AVECHO BIOTECHNOLOGY LIMITED — Director's Dealing 2007

Dec 9, 2007

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10 December 2007

THE MANAGER COMPANY ANNOUNCEMENTS OFFICE ASX LIMITED

Dear Sir

Phosphagenics Limited Appendix 3Y - Change of Director’s Interest Notice Mr H Rosen

Attached for release to the market is an Appendix 3Y Notice advising of an increase in the entitlement of Mr Harry Rosen to the Company’s ordinary fully paid shares. Such change in interest occurring on Friday 7 December 2007 and arising from the purchase on-market of 96,293 ordinary fully paid Phosphagenics Limited shares at A$0.225.

Yours faithfully Phosphagenics Limited

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per Mourice Garbutt Company Secretary p\asx\3y hr 10 12 07

Phosphagenics Limited

ACN 056 482 403 ABN 32 056 482 403

Level 2, 90 William Street Melbourne VIC 3000 Telephone: 61 3 9605 5900 Facsimile: 61 3 9605 5999 Web page: www.phosphagenics.com Email: info@phosphagenics.com

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity PHOSPHAGENICS LIMITED ABN 32 056 482 403

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director ROSEN, Harry

Date of last notice 30/05/2007 (Appendix 3Y)

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	REFER ANNEXURE “A”
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	REFER ANNEXURE “A”
Date of change	REFER ANNEXURE “A”
No. of securities held prior to change	REFER ANNEXURE “A”
Class	REFER ANNEXURE “A”
Number acquired	REFER ANNEXURE “A”
Number disposed	NOT APPLICABLE
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	REFER ANNEXURE “A”
No. of securities held after change	REFER ANNEXURE “A”
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	REFER ANNEXURE “A”

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

Part 2 – Change of director’s interests in contracts REFER ANNEXURE “A”

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract Nature of interest Name of registered holder (if issued securities) Date of change No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed Interest acquired Interest disposed Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation Interest after change

10 December 2007

p\asx\hr 3y 10 12 07

• See chapter 19 for defined terms.

Appendix 3Y Page 3

11/3/2002

APPENDIX 3Y Annexure “A” page 1 10 December 2007

Schedule of Directors Interests

COMPANY NAME : PHOSPHAGENICS LIMITED

DIRECTOR’S NAME: HARRY ROSEN

ASX CODE	PRESENT 3Y (10/12/07)	PRESENT 3Y (10/12/07)	PREVIOUS 3Y (30/05/07)	PREVIOUS 3Y (30/05/07)
	SHARES	OPTIONS	SHARES	OPTIONS
	POH	POHB	POH	POHOB
Name of Registered Holder
H Rosen	-	2,675,000	-	2,675,000
Paroha Nominees PtyLtd	61,367,143	1,250,000	61,367,143	1,250,000
Paroha Nominees Pty Ltd (Superannuation A/c)	2,809,293	1,125,000	2,713,000	1,125,000
TOTAL ENTITLEMENTS:	64,176,436	5,050,000	64,080,143	5,050,000
Issued Securities- POH	603,440,906	59,630,948	603,439,181	59,632,673
Percentage Entitlement	10.63%	8.47%	10.62%	8.46%

COMMENTS:

Mr Rosen has an interest in and an entitlement to the above securities for the following reason(s):

• 1 Self

as above – legal and beneficial holder of those securities registered in his name

2 Paroha Nominees Pty Ltd Mr Rosen is a director of Paroha Nominees Pty Ltd and holds an interest in excess of 20 per cent in Paroha Nominees Pty Ltd

3 Paroha Nominees Pty Ltd Mr Rosen may be a beneficiary under the (Superannuation A/c) Superannuation Plan of which Paroha Nominees Pty Ltd is the Trustee Movements:

1 Self 2 Paroha Nominees Pty Ltd 3 Paroha Nominees Pty Ltd (Superannuation A/c) Ordinary Shares Balance, per Appendix 3Y, 28 May 2007 PLUS: On-market acquisition @ 22.5 cents a share during normal trading of the ASX Limited Balance, per Appendix 3Y, 10 December 2007 Movement as a percentage of issued ordinary shares poh\asx\hr 3y 10 12 07	no change no change 2,713,000 96,293
	2,809,293
	0.16%