AVECHO BIOTECHNOLOGY LIMITED — Director's Dealing 2008

Jul 7, 2008

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8 July 2008

THE MANAGER COMPANY ANNOUNCEMENTS OFFICE ASX LIMITED

Dear Sirs

re : PHOSPHAGENICS LIMITED

Appointment of Director: Mr M R D Ashton Appendix 3X Notice

Further to this mornings announcement of the appointment of Mr M R D Ashton as a Non-Executive Director of Phosphagenics Limited.

Attached for release to the market is an Appendix 3X Notice advising of Mr Ashton’s exiting entitlement to the issued securities of the Company.

Yours faithfully

Phosphagenics Limited

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per Mourice Garbutt Company Secretary p\asx\3x ma 08 07 08

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 3X Initial Director’s Interest Notice

Rule 3.19A.1

Appendix 3X

Initial 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.1 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	MICHAEL ASHTON
Date of appointment	08 JULY 2008

Part 1 - Director’s relevant interests in securities of which the director is the registered holder

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.

Number & class of securities

REFER ANNEXURE “A”

• See chapter 19 for defined terms.

Appendix 3X Page 1

11/3/2002

Appendix 3X Initial Director’s Interest Notice

Part 2 – Director’s relevant interests in securities of which the director is not the registered holder

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

	Name of holder & nature of interest Note: Provide details of the circumstances giving rise to the relevant interest.	Number & class of Securities REFER ANNEXURE “A”

Part 3 – 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	NOT APPLICABLE
Nature of interest
Name of registered holder (if issued securities)
No. and class of securities to which interest relates

p\asx\3x ma 08 07 08

• See chapter 19 for defined terms.

Appendix 3X Page 2

11/3/2002

Appendix 3X Initial Director’s Interest Notice

Annexure “A” Michael Richard Dwyer ASHTON

APPENDIX 3X 08 JULY 2008

Legal and/or Beneficial Entitlement to Phosphagenics Limited securities

Michael R D ASHTON ISSUED SECURITIES PERCENTAGE ENTITLEMENT	SHARES POH OPTIONS POHOB TOTAL
	100,000 - 100,000 663,542,406 59,630,948 0.0151% N/A

COMMENTS:

• 1 Mr Ashton was appointed to the Board of Directors of Phosphagenics Limited on 08 July 2008.

• 2 At the date of his appointment, 08 July 2008, Mr Ashton was the legal and beneficial holder of the 100,000 ordinary Phosphagenics Limited shares previously registered in his name in the Register of Members.

p\asx\3x ma 08 07 08

• See chapter 19 for defined terms.

Appendix 3X Page 3

11/3/2002