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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 RhuErqO/Q80qnMcGB3LTFTzhJUQWkCAzQKbV0zBR1/2tWPitPguYU420oZVurST2
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<SEC-DOCUMENT>0001181431-04-044808.txt : 20040923
<SEC-HEADER>0001181431-04-044808.hdr.sgml : 20040923
<ACCEPTANCE-DATETIME>20040923201739
ACCESSION NUMBER:		0001181431-04-044808
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040920
FILED AS OF DATE:		20040923
DATE AS OF CHANGE:		20040923

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NEPHROS INC
		CENTRAL INDEX KEY:			0001196298
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-MEDICAL, DENTAL & HOSPITAL EQUIPMENT & SUPPLIES [5047]
		IRS NUMBER:				133971809
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		3960 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10032
		BUSINESS PHONE:		2127815113

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			DRAPKIN DONALD G
		CENTRAL INDEX KEY:			0001046392

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32288
		FILM NUMBER:		041043767

	BUSINESS ADDRESS:	
		STREET 1:		PROXYMED
		STREET 2:		2555 DAVIE RD STE 110
		CITY:			FT LAUDERDALE
		STATE:			FL
		ZIP:			33317
		BUSINESS PHONE:		9544731001

	MAIL ADDRESS:	
		STREET 1:		PROXYMED
		STREET 2:		2555 DAVIE RD STE 110
		CITY:			FT LAUDERDALE
		STATE:			FL
		ZIP:			33317
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>rrd53169.xml
<DESCRIPTION>FORM 3
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2004-09-20</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001196298</issuerCik>
        <issuerName>NEPHROS INC</issuerName>
        <issuerTradingSymbol>NEP</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001046392</rptOwnerCik>
            <rptOwnerName>DRAPKIN DONALD G</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>35 EAST 62ND ST.</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10021</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>355464</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Series A Convertible Preferred Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F2"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>26279</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Series C Convertible Preferred Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F3"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>36856</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Series D Convertible Preferred Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F4"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>91323</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Non-qualified stock option (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>1.76</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2003-05-30</value>
                <footnoteId id="F5"/>
            </exerciseDate>
            <expirationDate>
                <value>2013-05-30</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>132504</value>
                    <footnoteId id="F5"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Upon issuance, such shares were immediately convertible with no expiration.</footnote>
        <footnote id="F2">Mr. Drapkin's 92,500 shares of Series A Convertible Preferred Stock are convertible into 26,279 shares of common stock.</footnote>
        <footnote id="F3">Mr. Drapkin's 111,050 shares of Series C Convertible Preferred Stock, together with dividends accrued through May 31, 2004, are convertible into 36,856 shares of common stock.</footnote>
        <footnote id="F4">Mr. Drapkin's 203,102 shares of Series D Convertible Preferred Stock, together with dividends accrued through May 31, 2004, are convertible into 91,323 shares of common stock.</footnote>
        <footnote id="F5">On May 30, 2003 the Company granted Mr. Drapkin an option to purchase approximately 165,630 shares of common stock of the Company under the Company's 2000 Equity Incentive Plan.  The option has vested with respect to approximately 99,378 shares.  The option will vest with respect to approximately 33,126 shares on May 30, 2005, provided that Mr. Drapkin remains a director of the Company through such time.   The remainder of the option vests with respect to approximately 19,887 and 13,239 shares upon the Company's achievement of certain milestones, which have not yet been achieved.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Donald G. Drapkin</signatureName>
        <signatureDate>2004-09-23</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
