Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Southpaw Asset Management LP
  2. Issuer Name and Ticker or Trading Symbol
NEPHROS INC [NEP]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
FOUR GREENWICH OFFICE PARK
3. Date of Earliest Transaction (Month/Day/Year)
11/14/2007
(Street)

GREENWICH,, CT 06831
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock (1) 11/14/2007   C(2)   253,767 A $ 0.706 253,767 (3) I See footnote (4)
Common Stock (1) 11/14/2007   C(2)   2,931,638 A $ 0.706 3,185,405 (3) I See footnote (4)

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Series A 10% Secured Convertible Note due 2008 (1) $ 0.706 (5) 11/14/2007   C(2)     $ 176,500   (6)   (7) Common Stock and Warrants to Purchase Common Stock 375,000 (3) (1) $ 2,038,461.54 I See footnote (4)
Series B 10% Secured Convertible Note due 2008 (1) $ 0.706 (5) 11/14/2007   C(2)     $ 2,038,461.54   (6)   (7) Common Stock and Warrants to Purchase Common Stock 2,887,339 (3) (1) 0 I See Footnote (4)
Class D Warrant for the Purchase of Shares of Common Stock (1) $ 0.9 11/14/2007   C(2)   125,000   11/14/2007 11/14/2012 Common Stock 125,000 (1) 125,000 I See Footnote (4)

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Southpaw Asset Management LP
FOUR GREENWICH OFFICE PARK
GREENWICH,, CT 06831
    X    
Southpaw Credit Opportunity Master Fund, L.P.
FOUR GREENWICH OFFICE PARK
GREENWICH, CT 06831
    X    
Southpaw Holdings LLC
FOUR GREENWICH OFFICE PARK
GREENWICH, CT 06831
    X    
Wyman Kevin
FOUR GREENWICH OFFICE PARK
GREENWICH, CT 06831
    X    
Golden Howard
FOUR GREENWICH OFFICE PARK
GREENWICH, CT 06831
    X    

Signatures

 /s/ Kevin Wyman   12/11/2007
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) See Exhibit 99.
(2) See Exhibit 99.
(3) See Exhibit 99.
(4) See Exhibit 99.
(5) See Exhibit 99.
(6) See Exhibit 99.
(7) See Exhibit 99.

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