AVECHO BIOTECHNOLOGY LIMITED — Director's Dealing 2008

May 25, 2008

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26 May 2008

THE MANAGER COMPANY ANNOUNCEMENTS OFFICE ASX LIMITED

Dear Sirs

re : PHOSPHAGENICS LIMITED

DIRECTORATE – MR M D PRESTON

Attached for release to the market is the Appendix 3Z for Mr M D Preston, a director who retired by rotation at the Annual General Meeting held on Friday 23 May 2008 and who did not seek re-election.

Yours faithfully

Phosphagenics Limited

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per Mourice Garbutt Company Secretary poh\asx\3z mdp letter 26 05 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 3Z Final Director’s Interest Notice

Rule 3.19A.3

Appendix 3Z

Final 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.3 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of director	PRESTON, Michael D
Date of last notice	28 SEPTEMBER 2007(APPENDIX 3Y)
Date that director ceased to be director	23 MAY 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 securities1SELF2JOINT HOLDINGM D & S PRESTON		ORDINARYSHARES1,381,773790,886	ORDINARYSHARES1,381,773790,886
				2,172,659

• See chapter 19 for defined terms.

Appendix 3Z Page 1

11/3/2002

Appendix 3Z Final Director’s Interest Notice

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

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.

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 interestNote: Provide details of the circumstances giving rise tothe relevant interest	Number & class of securities

Part 3 – Director’s interests in contracts

Detail of contract Nature of interest Name of registered holder (if issued securities) No. and class of securities to which interest relates

• See chapter 19 for defined terms.

Appendix 3Z Page 2

11/3/2002