MEMPHASYS LIMITED. — Capital/Financing Update 2008

Jul 7, 2008

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FOR IMMEDIATE RELEASE

NuSep Raises $1.75m via SPP and Placement

SYDNEY, AUSTRALIA – 8 July, 2008 – NuSep (ASX: NSP) is pleased to announce that it has raised $1.75m via the recent Share Purchase Plan and an associated share placement.

Over $900,000 of this was raised via the Share Purchase Plan which closed on Monday 23 June 2008. The balance of $850,000 was raised via a share placement to a number of sophisticated investors and DFS Equities.

DFS Equities have also written a research report on NuSep. Shareholders who wish to obtain a copy of this report should contact DFS Equities at +61 2 9268 0250.

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.

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

Postal Address P.O. Box 6126 Frenchs Forest NSW 2086

Contact Details Telephone +61 2 8977 9000 Facsimile +61 2 8977 9099

Email info@nusep.com Web www.nusep.com ABN 33 120 047 556

NuSep Ltd 22 Rodborough Rd Frenchs Forest NSW 2086