<SEC-DOCUMENT>0001140361-11-018510.txt : 20110324
<SEC-HEADER>0001140361-11-018510.hdr.sgml : 20110324
<ACCEPTANCE-DATETIME>20110324170119
ACCESSION NUMBER:		0001140361-11-018510
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110310
FILED AS OF DATE:		20110324
DATE AS OF CHANGE:		20110324

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:		11710073

	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:			Golden Howard
		CENTRAL INDEX KEY:			0001385606

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32288
		FILM NUMBER:		11710072

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

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:		41 GRAND AVENUE
		CITY:			RIVER EDGE,
		STATE:			NJ
		ZIP:			07661
		BUSINESS PHONE:		201.343.5202

	MAIL ADDRESS:	
		STREET 1:		41 GRAND AVENUE
		CITY:			RIVER EDGE,
		STATE:			NJ
		ZIP:			07661

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:		11710076

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

	MAIL ADDRESS:	
		STREET 1:		TWO GREENWICH OFFICE PARK
		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:		11710074

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

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

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Southpaw Credit Opportunity Master Fund, L.P.
		CENTRAL INDEX KEY:			0001385743
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32288
		FILM NUMBER:		11710075

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

	MAIL ADDRESS:	
		STREET 1:		TWO GREENWICH OFFICE PARK
		STREET 2:		FIRST FLOOR
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06831
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
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<DESCRIPTION>FORM 4
<TEXT>
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<ownershipDocument>

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    <documentType>4</documentType>

