MEMPHASYS LIMITED. — Capital/Financing Update 2007

Aug 2, 2007

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FOR IMMEDIATE RELEASE

Share Purchase Offer and Unmarketable Parcel Sale Facility and Notification of EGM

SYDNEY, AUSTRALIA – 3[rd] August 2007 – NuSep Ltd (ASX: NSP). Currently over 2,500 of the Company’s 4,500 shareholders hold less than $100 worth of shares in NuSep, representing approximately 3% of the Company’s issued capital. The Directors are concerned at the high cost of maintaining these small shareholdings, money which can be better spent on growing the Company.

In order to allow these shareholders to either increase or sell their shareholding, the Directors are pleased to announce that the Company is intending to offer a Share Purchase Offer (SPO) and an Unmarketable Parcel Sale Facility (UPSF). This SPO and UPSF will enable shareholders who hold less than $100 worth of shares to top up or dispose of their unmarketable parcels without incurring any brokerage.

A Prospectus for the SPO will be made available when the shares are offered and anyone who wishes to acquire shares will need to complete the application form that will be in or will accompany the Prospectus. The SPO will be offered to all shareholders giving them the opportunity to apply for up to an additional $5,000 worth of shares at an offer price of 25 cents ($0.25) per share. The UPSF will also be priced at 25 cents per share.

The Directors have agreed to underwrite the UPSF by acquiring all shares offered for sale under the UPSF.

The Company intends to hold an Extraordinary General Meeting on 12[th] September 2007 to approve the necessary changes to its constitution for this UPSF to proceed.

A Prospectus will be mailed to all shareholders and will include the SPO application form and a Notice of Meeting. All shareholders who hold less than a marketable parcel will also receive a form notifying them of their shareholding and providing them with an opportunity to retain their shares.

The proposed timetable is as follows:

Event	Date
Record Date to determine Unmarketable Parcel	3 August 2007
Offer opening date	7 August 2007
Offer closing date	24 August 2007
Extraordinary General Meeting	12 September 2007
Date by which shareholders must give notice they wish to retain their unmarketable parcel shareholding	25 September 2007

For further information please contact the Company Secretary, Prakash Patel on (02) 8977 9000.

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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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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