MEMPHASYS LIMITED. — Capital/Financing Update 2007

Sep 11, 2007

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FOR IMMEDIATE RELEASE

NuSep raises $2.7m under the Share Purchase Offer

SYDNEY, AUSTRALIA – 12[th] September 2007 – NuSep Ltd (ASX: NSP) is pleased to announce that it has raised over $2.7m under the Share Purchase Offer (SPO) that closed on 10[th] September 2007.

The funds from the raising will be used to accelerate the marketing of the Gels into the global market, allow the Company to undertake strategic acquisitions and provide additional working capital.

The SPO shares will be issued post the EGM on 25[th] September 2007. Once these shares have been issued the Company will have a total issued capital of 21.4m ordinary shares.

The Directors are pleased that many small shareholders have taken the opportunity to top up their holding, subject to the approval at the EGM, any Shareholder who holds less than $100 worth of Shares will have their shares acquired under the Unmarketable Parcel Sale Facility (UPSF) at 25 cents.

Mr John Manusu, CEO of NuSep, said, “that the Company was pleased with the level of take up under the SPO by shareholders particularly given the difficult state of the share market. Furthermore the UPSF will reduce the number of small holders on the share registry leading to significant cost saving, money which will be better spent growing the Company”.

The SPO was open to all shareholders giving them the opportunity to apply for up to an additional $5,000 worth of shares (20,000 shares) at an offer price of 25 cents per share. The Shares applied for under the SPO will be allotted at the EGM to be held on 25th September 2007 and the holding statements will be mailed out subsequently.

About NuSep Ltd

NuSep is an Australian BioSeparations company based in Frenchs Forest, Sydney. NuSep manufactures and markets a range of products to BioSeparations customers located worldwide through distribution and sales centres located in Australia, the USA and Europe. NuSep is listed on the Australian Stock Exchange where its shares trade under the code “NSP”.

NuSep currently operates across three product groups, each addressing BioSeparations customers, utilising patented technology and leveraging the company’s global distribution network. The three product groups are as follows:

1. Gels – NuSep offers two ranges of electrophoresis pre-cast gels: iGels, innovative gels including long-life gels and gels with solid well dividers; and NuBlu, high quality gels at an every day price together with associated consumables.

22 Rodborough Road � Frenchs Forest NSW 2086 � Australia � 61.2.8977.9000 � 61.2.8977.9099 fax NuSep Ltd ABN: 33 120 047 556

www.nusep.com

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1. Gradiflow[®] Instruments – NuSep has developed two unique laboratory separation devices based on Gradiflow[®] technology. The first to be released in early 2008 is a proteomics instrument that can separate a biological sample into eight fractions. The second instrument will be applied to sperm separation required for fertility treatments such as IVF. Development of this product is supported by the Australian Government’s Commercial Ready program.

2. Biological Products – in May 2007, the company began manufacturing research grade reagents purified from human and animal plasma. The first product release is a human IgG product.

For more information about NuSep please visit the company’s website www.NuSep.com

Enquiries/additional information:

Prakash Patel Company Secretary NuSep Ltd (02) 8977 9000 cosec@nusep.com

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