MEMPHASYS LIMITED. — Capital/Financing Update 2008

Oct 9, 2008

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FOR IMMEDIATE RELEASE

First Sale of the High Margin MF10 in the US

SYDNEY, AUSTRALIA – 10 October, 2008 – NuSep (ASX: NSP) is pleased to advise that it has achieved the first US sale of the MF10 protein separation instrument. The MF10 is a unique product generating a gross margin 7 time that of the Gels Division.

The list price for the MF10 is US$10,000 and NuSep expects to sell a further US$5,000pa per unit in related consumable sales. NuSep is budgeting to sell 200 MF10 in the 08-09 Financial Year and 300 in the next 12 months.

There has been significant interest in the MF10 which NuSep believes along with the SpermSep will drive the Company’s future sales and profits. “This is a significant development for NuSep as it opens up a second and highly profitable part of our business” said Dr Hari Nair, Managing Director of NuSep.

The first production units of the MF10 were manufactured by NuSep during the week of 29[th] September and shipped to our US facility on Friday 3[rd] October 2008. The first US sale occurred on Tuesday 7[th] October 2008. NuSep expects to ship 10 units this month.

About NuSep

NuSep (ASX: NSP) is a publicly listed life sciences company that sells products into the global bioseparations market. The company has offices in both Sydney, Australia and Atlanta, USA.

With a 30 year heritage in biological separations, NuSep has forged a world class reputation for its innovative yet simple biological separation techniques including the world’s first IVF sperm separation device. In short NuSep has redefined the BioSeparations market through innovation and simplification.

NuSep’s world renowned research team has developed an extensive portfolio of patented products. In all, NuSep currently manufactures, distributes and sells 55 products to customers in the USA, Europe, Asia and Australia.

NuSep Products:

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• Gels – NuSep manufactures and sells precast gels including the innovative iGels, with a 2 year shelf life.

• Separation Instruments – NuSep has developed two unique biological separation instruments. The first instrument released in February 2008 can separate biological samples into 8 fractions for use in the proteomic market. The second instrument separates sperm for fertility treatments such as IVF and is presently undergoing clinical trials and is supported by a $2.2m AusIndustry Commercial Ready Grant.

NuSep Ltd Postal Address Contact Details Email info@nusep.com 22 Rodborough Rd P.O. Box 6126 Telephone +61 2 8977 9000 Web www.nusep.com Frenchs Forest NSW 2086 Frenchs Forest NSW 2086 Facsimile +61 2 8977 9099 ABN 33 120 047 556

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Biological Products – NuSep supplies research grade biological products manufactured using its unique separation technologies. These products include human IgG and Albumin.

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

Contact: Prakash Patel Chief Financial Officer & Company Secretary +61 2 8977 9000 prakash.patel@nusep.com