MEMPHASYS LIMITED. — Capital/Financing Update 2009

Sep 13, 2009

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FOR IMMEDIATE RELEASE

NuSep Raises $3.75m following Directors conversion of $950,000 Debt into Shares

– SYDNEY, AUSTRALIA – 14[th] September 2009 NuSep (ASX: NSP) is pleased to announce that as part of its Share Purchase Offer (SPO) the current Directors have agreed to convert their $950,000 of loans into shares. This loan conversion will mean that NuSep has raised a total of $3.75m under this SPO.

The Directors believe that it is in the best interests of the Company to use the $2.8m raised under the SPO to grow the existing business rather than paying out Director loans. For this reason the current Directors have agreed to convert their loans into shares under the terms of the SPO. By converting their $950,000 of loans into shares the Directors will also significantly enhance NuSep’s balance sheet.

This conversion will require shareholder approval, which will be sought at the Company’s AGM to be held on Friday 27 November 2009.

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 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.

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

Contact Details Email info@nusep.com Telephone +61 2 9427 8384 Web www.nusep.com Facsimile +61 2 9427 8614 ABN 33 120 047 556

NuSep Ltd Postal Address 324 Burns Bay Rd P.O. Box 823 Lane Cove NSW 2066 Lane Cove NSW 1595

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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