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Nephros may use US$2.9mln private placement to uplist to national exchange

Shares rose after the medical device company announced the cash raise
Doctor talking to a patient
Medical-device maker develops ultrafilters for use in hospitals

Nephros, Inc (OTCQB:NEPH) announced plans to uplist to a national exchange.

The New Jersey-based company announced on Wednesday that it received a private placement of US$2.9mln after selling 6.5 million shares of its common stock.

WATCH: Nephros raises US$2.9mln; puts listing on national exchange in its sights

The medical-device company develops water filters used in hospital sinks and showers to prevent patient infection.

CFO Andy Astor told Proactive Investors that the company has been growing at a rate of 65% per year.

“We’ve already got a strong balance sheet, so this will shore it up and potentially get us to the point where we can uplist to a national exchange in the near future,” said Astor.

The private placement money will also be put towards increasing inventory and pursuing other strategic opportunities.

Shares of the company were up 21% early Thursday morning.

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