-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 SmHIc2QDorydIshFXLNjEqKNbi2HE+3ixj5ClnHc14eSsVd38tYna3z3fD0dVNzQ
 vdlRPj/EdO3P+tVKUCWurQ==

<SEC-DOCUMENT>0000899681-08-000623.txt : 20080530
<SEC-HEADER>0000899681-08-000623.hdr.sgml : 20080530
<ACCEPTANCE-DATETIME>20080530144434
ACCESSION NUMBER:		0000899681-08-000623
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080527
FILED AS OF DATE:		20080530
DATE AS OF CHANGE:		20080530

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NEPHROS INC
		CENTRAL INDEX KEY:			0001196298
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		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:			Southpaw Asset Management LP
		CENTRAL INDEX KEY:			0001361978
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32288
		FILM NUMBER:		08870185

	BUSINESS ADDRESS:	
		STREET 1:		FOUR GREENWICH OFFICE PARK
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06831
		BUSINESS PHONE:		203.862.6206

	MAIL ADDRESS:	
		STREET 1:		FOUR GREENWICH OFFICE PARK
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06831

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Golden Howard
		CENTRAL INDEX KEY:			0001385606

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32288
		FILM NUMBER:		08870186

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		203.862.6200

	MAIL ADDRESS:	
		STREET 1:		FOUR GREENWICH OFFICE PARK
		STREET 2:		FIRST FLOOR
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06831

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Wyman Kevin
		CENTRAL INDEX KEY:			0001385599

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32288
		FILM NUMBER:		08870187

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		203.862.6200

	MAIL ADDRESS:	
		STREET 1:		FOUR GREENWICH OFFICE PARK
		STREET 2:		FIRST FLOOR
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06831

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Southpaw Holdings LLC
		CENTRAL INDEX KEY:			0001385608
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32288
		FILM NUMBER:		08870188

	BUSINESS ADDRESS:	
		STREET 1:		FOUR GREENWICH OFFICE PARK
		STREET 2:		FIRST FLOOR
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06831
		BUSINESS PHONE:		203.862.6200

	MAIL ADDRESS:	
		STREET 1:		FOUR GREENWICH OFFICE PARK
		STREET 2:		FIRST FLOOR
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06831
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-05-27</periodOfReport>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001361978</rptOwnerCik>
            <rptOwnerName>Southpaw Asset Management LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>FOUR GREENWICH OFFICE PARK</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>GREENWICH,</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06831</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001385608</rptOwnerCik>
            <rptOwnerName>Southpaw Holdings LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>FOUR GREENWICH OFFICE PARK</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>GREENWICH,</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06831</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001385599</rptOwnerCik>
            <rptOwnerName>Wyman Kevin</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>FOUR GREENWICH OFFICE PARK</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>GREENWICH</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06831</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001385606</rptOwnerCik>
            <rptOwnerName>Golden Howard</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>FOUR GREENWICH OFFICE PARK</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>GREENWICH</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06831</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <transactionDate>
                <value>2008-05-27</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1737644</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>.70</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1193994</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <transactionDate>
                <value>2008-05-27</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>150431</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>.70</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>103336</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">See Exhibit 99.</footnote>
        <footnote id="F2">See Exhibit 99.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>/s/ Kevin Wyman</signatureName>
        <signatureDate>2008-05-30</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>southpaw-ex99_052808.txt
<TEXT>
                                                                      EXHIBIT 99


Explanation of Responses:

1. The filing of this Form 3 shall not be construed as an admission that (i)
Southpaw Asset Management LP ("Southpaw Management"), (ii) Southpaw Holdings LLC
("Southpaw Holdings"), (iii) Kevin Wyman or (iv) Howard Golden is or was for the
purposes of Section 16(a) of the Securities Exchange Act of 1934, as amended
(the "Exchange Act"), the beneficial owner of the shares of common stock, par
value $0.001 (the "Common Stock"), of Nephros Inc. (the "Issuer"), held by an
account managed by Southpaw Management (the "Managed Account") and Southpaw
Credit Opportunity Master Fund LP ("Master Fund"). Pursuant to Rule 16a-1,
Southpaw Management, Southpaw Holdings, Mr. Wyman and Mr. Golden disclaim such
beneficial ownership.

2. Southpaw Management holds the shares of Common Stock indirectly through the
accounts of Master Fund, which holds 1,193,994 shares of Common Stock, and the
Managed Account, which holds 103,336 shares of Common Stock. Southpaw Management
serves as the investment manager of the Managed Account and Master Fund.
Southpaw Management receives a performance-based and an asset-based fee for
managing the investments of the Managed Account and Master Fund. Southpaw
Holdings reports securities held indirectly by Southpaw Management because, as
the general partner of Southpaw Management, it controls the disposition and
voting of such securities. Mr. Wyman and Mr. Golden report these securities
because, as managing members of Southpaw Holdings, they control the disposition
and voting of the securities. Each of Southpaw Management, Southpaw Holdings,
Mr. Wyman and Mr. Golden disclaims beneficial ownership of the securities
reported herein, except to the extent of each entity's and individual's
pecuniary interest in such securities.


Southpaw Asset Management LP

By:  Southpaw Holdings LLC,
     its general partner

By: /s/ Kevin Wyman                                                05/30/2008
   ---------------------------                                     ----------
Name:  Kevin Wyman                                                    Date
Title: Managing Member


Southpaw Holdings, LLC

By: /s/ Kevin Wyman                                                05/30/2008
   ---------------------------                                     ----------
Name:  Kevin Wyman                                                    Date
Title: Managing Member


By: /s/ Kevin Wyman                                                05/30/2008
   ---------------------------                                     ----------
   Kevin Wyman                                                        Date


By: /s/ Howard Golden                                              05/30/2008
   ---------------------------                                     ----------
   Howard Golden                                                      Date




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