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 *
CENTELLA LAWRENCE J
   2. Issuer Name and Ticker or Trading Symbol
NEPHROS INC [NEPH.OB] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
C/O NEPHROS, INC., 41 GRAND AVENUE		 3. Date of Earliest Transaction (Month/Day/Year)
03/24/2011
(Street)

RIVER EDGE, NJ US 07661		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ 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               1,420 (1) D  

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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
Non-qualified stock option (right to buy) $ 0.51 03/24/2011   A   60,000     (2) 03/24/2021 Common Stock 60,000 $ 0 60,000 D  
Non-qualified stock option (right to buy) $ 19 (1)               (3) 01/08/2020 Common Stock 1,000 (1)   1,000 (1) D  
Non-qualified stock option (right to buy) $ 26.8 (1)               (4) 05/22/2017 Common Stock 500 (1)   500 (1) D  
Non-qualified stock option (right to buy) $ 51.4 (1)               (5) 02/02/2016 Common Stock 500 (1)   500 (1) D  
Non-qualified stock option (right to buy) $ 74 (1)               (6) 04/26/2015 Common Stock 500 (1)   500 (1) D  
Non-qualified stock option (right to buy) $ 96 (1)               (7) 12/14/2014 Common Stock 250 (1)   250 (1) D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
CENTELLA LAWRENCE J
C/O NEPHROS, INC.
41 GRAND AVENUE
RIVER EDGE, NJ US 07661		   X      

Signatures

 /s/ Lawrence J. Centella   03/28/2011
**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) Reflects a twenty-for-one stock split effected on March 11, 2011.
(2) On March 24, 2011, the Company granted Mr. Centella an option to purchase 60,000 shares of common stock of the Company under the Company's 2004 Equity Incentive Plan. The option vested immediately with respect to 24,000 shares. The remainder of the option vests in annual installments of 12,000 shares on each of the first, second and third anniversary of the grant date.
(3) On January 8, 2010, the Company granted Mr. Centella an option to purchase 20,000 shares of common stock of the Company under the Company's 2004 Equity Incentive Plan. The option vested immediately with respect to 6,667 shares. The remainder of the option vests in annual installments of 6,667 shares on the first anniversary of the grant date, and 6,666 shares on the second anniversary of the grant date.
(4) On May 22, 2007, the Company granted Mr. Centella an option to purchase 10,000 shares of common stock of the Company under the Company's 2004 Equity Incentive Plan. The option has vested with respect to all of the shares.
(5) On February 2, 2006, the Company granted Mr. Centella an option to purchase 10,000 shares of common stock of the Company under the Company's 2004 Equity Incentive Plan. The option has vested with respect to all of the shares.
(6) On April 26, 2005, the Company granted Mr. Centella an option to purchase 10,000 shares of common stock of the Company under the Company's 2004 Equity Incentive Plan. The option has vested with respect to all of the shares.
(7) On December 14, 2004, the Company granted Mr. Centella an option to purchase 5,000 shares of common stock of the Company under the Company's 2004 Equity Incentive Plan. The option has vested with respect to all of the shares.

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