MEMPHASYS LIMITED. — Capital/Financing Update 2009

Jul 28, 2009

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FOR IMMEDIATE RELEASE

NuSep Lodges Supplementary Prospectus

– SYDNEY, AUSTRALIA – 29[th ] July 2009 NuSep (ASX: NSP) wishes to advise the market that it has lodged a supplementary prospectus with ASIC for the Share Purchase Offer. A copy is attached to this release.

Under the original prospectus it was technically possible that the Directors of NuSep would have triggered the 20% takeover provision as a result of their $700,000 Director underwriting. In order to avoid this remote possibility the Company has taken the decision to issue a supplementary prospectus which withdraws the prospectus lodged on 14 July 2009.

As a result of this technical issue the Directors have agreed to reduce their underwriting and have replaced this with other shareholder underwriting. A new prospectus will be lodged in the next few days.

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 8977 9000 Web www.nusep.com Facsimile +61 2 8977 9099 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

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28 July 2009

RE: NuSep Supplementary Prospectus

This is a supplementary prospectus to be read in conjunction with the Prospectus dated 14 July 2009 issued by NuSep Limited.

The Prospectus dated 14 July 2009 has been withdrawn from the market and no offers, issues, sales or transfers of securities have or will be made by the Company under the Prospectus dated 14 July 2009.

The ASIC and the ASX and their respective officers take no responsibility for the contents of this Prospectus or the merits of the investment to which this Prospectus relates.

This Supplementary Prospectus is supplemental to and is to be read together with the Prospectus.

To the extent of any inconsistency between this Supplementary Prospectus and the Prospectus, this Supplementary Prospectus prevails.

DIRECTORS’ CONSENT

This Supplementary Prospectus is issued by the Company and its issue has been authorised by a resolution of the Directors.

In accordance with section 720 of the Corporations Act, each Director has consented to the lodgement of this Supplementary Prospectus with ASIC.

Signed for and on behalf of NuSep Limited

By John Manusu

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Director
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Dated 28 July 2009

NuSep Ltd 324 Burns Bay Rd Lane Cove NSW 2066

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

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