MEMPHASYS LIMITED. — Capital/Financing Update 2007

Aug 6, 2007

==> picture [163 x 54] intentionally omitted <==

FOR IMMEDIATE RELEASE

NuSep Announces it’s First Strategic Investment in the Monoclonal Area

SYDNEY, AUSTRALIA – 7 August 2007 – NuSep Ltd (ASX: NSP) today announced that the company has made a strategic investment in Minomic International (‘Minomic’). Minomic is a Sydney based company that uses proteomic methods to identify biomarkers for specific medical disorders.

As a result of this investment NuSep now has a 16.5% shareholding in Minomic. NuSep has also entered into an agreement with Minomic that gives NuSep an exclusive right for a period of 6 months to negotiate a manufacturing agreement and separately a marketing agreement for their diagnostic kits. The lead product covered by this agreement is a urine test for prostate cancer.

Mr John Manusu, CEO of NuSep, said, “This is an important strategic investment for NuSep as we develop the company’s offering of biological products. These tests are an exciting development and commercially relevant given the prevalence of prostate cancer and the disadvantages of the diagnostic tests currently available. This product represents a ready fit for the company’s present capabilities and future direction”.

Investment Rational

As previously announced the company is seeking to expand the products it can sell through its global distribution to its Bioseparation customers using NuSep’s technology platform.

NuSep’s business expansion into monoclonal antibodies is a logical extension of its current biological products offering. NuSep’s Bioseparation customers are significant users of monoclonal antibodies. Further, NuSep’s technology gives it a manufacturing cost and quality advantage and these products will be distributed via the Company’s global distribution system.

Approximately one fourth of all biotechnology products being developed in the biotechnology industry are based on monoclonal antibodies. There is considerable value in both the supply of antibodies and manufacturing products that utilise monoclonal antibody technology. Antibodies are used in academic research as well as the biotech, diagnostic and pharmaceutical industries.

NuSep has the proprietary technology base to develop and manufacture diagnostic products for Minomic at its Frenchs Forest facility.

Separately, the Company is actively evaluating a number of potential US based acquisitions in the monoclonal area. NuSep is assessing potential targets on the basis of the fit with the existing business; sales growth; and return on funds employed.

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

– 2 –

Prostate Cancer

Prostate cancer is the most common form of cancer among males, with one in every ten men in Australia developing the disease[1] . The current blood test for prostate cancer measures levels of prostate-specific antigen (PSA). When the reading is high, a biopsy is then required in order to determine whether the cancer is actually present. One of the major drawbacks with PSA is that it has a high false positive rate (up to 75%) resulting in a high level of unnecessary biopsies. If successful, the Minomic test will reduce the need for invasive examinations and biopsies by reducing this high false positive rate.

The market for PSA testing is currently estimated at more than 25 million tests per year globally, costing around US$450 million[2]

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. Electrophoresis gels – NuSep offers two pre-cast gel ranges: 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 – NuSep supplies research grade reagents purified from human and animal plasma. The first product, human IgG was released in May 2007.

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

Enquires/Additional information:

NuSep Ltd Prakash Patel Company Secretary (02) 8977 9000

# # # #

1 Australian Prostate Foundation ; www.prostate.org.au/disease.htm

2 Clinical Data Inc www.clda.com, specifically

http://www.clda.com/uploads/CLINICAL%20DATA%20SIGNS%20MASTER%20DISTRIBUTION%20AGREEMENT%20FOR%20NE W%20PSA%20ASSAY%20WITH%20DAIICHI%20PURE%20CHEMICALS.pdf