DIMERIX LIMITED — Capital/Financing Update 2010

May 16, 2010

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17 May 2010

The Manager Company Announcements Office Australian Securities Exchange 20 Bridge Street Sydney NSW 2000

COMPLETION OF SHARE PURCHASE PLAN

Sun Biomedical Limited is pleased to announce the successful completion of the 2010 Share Purchase Plan (SPP) and the issue of 534,916,068 shares under the SPP. The details of the SPP are as follows:

• (a) 123,437,500 fully paid ordinary shares at $0.0016 per share have been issued to 53 shareholders to raise $197,500; and

• (b) 411,478,568 fully paid ordinary shares at $0.0016 per share have been issued to Patersons Securities Limited ( Patersons ) or persons nominated by Patersons pursuant to the Underwriting Agreement as approved by shareholders on 6 May 2010.

As a result, the Company has raised a total of approximately $855,866 (before costs) under the SPP that will be used for working capital to identify, assess and pursue potential investment opportunities, some of which have been outlined in the Company’s recent ASX announcements.

It is anticipated that the Company’s Share Registry will dispatch new holding statements to shareholders in relation to the above issues of shares on 14 May 2010.

Yours faithfully

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Alfonso Grillo

Company Secretary

Sun Biomedical Investor Communications ASX:SBN Limited Computershare T: +61 1300 850 505 | F: +61 3 9473 2500 | ABN 18 001 285 230 E: info@sunbiomed.com

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

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 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003, 24/10/2005.

Name of entity

SUN BIOMEDICAL LIMITED

ABN 18 001 285 230

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

1 +Class of+securities issued or to be issued 2 Number of+securities issued or to be issued (if known) or maximum number which may be issued 3 Principal terms of the+securities (eg, if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion)	Ordinary shares.
	534,916,068
	Fully paid ordinary shares.

• See chapter 19 for defined terms.

1/1/2003

Appendix 3B Page 2

4 Do the[+] securities rank equally in all Yes. Ordinary Shares rank pari passu with fully paid respects from the date of allotment ordinary shares on issue. with an existing[+] class of quoted +securities? If the additional securities do not rank equally, please state: the date from which they do the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment 5 Issue price or consideration $0.0016 per ordinary share. 6 Purpose of the issue Ordinary shares issued in accordance with the (If issued as consideration for the Company’s share purchase plan announced 1 April acquisition of assets, clearly identify 2010 and shareholder approval obtained on 6 May 2010. those assets)

17 May 2010.

7 Dates of entering[+] securities into 17 May 2010. uncertificated holdings or despatch of certificates Number 8 Number and +class of all 2,317,969,628 Ordinary Shares +securities quoted on ASX ( including the securities in clause 186,809,656 Options exercisable at $0.02, expiring 30 2 if applicable) November 2010 9 Number and +class of all 4,000,000 Options – exercise price +securities not quoted on ASX 4.5 cents, expiring 31 Dec 2010. ( including the securities in clause 2 if applicable) 20,000,000 Options – exercise price 10 cents, expiring 30 June 2011. 2,000,000 Options – exercise price 2 cents, expiring 15 Sept 2011.

• See chapter 19 for defined terms.

1/1/2003

Appendix 3B Page 3

10 Dividend policy (in the case of a The directors of the Company may from time to time trust, distribution policy) on the determine to distribute the profits of the Company by increased capital (interests) way of dividend amongst the Shareholders in proportion to the amounts paid up on the Shares held by them.

Part 2 - Bonus issue or pro rata issue

11	Is security holder approval
	required?
12	Is the issue renounceable or non-
	renounceable?
13	Ratio in which the+securities will
	be offered
14	+Class of+securities to which the
	offer relates
15	+Record date to determine
	entitlements
16	Will holdings on different registers
	(or subregisters) be aggregated for
	calculating entitlements?
17	Policy for deciding entitlements in
	relation to fractions
18	Names of countries in which the
	entity has+security holders who
	will not be sent new issue
	documents
	Note: Security holders must be told how their
	entitlements are to be dealt with.
	Cross reference: rule 7.7.
19	Closing date for receipt of
	acceptances or renunciations
20	Names of any underwriters
21	Amount of any underwriting fee or
	commission
22	Names of any brokers to the issue

• See chapter 19 for defined terms.

1/1/2003

Appendix 3B Page 4

23 Fee or commission payable to the broker to the issue 24 Amount of any handling fee payable to brokers who lodge acceptances or renunciations on behalf of+security holders 25 If the issue is contingent on +security holders’ approval, the date of the meeting 26 Date entitlement and acceptance form and prospectus or Product Disclosure Statement will be sent to persons entitled 27 If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders 28 Date rights trading will begin (if applicable) 29 Date rights trading will end (if applicable) 30 How do+security holders sell their entitlements_in full_through a broker? 31 How do+security holders sell_part_ of their entitlements through a broker and accept for the balance? 32 How do+security holders dispose of their entitlements (except by sale through a broker)? 33 +Despatch date

• See chapter 19 for defined terms.

1/1/2003

Appendix 3B Page 5

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities

• 34 Type of securities ( tick one )

• (a)[Securities described in Part 1 ]

• (b)[All other securities ]

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

35 If the[+] securities are[+] equity securities, the names of the 20 largest holders of the additional[+] securities, and the number and percentage of additional[+] securities held by those holders

36 If the[+] securities are[+] equity securities, a distribution schedule of the additional +securities setting out the number of holders in the categories

1 - 1,000 1,001 - 5,000 5,001 - 10,000 10,001 - 100,000 100,001 and over

37 A copy of any trust deed for the additional[+] securities

Entities that have ticked box 34(b)

38 Number of securities for which +quotation is sought

39 Class of +securities for which quotation is sought

• See chapter 19 for defined terms.

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Appendix 3B Page 6

40 Do the[+] securities rank equally in all respects from the date of allotment with an existing[+] class of quoted +securities? If the additional securities do not rank equally, please state: the date from which they do the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment 41 Reason for request for quotation now Example: In the case of restricted securities, end of restriction period (if issued upon conversion of another security, clearly identify that other security) Number +Class 42 Number and[+] class of all[+] securities quoted on ASX ( including the securities in clause 38)

• See chapter 19 for defined terms.

1/1/2003

Appendix 3B Page 7

Appendix 3B New issue announcement

Quotation agreement

• 1 +Quotation of our additional +securities is in ASX’s absolute discretion. ASX may quote the +securities on any conditions it decides.

• 2

• We warrant the following to ASX.

• The issue of the +securities to be quoted complies with the law and is not for an illegal purpose.

• There is no reason why those +securities should not be granted +quotation.

• An offer of the +securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any +securities to be quoted and that no-one has any right to return any +securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the +securities be quoted.

• If we are a trust, we warrant that no person has the right to return the +securities to be quoted under section 1019B of the Corporations Act at the time that we request that the +securities be quoted.

• 3 We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.

• 4 We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before +quotation of the +securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

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Sign here: ........................................................ Date: 17 May 2010

Print name: Alfonso Grillo (Company secretary)

m509664_1.DOC/ET

[+] See chapter 19 for defined terms.

24/10/2005 Appendix 3B Page 1