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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 6Ezzceh9EoTiLYmZEA/1AQ==

<SEC-DOCUMENT>0000922423-04-001597.txt : 20040924
<SEC-HEADER>0000922423-04-001597.hdr.sgml : 20040924
<ACCEPTANCE-DATETIME>20040924191113
ACCESSION NUMBER:		0000922423-04-001597
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040920
FILED AS OF DATE:		20040924
DATE AS OF CHANGE:		20040924

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:			ZIEBOLD W TOWNSEND JR
		CENTRAL INDEX KEY:			0001031608

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32288
		FILM NUMBER:		041045921

	BUSINESS ADDRESS:	
		STREET 1:		C/O WASSERSTEIN PERELLA GROUP
		STREET 2:		31 WEST 52ND STREET 26TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		2129692700

	MAIL ADDRESS:	
		STREET 1:		C/O WASSERSTEIN PERELLA GROUP
		STREET 2:		31 WEST 52ND ST 26TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>kl09076_ex.xml
<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>0001031608</rptOwnerCik>
            <rptOwnerName>ZIEBOLD W TOWNSEND JR</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O WASSERSTEIN &amp; CO.</rptOwnerStreet1>
            <rptOwnerStreet2>1301 AVE. OF THE AMERICAS, 44TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK,</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10019</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>No securities beneficially owned</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Non-qualified stock option (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.32</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2003-09-19</value>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2013-09-18</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>5682</value>
                    <footnoteId id="F2"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">On September 19, 2003, the Company granted Mr. Ziebold an option to purchase approximately 5,682 shares of common stock of
the Company under the Company's 2000 Equity Incentive Plan. The option has vested with respect to approximately 4,262
shares. The option will vest with respect to approximately 1,421 shares on September 19, 2005, provided that Mr. Ziebold
remains a director of the Company through such time.</footnote>
        <footnote id="F2">Mr. Ziebold is the President of Wasserstein Levered Venture Partners II, LLC, which is the general partner of Wasserstein
SBIC Ventures II, L.P. (the &quot;SBIC&quot;). Mr. Ziebold is also a participant in WV II Employee Partners, LLC (&quot;WEP&quot;), an employee
investment vehicle. The shares listed as beneficially owned by Mr. Ziebold do not include, and Mr. Ziebold disclaims
beneficial ownership of, (i) the SBIC's 1,869,144 shares of the Company's Series D Convertible Preferred Stock that,
together with dividends accrued through May 31, 2004, are convertible into 829,104 shares of common stock; and (ii) WEP's
12,148 shares of the Company's Series D Convertible Preferred Stock that, together with dividends accrued through May 31,
2004, are convertible into 5,388 shares of common stock.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ W. Townsend Ziebold, Jr.</signatureName>
        <signatureDate>2004-09-24</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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