AVECHO BIOTECHNOLOGY LIMITED — Director's Dealing 2007

Sep 30, 2007

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28 September 2007

THE MANAGER COMPANY ANNOUNCEMENTS OFFICE ASX LIMITED

Dear Sir

Phosphagenics Limited

Change of Director’s Interest Notice – Mr M D Preston

Attached for release to the market is an Appendix 3Y Notice advising of variations in the entitlement to the Company’s ordinary fully paid shares of Mr M D Preston.

Mr Preston has advised that this sale of 95,000 shares completes the order for the sale of 200,000 shares.

Yours faithfully

Phosphagenics Limited

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per Mourice Garbutt Company Secretary poh\asx\3y mpd 28 09 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 PRESTON, Michael David

Date of last notice 25 SEPTEMBER 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 relevantinterest.	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	Nil - Refer Annexure “A”
Number disposed	Nil - Refer Annexure “A”
Value/Consideration Note: If consideration is non-cash, provide details and estimatedvaluation	Nil - 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 inbuy-back	Refer Annexure “A”

• See chapter 19 for defined terms.

11/3/2002

Appendix 3Y

Appendix 3Y Change of Director’s Interest Notice

Part 2 – Change of director’s interests in contracts

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	NONE
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

• See chapter 19 for defined terms.

11/3/2002

Appendix 3Y

Annexure “A” to Appendix 3Y 28 September 2007

This is the Annexure “A” of one page referred to in the Appendix 3Y Notice (Change of director’s interest) for Michael David PRESTON dated 28/09/07

Entitlement and Registered Holder	Present Appendix 3Y 28/09/07	Previous Appendix 3Y 25/09/07
Michael David PRESTON
entitlement held by:
• Self	1,381,773	1,476,773
• Michael & Sherri PRESTON	790,886	790,886
Total Entitlement	2,172,659	2,267,659
Total issued Shares	603,440,906	603,440,906
PercentageEntitlement	0.36%	0.375%

Movements:

1	Michael PRESTON
	Balance, per Appendix 3Y, 25/09/07	1,476,773
	LESS On-market sales in normal course of trading:
	26/09/07 at 25.0 cents[completion of order]	-95,000
	Total Disposals	-95,000
	Balance, per Appendix 3Y, 28/09/07	1,381,773
2	Michael & Sherri PRESTON
	Balance, per Appendix 3Y, 25/09/07	790,886
	NO CHANGE	-
	Balance, per Appendix 3Y, 28/09/057	790,886

COMMENTS:

• 1 Mr Preston has a legal and beneficial entitlement to the 1,381,773 shares in the capital of Phosphagenics Limited and as registered in his name in the Register of Members.

2 Mr Preston has an entitlement to the 790,886 shares in the capital of Phosphagenics Limited as registered jointly with his spouse, Mrs S Preston, in the Register of Members.

p\asx\3y mdp 28 09 07

• See chapter 19 for defined terms.

11/3/2002

Appendix 3Y