MEMPHASYS LIMITED. — Capital/Financing Update 2009

Jul 28, 2009

FOR IMMEDIATE RELEASE

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NuSep Confirms $1m Underwriting of SPO

– SYDNEY, AUSTRALIA – 29[th] July 2009 NuSep (ASX: NSP) wishes to advise the market that it has secured a commitment to underwrite $1m of the Share Purchase Offer (SPO) from existing shareholders and Directors of NuSep.

Under the original underwriting agreement the Directors of NuSep had agreed to underwrite $700,000 of the $1m underwriting commitment. While this showed the Directors support of NuSep it also created the technical possibility that the Directors would have breached the 20% takeovers provision of the Corporations Act. In order to avoid this remote possibility the Directors have reduced their underwriting commitment to $225,000.

The Board is pleased to announce that the remaining $475,000 underwriting commitment has been taken up by a number of existing shareholders of NuSep, ensuring the Company of the $1m underwriting commitment of the SPO. The Directors wish to confirm that they still fully support the Company and will be taking up their SPO entitlements to the extent allowed under the law. Executive Chairman John Manusu said “It is pleasing to note the level of support we have received from our shareholders in this SPO. The company is operationally doing well and this support from both the shareholders and the Board of Directors bodes well for our future”.

NuSep will lodge a new SPO prospectus in the next few days and will update the market on the date for the Extraordinary General Meeting to approve the SPO and the Director underwriting agreement at that time.

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.

Postal Address P.O. Box 823 Lane Cove NSW 1595

Contact Details Email info@nusep.com Telephone +61 2 8977 9000 Web www.nusep.com Facsimile +61 2 8977 9099 ABN 33 120 047 556

NuSep Ltd 324 Burns Bay Rd Lane Cove NSW 2066

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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.

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