MEMPHASYS LIMITED. — Capital/Financing Update 2007

Aug 23, 2007

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FOR IMMEDIATE RELEASE

Extension of Share Purchase Offer by 2 weeks closing on Monday 10 September 2007

SYDNEY, AUSTRALIA – 24[th] August 2007 – NuSep Ltd (ASX: NSP) has agreed to extend the Share Purchase Offer (SPO) until Monday 10th September 2007. NuSep has agreed to extend the offer by two weeks as a number of shareholders have contacted the Company requesting additional time. Further, the Directors want small shareholders to have time to consider their financial options before acquiring their shares under the Unmarketable Parcel Sale Facility (UPSF) at 25 cents given that the shares are currently trading at 33 cents.

Background

Currently NuSep has over 2,500 shareholders who hold less than $100 worth of shares in the Company, which represents approximately 3% of the total shares on issue. The Directors are concerned at the high cost of maintaining these small shareholdings, money which could be better spent growing the Company.

The Directors believe the most efficient way to reduce these costs is to offer all NuSep Shareholders a chance to top up their shareholding via the SPO. Details of the SPO are contained in the Short Form Prospectus dated 8 August 2007.

Any Shareholder who holds less than $100 worth of Shares once the SPO closes will be offered the opportunity to sell their Shares at the SPO price (25 cents) without brokerage. In this way, small Shareholders have the opportunity to either acquire more Shares in NuSep or to sell their Unmarketable Parcels at the same price without paying any brokerage.

The SPO is 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 ($0.25) per share. The UPSF will also be priced at 25 cents per share.

The most recent trading price was 33 cents on 24 August 2007. The Board would encourage all shareholders to consider the Offer to top up their holding at 25 cents.

Please contact the Company Secretary, Prakash Patel on (02) 8977 9000 or by email cosec@nusep.com if you need any further information on the Share Purchase Offer and the Unmarketable Parcel Sale Facility.

The revised timetable is as follows:
Event	Date
Shareholders informed of the Offer	Friday 3 August 2007
Prospectus lodged with the ASIC and ASX.	Wednesday 8 August 2007
Opening Date of Offer	Wednesday 8 August 2007
Closing Date of Offer- revised	Monday 10 September 2007

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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General Meeting to approve the issue of shares issued under this Share Purchase Offer and amendments to the Constitution	Tuesday 25 September 2007
Holding statements dispatched and normal trading commences	Friday 28 September 2007*

• Subject to shareholder approval at the General Meeting to be held on 25 September 2007

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.

2. 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.

3. 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

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