    <periodOfReport>2011-03-10</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001361978</rptOwnerCik>
            <rptOwnerName>Southpaw Asset Management LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2 GREENWICH OFFICE PARK</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>GREENWICH</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06831</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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        <reportingOwnerRelationship>
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            <isTenPercentOwner>1</isTenPercentOwner>
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            <otherText></otherText>
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    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001385743</rptOwnerCik>
            <rptOwnerName>Southpaw Credit Opportunity Master Fund, L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2 GREENWICH OFFICE PARK</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>GREENWICH</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06831</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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            <otherText></otherText>
        </reportingOwnerRelationship>
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    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001385608</rptOwnerCik>
            <rptOwnerName>Southpaw Holdings LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2 GREENWICH OFFICE PARK</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>GREENWICH</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06831</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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            <otherText></otherText>
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    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001385599</rptOwnerCik>
            <rptOwnerName>Wyman Kevin</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2 GREENWICH OFFICE PARK</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>GREENWICH</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06831</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001385606</rptOwnerCik>
            <rptOwnerName>Golden Howard</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2 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>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock, par value $0.001 per share</value>
            </securityTitle>
            <transactionDate>
                <value>2011-03-10</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>520242</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>525079</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Common Stock Warrants</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>.40</value>
                <footnoteId id="F2"/>
                <footnoteId id="F3"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2011-03-10</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>10404862</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2011-03-10</value>
            </exerciseDate>
            <expirationDate>
                <value>2016-03-10</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock, par value $0.001 per share</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>480981</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>10404862</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Class D Warrants</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>.40</value>
                <footnoteId id="F4"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2011-03-10</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1</value>
                    <footnoteId id="F4"/>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F4"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2011-03-10</value>
            </exerciseDate>
            <expirationDate>
                <value>2012-11-14</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock, par value $0.001 per share</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>285489</value>
                    <footnoteId id="F4"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
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                <sharesOwnedFollowingTransaction>
                    <value>1</value>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
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    <footnotes>
        <footnote id="F1">See Exhibit 99.1</footnote>
        <footnote id="F2">See Exhibit 99.1</footnote>
        <footnote id="F3">See Exhibit 99.1</footnote>
        <footnote id="F4">See Exhibit 99.1</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>See Exhibit 99.1</signatureName>
        <signatureDate>2011-03-24</signatureDate>
    </ownerSignature>
</ownershipDocument>
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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>misc1.htm
<DESCRIPTION>MISCELLANEOUS EXHIBITS
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    <title>Unassociated Document</title>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Explanation of Responses</font>:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.&#160;&#160;Southpaw Asset Management LP, a Delaware limited partnership (&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Southpaw Management</font>&#8221;), Southpaw Holdings LLC, a Delaware limited liability company (&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Southpaw Holdings</font>&#8221;), Kevin Wyman, a citizen of the United States, and Howard Golden, a citizen of the United States, may be deemed to own beneficially and indirectly the shares of common stock, par value $0.001 per share (&#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Common Stock</font>&#8221;), of Nephros, Inc. (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Company</font>&#8221;), beneficially owned by (i) Southpaw Credit Opportunity Master Fund LP, a Cayman Islands limited partnership (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Fund</font>&#8221;; and together with Southpaw Management, Southpaw Holdings, Kevin Wyman and Howard Golden, collectively, the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Reporting Persons</font>&#8221;), and (ii) a separate managed account managed by Southpaw Management (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Managed Account</font>&#8221;).&#160;&#160;Southpaw Management is the investment manager of the Fund and the Managed Account and, in such capacities, may be deemed to beneficially own the shares of Common Stock reported herein which are deemed beneficially owned by the Fund and the Managed Account.&#160;&#160;Southpaw Management disclaims beneficial ownership of the shares of Common Stock reported herein except to the extent of its pecuniary interest therein.&#160;&#160;Southpaw Holdings serves as the general partner of Southpaw Management, and, in such capacity, may be deemed to beneficially own the shares of Common Stock reported herein which may be deemed beneficially owned by Southpaw Management.&#160;&#160;Southpaw Holdings disclaims beneficial ownership of the shares of Common Stock reported herein except to the extent of its pecuniary interest therein.&#160;&#160;Mr. Wyman and Mr. Golden are investment advisors of the Fund and managers of Southpaw Management, and, in such capacities, may be deemed to beneficially own the shares of Common Stock reported herein which may be deemed beneficially owned by Southpaw Management.&#160;&#160;Mr. Wyman and Mr. Golden disclaim beneficial ownership of the shares of Common Stock reported herein except to the extent of their pecuniary interest therein.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2. On March 10, 2011, the Company completed a rights offering of its Common Stock (the &#8220;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Rights Offering</font>&#8221;).&#160;&#160;In the Rights Offering, the Company sold units at a per unit price of $0.02.&#160;&#160;Each unit consisted of one share of Common Stock and a warrant to purchase 0.924532845 shares of Common Stock at an exercise price of $0.02 per share.&#160;&#160;According to the Form 8-K filed by the Company on March 16, 2011 (the &#8220;March 16 8-K&#8221;), the warrants expire on March 10, 2016.&#160;&#160;The Fund purchased 9,576,066 units in the Rights Offering and the Managed Account purchased 828,796 units in the Rights Offering at a price per unit of $0.02.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">3. On March 11, 2011, the Company effected a 1-for-20 reverse stock split (the "<font style="DISPLAY: inline; TEXT-DECORATION: underline">Reverse Stock Split</font>").&#160;&#160;After giving effect to the Reverse Stock Split, the numbers of shares and warrants acquired in the transaction described in Footnote 2 were automatically adjusted: (a) for the Fund, to 478,803 shares of Common Stock and warrants to purchase 442,669 shares of Common Stock at an exercise price of $0.40 per share, and (b) for the Managed Account, to 41,439 shares of Common Stock and warrants to purchase 38,312 shares of Common Stock at an exercise price of $0.40 per share.&#160;&#160;According to the March 16 8-K, the Company did not issue any fractional shares resulting from the Reverse Stock Split and instead paid an amount in cash equal to $0.04 per fractional share.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4. In connection with the Rights Offering, anti-dilution provisions of the Company&#8217;s Class D warrants ("<font style="DISPLAY: inline; TEXT-DECORATION: underline">Class D Warrants</font>") were triggered. As a result, the&#160;1 Class D&#160;Warrant exercisable for 126,884 shares of Common Stock at an exercise price of $0.90 per&#160;share&#160;held by the Managed Account became exercisable for 5,709,780 shares of Common Stock at an exercise price of $0.02 per share. As a result of the Reverse Stock Split, the 1 Class D Warrant held by the Managed Account&#160;is now exercisable for 285,489 shares of Common Stock at a purchase price of $0.40 per share.</font></div>

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