MEMPHASYS LIMITED. — Capital/Financing Update 2009

Jul 1, 2009

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FOR IMMEDIATE RELEASE

NuSep Gels Business Achieves Profitability And Announcement of a Share Purchase Plan

– SYDNEY, AUSTRALIA – 2[nd ] July 2009 NuSep (ASX: NSP) Further to the appointment of Mr W Spee as a Non Executive Director of NuSep the Company wishes to advise that its Gels Division is now profitable and generating a positive cashflow for the business.

Gels Division Achieves Profitability

The Board of NuSep has concentrated on reducing costs and increasing sales, particularly of its Gels and MF10 instrument, since Nov 2008, in preparation for its planned spin out following the proposed acquisition of NxGen. An increased manufacturing pass rate to 90% has contributed to the success of the Gels division in making a profit together with significant forward orders from the multinational ThermoFisher group and further growth in direct sales orders for the gels.

As a result of this turnaround in the Gels Division NuSep is now cashflow positive. While this is a significant step forward, the failure of the proposed acquisition of NxGen and spin out of the current NuSep business into a new entity has been a significant disappointment. The Board of NuSep accepts that this was not the investment that the market or its shareholders wanted, particularly given the negative press surrounding the AMI Group during the capital raising period.

NuSep will provide a more detailed update on all divisional operations and future prospects in the coming weeks.

Share Purchase Plan

Over the last few months, a number of shareholders have approached the Company offering to fund the existing business now that it has achieved breakeven. As a result of this interest the Board has agreed to undertake a $2m Share Purchase Plan (SPP) of which $1m will be underwritten by a number of parties including Directors. Funds raised under this SPP will be used for current working capital, further marketing of the Gels and MF10 and to prepare for the final IVF clinical trials.

The SPP and the associated underwriting will be subject to shareholder approval. It is expected that this shareholder meeting will occur in early August.

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

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

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NuSep has also applied to be relisted on the ASX as soon as possible. We expect to be able to update shareholders on the date of this relisting over the coming 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.

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