AVECHO BIOTECHNOLOGY LIMITED — Director's Dealing 2007

Sep 24, 2007

25 September 2007

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The Manager Company Announcements Office Australian Stock Exchange 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.

Yours faithfully Phosphagenics Limited

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per Mourice Garbutt Company Secretary poh\asx\3y mdp25 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 5 JULY 2005 (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

Appendix 3Y Change of Director’s Interest Notice

Annexure “A” to Appendix 3Y 25 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 25/09/07

Entitlement and Registered Holder	Previous Appendix 3Y 05/07/05	Present Appendix 3Y 25/09/07
Michael DavidPRESTON
entitlementheld by:
• Self	1,581,773	1,476,773
• Michael& Sherri PRESTON	790,886	790,886
Total Entitlement	2,372,659	2,267,659
Total issued Shares	499,883,476	603,440,906
Percentage Entitlement	0.474%	0.375%

Movements:

1	Michael PRESTON
	Balance, per Appendix 3Y, 05/07/05	1,581,773
	LESS On-market sales in normal course of trading:
	19/09/07 at26.5 cents	-25,000
	20/09/07 at25.0 cents	-25,000
	21/09/07 at25.0 cents	-25,000
	24/09/07 at24.5 cents	-30,000
	Total Disposals	-105,000
	Balance, per Appendix 3Y, 25/09/07	1,476,773
2	Michael & Sherri PRESTON
	Balance, per Appendix 3Y, 05/07/05	790,886
	NO CHANGE	-
	**Balance, per Appendix3Y, 25/09/057 **	790,886

COMMENTS:

1. Mr Preston has a legal and beneficial entitlement to the 1,476,773 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 25 09 07

• See chapter 19 for defined terms.

11/3/2002

Appendix 3Y