IMPEDIMED LIMITED — Capital/Financing Update 2007

Oct 23, 2007

24 October 2007

ASX ANNOUNCEMENT/MEDIA RELEASE

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Impedimed Limited set for ASX debut

BRISBANE, Queensland : After closing its initial public offer oversubscribed, Australian medical device company ImpediMed Limited (ASX: IPD) will list today on the Australian Stock Exchange.

Impedimed’s primary focus is the development and commercialisation of a range of medical devices that can be used by clinicians to detect Lymphoedema in breast cancer survivors on average four months earlier than current clinical practice.

ImpediMed has the only medical device with an FDA clearance in the United States for the clinical assessment by Health Care Providers of secondary lymphoedema in the arm. This device is targeted to be launched internationally before the end of the year with an estimated global market for the company’s lymphoedema products, based on the widespread adoption of a new pre-emptive care model, of US$4.4 billion for device sales and approximately US$500 million in annual consumables.

Of the $18,000,000 raised through the company’s IPO, 75% of the available shares were taken up by institutional and professional investors. The institutional demand included significant stakes taken by Macquarie Private Equity ($4M) and Orbis Capital ($3.6M), while the company’s venture backers Starfish Ventures of Melbourne and Versant Ventures of California added to their existing stakes in the company investing a further $4.2M.

ImpediMed Chairman Mel Bridges said proceeds raised from the float would be used primarily to advance ImpediMed’s commercialisation program for its devices and penetrate new medical markets in Australia and overseas.

“The $18M in funds raised through the IPO follows investments of $20 million injected in the company to date, and will be applied with a focus on building on the company’s substantial commercialisation progress to date, to develop the global market for devices focused on the clinical assessment of Lymphoedema in cancer survivors,” said Mr Bridges.

The company has the only medical device (Imp XCA) with an FDA clearance in the United States for the clinical assessment by health care providers of secondary lymphoedema in the arm.

“Distribution partners have been appointed to support the United States and European launch of the Imp XCA device later this year and additional distribution agreements are currently being negotiated,” said Mr Bridges.

The company, led by CEO Greg Brown, has an experienced management team with international experience in successfully introducing medical devices to global markets and is supported by a strong Board of Directors with significant health care industry experience. The board is made up by Mel Bridges (chair), Dr. Cherrell Hirst, Martin Kriewaldt, James Hazel and Dr. Michael Panaccio.

ImpediMed’s prospectus can be found at www.impedimed.com.

ENDS

For more information contact:

Mel Bridges ImpediMed Limited - Chairman Office: +61-7-3423-1777 Greg Brown ImpediMed Limited - CEO Office: +61-7-3423-1777 John Lamont Phillips Group – Media Relations Mobile: +61-408-737-450

• About ImpediMed Limited:

ImpediMed Limited was incorporated in 1999 by The University of Queensland’s main technology commercialisation company, UniQuest Pty Ltd. The Brisbane-based company began operations in 2000 to commercialise technology developed by researchers from the University of Queensland and the Queensland University of Technology.

ImpediMed Limited develops and globally markets medical device systems for use in noninvasive screening and monitoring of human disorders and diseases.

ImpediMed’s primary product range consists of a number of medical devices that enable the early detection and monitoring of secondary lymphoedema in cancer survivors before the onset of symptoms that are detectable using the most commonly used clinical technique.

ImpediMed has the only medical device with an FDA clearance in the United States for the clinical assessment by Health Care Providers of secondary lymphoedema in the arm. This device is targeted to be launched internationally before the end of the year.

www.impedimed.com