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SOURCE Nephros, Inc.
RIVER EDGE, N.J., Feb. 25, 2014 /PRNewswire/ -- Nephros, Inc. (OTCQB:NEPH), a commercial stage medical device company that develops and sells high performance liquid purification ultrafilters and Bellco S.r.l., an Italy-based company focused on Dialysis and Extracorporeal Blood Purification, announced today that the companies have signed an amendment to their existing license agreement.
The amendment extends the agreement by five years through 2021 and expands the territories covered by Bellco to include Sweden, Denmark, Norway, Finland, Korea, Mexico, Brazil, China and the Netherlands and grants Bellco a right of first offer in connection with a proposed sale of the Nephros patent licensed to Bellco under the agreement. In return Nephros will receive €450,000, half payable upon execution and half payable on March 31st, 2014. Nephros has also agreed to reduce the fixed royalty payment in return for a corresponding increase in the minimum sales volumes required to retain exclusivity. The royalty period begins on January 1, 2015 and extends through December 31, 2021.
"We are excited to strengthen our partnership with Nephros," said Carlo Medici, Chief Executive Officer of Bellco S.r.l. "This agreement is a pivotal milestone in the continued expansion of hemodiafiltration (HDF) therapy based on mid-dilution with the MD220 dialyzer. Recent studies have confirmed the reduction of patient mortality of on-line HDF compared with standard treatments. We are convinced that this expanded agreement will enhance Bellco's ability to provide the highest range of hemodiafiltration therapies in the world."
"Bellco has extensive experience and expertise providing therapies and systems for the treatment of renal failure, in particular on-line HDF. We are very pleased about the prospect of the MD220 dialyzer being made available to an expanded group of territories which will enable more patients to benefit from on-line mid-dilution HDF," said John C. Houghton, President and Chief Executive Officer of Nephros.
About Bellco S.r.l.
Bellco is one of the pioneers and protagonists of hemodialysis. Now, just as in the past, it focuses on satisfying the needs of patients and experts through innovation, research and the development of advanced Nephrology, Critical Care and Cardiology therapies.
Complex clinical conditions, such as the increasing number of elderly and critical patients, require an integrated and innovative approach. Bellco's all-embracing offer provides a truly new outlook on Chronic and Critical patients.
Since 1972, Bellco has continually been developing highly reliable, sophisticated products aimed at renal treatments. The current product range for advanced hemodiafiltration treatments demonstrates the leadership in personalized products dedicated to specific renal conditions.
This vocation is recognized by the medical-scientific community and proven by major scientific publications and more than 30 international study protocols currently underway, both in chronic Hemodialysis and Critical care. Thanks to this commitment, the Company has reached remarkable milestones in increasing the quality of life of patients undergoing dialysis while containing healthcare cost.
Customized therapeutic options are available also on three new and unique devices:
AMPLYA™ (Critical); FLEXYA™ (Chronic); CARPE DIEM™ (Neonatal).
For more information about Bellco, please visit the company's website at www.bellco.net.
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). In 2009, we began to extend 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:
For more information about Nephros, please visit the company's website at www.nephros.com.
This press release contains certain "forward-looking statements." Such statements include 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:
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.
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