Nephros sells Pathogen Detection Systems business, reports prelim Q3 revenue ~$2.5M

NEPHROS INC

Entered definitive agreement to sell Pathogen Detection Systems (PDS) business to BWSI; expected close mid-November 2022.
Sale includes seven-year earn-out based on a portion of gross profits from PDS products.
Preliminary Q3 2022 revenue expected ~$2.5M; Active Customer Sites up 18% YoY to 1,391.
Cash position ~$3.9M at quarter end; sale expected to reduce expenses by ~$350k per quarter.
Company aims for positive net cash flow by mid-2023.

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