MEMPHASYS LIMITED. — Capital/Financing Update 2008

Apr 27, 2008

FOR IMMEDIATE RELEASE

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NuSep 2008/09 Financial Forecast

SYDNEY, AUSTRALIA – 28 April, 2008 – NuSep (ASX: NSP) is pleased to advise the market of its 2008/09 forecast. This forecast is based on the Company’s 2008/09 budget and reflects the significant increase in Gels sales the company has seen over the last six months.

	07/08 1st Half	07/08 2nd Half	08/09 Year
Sales	$0.7m	$1.3m	$9.8m
Gross Margin	($0.3m)	$0.5m	$5.9m
G&A/R&D	($2.3m)	($2.5m)	($4.6m)
Profit(Loss) before Interest	($2.6m)	($2.0m)	1.3m

Management Comments and Assumptions

Over the last 6 months NuSep has increased its market share of the US precast gels market from less than 1% to over 5%. This is a significant increase and is due to the increased sales and marketing activities, particularly since January 08 and the establishment of our own distribution and sales office in Atlanta in April this year.

Gel Sales

The 2008/09 numbers are based on increasing NuSep’s US market share from the current 5% level to 12%. The Company will launch a number of new products over the next year and believes that while the forecast is aggressive, it is an achievable target.

MF10 Sales

In addition to the above Gels sales growth, NuSep has recently launched its MF10 into the proteomics market. The Company expects to take delivery of its first MF10 production units in May 2008 shipping these to customers in June 2008. There has been significant interest in this new separations device. The Company expects to sell 300 of these units in the 2008/09 year. In addition to device sales, the MF10 will also generate ongoing consumables sales.

SpermSep Sales

NuSep has successfully completed its first SpermSep clinical trial. This trial showed that the SpermSep device is as least as safe as the existing sperm isolation process. Furthermore, there were 3 pregnancies and two live births to date in the SpermSep arm of the trial compared to none in the existing process arm of the trial. NuSep will start a clinical trial in June 2008 to validate the disposable cartridge and confirm the level of reduced DNA damage using the SpermSep. NuSep expects to complete this study by 31 December 2008, with sales commencing in the April quarter 2009. The Company has budgeted to sell 60 SpermSep units in the 2008/09 year.

General Expenses

General expenses are expected to grow in line with sales. Further improvements in the Gel production are expected, but have not been factored into the above numbers. R&D expenditure is anticipated to fall once the next SpermSep clinical trial is competed. Selling expenses have been increased and largely balance off the lower R&D expenditure. NuSep recently announced a 14% Converting Note issue. The above forecast does not include any interest expense as the

NuSep Ltd 22 Rodborough Rd Frenchs Forest NSW 2086	Postal Address P.O. Box 6126 Frenchs Forest NSW 2086	Contact Details Telephone+61 2 8977 9000 Facsimile +61 2 8977 9099	Emailinfo@nusep.com Webwww.nusep.com ABN33 120 047 556

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number of notes is unknown at this stage. No allowance has been made for tax as the Company has sufficient tax losses to cover the projected profit of $1.3m.

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

Forward Looking Statements:

This press release contains forward-looking statements include all of the statements relating to NuSep’s forecasted operating results and metrics for fiscal 2008/2009; statements regarding the anticipated benefits of our products, technologies, and services relative to the offerings of our competitors. These forward-looking statements involve risks and uncertainties, and actual results could vary. Important factors that could cause actual results to differ materially from those in the forward-looking statements include general economic and industry conditions, including expenditure trends for bioseparations products; risks associated with the anticipated growth in the bioseparations markets; our ability to deliver new products; competition risks, including our ability to design products that compete effectively from a price and performance perspective; risks with new product introductions; our ability to accurately forecast demand for our products;

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our ability to expand our direct sales operations; risks associated with international operations; our ability to successfully acquire and integrate complementary businesses and technologies; foreign currency exchange rate fluctuations; and other important factors as described in NuSep reports and documents filed from time to time with the Australian Securities Exchange. We disclaim any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.