MEMPHASYS LIMITED. — Capital/Financing Update 2008

Sep 16, 2008

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FOR IMMEDIATE RELEASE

Unsolicited offer to Acquire/License the Gels Business update

SYDNEY, AUSTRALIA – 17 September, 2008 – The Board of NuSep (ASX: NSP) wishes to update the market on the recently received unsolicited offer to acquire/license the Gels business as announced to the market on 23 June 2008.

The Board has conducted a thorough evaluation of this original offer plus a number of additional expressions of interest it later received for this division. Based on this evaluation, the Board has resolved to license its gel technology as this will provide the greatest return to shareholders.

It is the Board’s view that the future of the Company lies in the commercialisation of the MF10 and the SpermSep instruments. By licensing the gel technology the Company expects to be able to fund the sales growth of the MF10 and the clinical trials of the SpermSep without calling on additional funding from shareholders. In addition to this, it is envisaged that the licensing deal will generate an ongoing royalty fee.

The Company is negotiating terms and expects to be able to report back to shareholders within the next 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 offers two precast gel ranges: iGels, innovative gels including long life gels with a 2 year shelf life: and NuBlu, high quality gels at an everyday price.

• 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.

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

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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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