SequaPath systems, provide near-real time information on bacterial
genera, waterborne bacteria, and viruses to medical and water
safety professionals. These products integrate Nephros ultrafilters
with DNA sequencing and quantitative polymerase chain reaction
(qPCR) technology.
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 management transition; 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
changes in business, economic and competitive conditions, and the
availability of financing or other capital when needed. These and
other risks and uncertainties are detailed in Nephros’ 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.
Contacts:
Investor RelationsKirin Smith, PresidentPCG
Advisory, Inc.(646)
863-6519ksmith@pcgadvisory.comwww.pcgadvisory.com
Media RelationsBill DouglassGotham
Communications, LLC(646)
504-0890bill@gothamcomm.comwww.gothamcomm.com
CompanyAndy Astor, COO & CFONephros,
Inc.(201) 345-0824andy@nephros.comwww.nephros.com
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